Time Finance PLC Half Year Trading Update & Investor Presentation (9891H)
09 Diciembre 2020 - 01:00AM
UK Regulatory
TIDMTIME
RNS Number : 9891H
Time Finance PLC
09 December 2020
9 December 2020
Time Finance plc
("Time Finance", the "Group" or the "Company")
HALF YEAR TRADING STATEMENT
and
NOTICE OF INVESTOR PRESENTATION
Positive trading momentum continues.
Time Finance (formerly 1pm plc), the AIM listed independent
specialist finance provider, is pleased to announce the Company's
trading performance and expected financial results for the first
half of the current financial year, which ended on 30 November
2020. The results are in line with management's internal budget
expectations and continue to strengthen month on month as the Group
gradually returns to pre COVID-19 trading levels.
Since the low-point of trading activity caused by the impact of
COVID-19 in the period April to June 2020, the Group has
experienced steadily increasing new business origination levels,
lending book and revenue growth and profit generation in each of
the subsequent months of trading. Over the period, the Group's
balance sheet and lending book have both remained robust and have
continued to demonstrate their resilience.
The net lending book, which is the principal driver of the
Group's revenue, is now steadily growing and is expected to stand
in excess of GBP105m as at 30 November 2020 having fallen to less
than GBP95m in June 2020 and from approximately GBP125m as at 30
November 2019. The amount of the lending book in arrears has been
reduced by more than GBP6.5m during the period while the aggregate
value of deals in some form of forbearance has also been reduced
from over GBP25m at its peak to under GBP3m as at 30 November 2020.
Furthermore, part of the reduction in the lending book has occurred
as a result of a number of borrowers settling early through
accessing alternative government-backed funding. Although this
reduces the amount of future interest income to be earned from the
Group's lending, it de-risks the lending portfolio and results in
further strengthening of the balance sheet.
The unaudited balance sheet as at 30 November 2020 now shows
cash and cash equivalents of over GBP3.5m and net tangible assets
of approximately GBP28m compared to GBP1.3m and GBP26.5m
respectively at 31 May 2020.
Largely as a consequence of the size of the lending book, the
Company's 2020/21 interim results to be published on Tuesday 19
January 2021, are expected to report unaudited Group revenues for
H1 2020/21 of not less than GBP11.6m (H2 2019/20: GBP13.6m and H1
2019/20: GBP15.6m). However, as trading activity and the value of
the lending book have increased month on month over the period, the
expected unaudited profit before tax will not be less than GBP1.2m
compared to a loss of GBP1.0m in the second half of 2019/20 (H1
2019/20: profit of GBP3.0m).
Ian Smith, Chief Executive Officer commented:
"The past six months have shown the strength and resilience of
the Group during what has been a very challenging time for the
entire country. O ur proposition - market positioning,
multi-product offering, sector spread and flexibility to either
fund on our own balance sheet or to broke-on - has stood us in good
stead through these challenges and I am pleased with the Group's
performance so far this financial year. Equally pleasing is how the
Group has also continued to develop in other areas to enhance
future growth through initiatives such as being approved by British
Business Bank as an accredited CBILS lender and completing a
group-wide rebranding. The Group is extremely well-placed to not
only withstand any further impact of the pandemic, but also to take
advantage of new opportunities and ultimately return to strong
growth as the country emerges from the pandemic over the coming
months."
Notice of Investor Presentation and Interim Results
Ian Smith, CEO, and James Roberts, CFO, will provide a live
presentation detailing the Company's rebranding, own-book
resilience and trading performance for the six-month period to 30
November 2020 at 1pm on Tuesday 15 December 2020. The meeting will
be broadcast via the Investor Meet Company ("IMC") platform. The
online presentation is open to all existing and potential
shareholders and questions can be submitted pre-event either at
ir@timefinance.com.co.uk or via the IMC dashboard or during the
presentation. Whilst the Company may not be in a position to answer
every question it receives, it will address the most prominent
within the confines of information already disclosed to the market.
Responses to questions from the live presentation will be published
at the earliest opportunity on the IMC platform. Investors can sign
up to Investor Meet Company for free and add to meet Time Finance
via:
https://www.investormeetcompany.com/time-finance-plc/register-investor
Investors who have already registered and added to meet the
Company will be automatically invited.
As previously announced, the Group's 2020/21 Interim Results are
scheduled for release on 19 January 2021 and it is the Board's
current expectation that it will be in a position to reassess the
reinstatement of market guidance for the current financial year and
to provide an update on its dividend policy at that time.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information,
please contact:
Time Finance plc
Ian Smith, Chief Executive
Officer 07768 394162
James Roberts, Chief Financial
Officer 01225 474230
Cenkos Securities plc (NOMAD)
Max Hartley / Ben Jeynes
(Nomad)
Julian Morse (Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann/Nicholas Johnson 07768 807631
paul.vann@walbrookpr.com
About Time Finance:
Time Finance's strategy is to focus on providing or arranging
the finance UK SMEs require to fund their businesses and arranging
vehicle and property-backed finance for consumers. The
multi-product range for SMEs includes asset, vehicle, loan and
invoice finance facilities. The Group operates a "hybrid" lending
and broking model enabling it to optimize business levels through
market and economic cycles
More information is available on the Company website
www.timefinance.com
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END
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