Time Finance reports £235m lending book in record first half

Time Finance plc has reported record revenues, profits and a gross lending book of £235 million for the six months ended 30 November 2025, according to a half-year trading update released by the company.

The AIM-listed specialist finance provider said the performance reflects sustained demand for its funding products, with the lending book expanding for the eighteenth consecutive quarter. The company also reported continued improvements in credit quality, with lower arrears and write-offs compared with the same period last year.

The trading update was issued ahead of the publication of the group’s unaudited interim results, which are scheduled for 27 January 2026.

During the first half of the 2025/26 financial year, own-book new business origination increased by 48% to £62 million, up from £42 million in the prior-year period. The gross lending book rose 12% year on year to £235 million at 30 November 2025, compared with £209 million a year earlier.

Revenue increased 3% to £18.8 million, while profit before tax rose 10% to £4.3 million. The profit before tax margin improved to 22%, up from 21% in the first half of 2024/25. Net tangible assets increased 14% to £47.2 million at the end of November, compared with £41.5 million a year earlier.

Time Finance reported net arrears of 4.5% of the gross lending book, down from 5.3% at 30 November 2024. Net bad debt write-offs were 1.0% of the average gross lending book, compared with 1.2% in the prior-year period.

The company said trading momentum remained positive throughout the period, with record monthly volumes achieved in both its asset finance and invoice finance divisions. Based on current performance, the group said it expects full-year results to be at least in line with market expectations.

The update noted that secured lending remains a central focus, particularly through invoice finance and the “hard” asset segment of the asset finance division. These products now account for approximately 87% of the total lending book, up from 78% a year earlier, and represented more than 98% of new deals originated during the first half of the financial year.

“The first half of FY 2025/26 has been really encouraging. Despite the wider macro-economic headwinds, the balance sheet has further strengthened with net tangible assets now in excess of £47m. At the same time the lending book has continued its consistent growth but, crucially, not at the expense of quality with arrears and write-offs continuing to improve.”