Bath-headquartered alternative finance lender Time Finance has achieved a record lending book of £188.6m after several months of sustained growth.
The firm, which specialises in a range of funding services spanning invoice finance, business loans and asset-based lending, achieved the 23% increase in the six months ending last November compared to the same period the previous year.
It said the growth demonstrated the ongoing success of its expansion strategy, which targets own-book lending.
The firm, which grew rapidly through a series of acquisitions in the late 2010s under its previous name of 1pm, said own-book lending was up by nearly 30% to £47.3m.
Pre-tax profit for the six months climbed by 35% to £2.7m on revenue up 19% at £15.7m.
London Stock Exchange-listed Time Finance has also invested in a highly experienced senior management team, including Steve Nichols as director of asset finance, Helen Wheeler as head of invoice finance operations and Sharon Bryden as head of group operations.
In the second half of last year it appointed Tracey Watkinson and Paul Hird to its board as non-executive directors, bringing with them more than 60 years’ experience in the UK finance industry.
The group also said it had strengthened its offering by adapting to the market and expanding its product offering, including introducing asset-based lending (ABL).
Time Finance CEO Ed Rimmer said: “We continue to grow the business in response to the changing needs of businesses, ensuring they can access flexible and solutions-driven finance that supports their ambitions.
“Growing our own book-origination is important to our strategy with 98% of new business in the period funded through our own balance sheet.
“To see these figures rising quarter on quarter, year on year, is fantastic.
“Given the difficult trading conditions currently facing SMEs – with economic headwinds from all directions – it’s encouraging to see UK businesses adapt and seek out the right financial solutions with lenders who understand their needs and are willing to provide the flexibility that traditional lenders generally cannot.
“We are in a great position to meet our forecasted targets by year end, and we look forward to working with more businesses as we support their funding requirements as the year progresses.”
