Time Finance H1 FY25/26 profit before tax rises 10% to $5.7m

Core Insights - The company reported a profit before tax of £4.3 million ($5.7 million) for the first half of FY25/26, marking a 10% increase from £3.9 million in the same period last year [1] - The lending book has shown consistent growth for 18 consecutive quarters, with a decline in arrears and write-offs [1] Financial Performance - New business origination increased by 48%, reaching £62 million from £42 million in H1 FY24/25 [2] - The gross lending book expanded by 12% to £235 million as of 30 November 2025 [2] - Revenue rose by 3% to £18.8 million compared to £18.2 million a year earlier [2] - Net tangible assets increased by 14% to £47.2 million from £41.5 million 12 months prior [2] Lending Quality and Focus - Net arrears as a proportion of the gross lending book decreased by 0.8% to 4.5% from 5.3% year-on-year [3] - Record monthly volumes were achieved in both asset finance and invoice finance operations during this half-year [3] - The company maintains a focus on secured lending, with the 'Hard' subset within its asset division [3] Strategic Developments - The combined offerings of asset finance and invoice finance now represent nearly 87% of the total lending book, up from 78% a year ago [4] - These two segments accounted for over 98% of new deals recorded in the first half of the financial year [4] Management Commentary - The CEO expressed optimism about the first half of FY25/26, highlighting the strengthened balance sheet and continued growth of the lending book without compromising quality [5] - The company has invested in its Business Improvement function to drive operational efficiencies while achieving record revenues and profits [6] - The board remains confident in the company's position for further growth and value creation for shareholders [6] Personnel Changes - The company appointed Geoff Worrall as head of structured credit within its asset finance division to support the expansion of UK asset finance activities [7]