10 September 2024
Time Finance plc
("Time Finance", the "Group" or the "Company")
Notice of Results and Investor Presentation
Trading Update
Record net tangible assets
Time Finance plc, the AIM listed specialist finance provider, confirms key dates in the Group's 2024 financial calendar. The Company is also pleased to provide an update on trading during Q1 of the current financial year.
Notice of Results, Investor Presentation and Annual General Meeting
As announced on 27 June 2024, the Group is planning to publish its audited annual results for the year ended 31 May 2024 on Wednesday 25 September 2024. The Company will also provide an update in respect of trading in Q1 2024/25 at that time.
Chief Executive Officer, Ed Rimmer, and Chief Financial Officer, James Roberts, will deliver a live presentation relating to the audited annual results and accompanying Q1 trading update via the Investor Meet Company platform at 1.00pm on 25 September 2024. The presentation is open to all existing and potential shareholders and questions can be submitted via the Investor Meet Company dashboard pre-event up until 9am on 24 September 2024 or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Time Finance plc via: https://www.investormeetcompany.com/time-finance-plc/register-investor. Investors who already follow Time Finance plc on the Investor Meet platform will automatically be invited.
As communicated on 27 August 2024, the Company is proposing to hold its Annual General Meeting on Tuesday 5 November 2024. The notice convening the AGM will be published in due course.
Balance Sheet continues to strengthen in line with medium-term strategy
Trading in the current financial year has started strongly as the Group continues to deliver on its four-year medium-term plan that was first announced in June 2021. At 31 August 2024, the unaudited value of the Group's Net Tangible Assets reached a record high standing in excess of £40m. Additionally, the Group achieved record monthly revenues during July 2024, and then again in August 2024, as it continues to benefit from the focus on own-book lending. Unaudited revenues during Q1 FY2025 were approximately 20% higher than the prior year equivalent (Q1 FY2024: £7.6m), providing significant confidence as to delivery of full year performance in line with market expectations. Fuller detail regarding all key metrics and performance during Q1 will be provided in the update being announced on 25 September.
For further information, please contact:
Time Finance plc 01225 474230
Ed Rimmer, Chief Executive Officer
James Roberts, Chief Financial Officer
Cavendish Capital Markets (Nominated Adviser and Broker) 0207 220 0500
Ben Jeynes / Dan Hodkinson (Corporate Finance)
Michael Johnson / George Budd / Charlie Combe (Sales and ECM)
Walbrook PR 0207 933 8780
Nick Rome / Joe Walker timefinance@walbrookpr.com
About Time Finance:
Time Finance's purpose is to help UK businesses thrive and survive through the provision of flexible funding facilities. It offers a multi-product range for SMEs concentrating on Asset, Loan and Invoice Finance. While focussed on being an 'own-book' lender, the Group does retain the ability to broke-on deals where appropriate, enabling it to optimize business levels through market and economic cycles.
More information is available on the Company website www.timefinance.com.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
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