Bath-based alternative finance specialist Time Finance has seen its revenue increase by 19% from £13.2m to £15.7m.
In an update for the six-months ended 30 November the AIM-listed company said it is on track with its four-year strategic plan from June 2021 to May 2025 that focuses on growing its lending book to increase revenues.
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The firm's profit before tax also grew in this period by 35% to £2.7m from £2m for the same period last year. While its lending book grew by 11% to £188.5m since financial year-end and 23% from the same time last year.
Ed Rimmer, chief executive said: "The Board and I are very encouraged by performance in the first half of the current financial year. In line with our strategy, we have continued to increase the size of our lending book and, crucially, have done so without compromising on quality, as borne out by the stable nature of our arrears.
"This approach has led to increased revenues and profitability. We now have real confidence that the Group is very well placed to continue on this growth trajectory, building long-term value for our shareholders."
The increase in revenue, the company said is "attributable" to the "continued growth" in the size of the lending book, which has been driven by invoice finance and the 'hard' subset of asset finance.
The company said: "These two products, being typically larger ticket and more secured in nature, have accounted for approximately 80% of new deal volume originated in H1 2023/24, and make up over 70% of the total lending book as at 30 November 2023."
Time Finance will release its full interim results on January 25.
