Latest news with #EdRimmer
Yahoo
20-05-2025
- Business
- Yahoo
Time Finance survey reveals 70% of SMEs miss out on broker support for growth
A recent survey by Time Finance has revealed that more than 70% of small and medium enterprises (SMEs) could benefit from broker support in accessing finance for growth. Conducted in partnership with Censuswide, the survey found that 28% of SMEs had utilised a broker to secure business finance. The Finance Apathy Survey, which included 500 SME owners and decision-makers, revealed that 52% were aware of brokers but had never engaged their services, while 20% were unaware that brokers could assist in accessing finance. Time Finance's survey also explored SME attitudes towards lending and awareness of different financial products. The UK-based lender said that despite a healthy appetite for business finance, many SMEs lacked knowledge of key financial products. Specifically, 21% were unaware of asset finance, 24% of invoice finance, and 36% of asset-based lending (ABL). Time Finance CEO Ed Rimmer said: 'Our survey has shown there is a real gap for businesses in their knowledge of the sheer variety of options they have when it comes to business finance. It is clear they would benefit from the guidance and support of our broker partners, all of which work with businesses to introduce them to solutions that suit their specific ambitions and circumstances. 'Only 28% of those we surveyed have used a broker to access business finance. There will be businesses in the remaining 70% that either don't need finance or are potentially accessing finance directly from a lender, but there will inevitably be a majority of businesses that don't quite know where to start with accessing finance. 'We need to help bridge this gap. We want to work with our broker partners to help break down some of these barriers, to educate SMEs on the options available to them and help them access solutions that will ultimately fuel their growth.' To bolster its support for SMEs, Time Finance recently appointed Terry Wolfendale as the new head of sales (South) for its invoice finance division. The appointment formed part of the company's efforts to enhance its business finance support across London and the South East. Wolfendale will lead the southern sales division, focusing on expanding Time Finance's presence and strengthening its brand within the invoice finance market. As part of its growth strategy, Time Finance aims to expand its lending book to exceed £300m ($398.14m) by 2028. "Time Finance survey reveals 70% of SMEs miss out on broker support for growth" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
25-03-2025
- Business
- Yahoo
Time Finance reports 40% surge in pre-tax profit
UK-based specialist finance provider Time Finance has posted a 40% increase in profit before tax (PBT) for the nine months ending 28 February 2025, reaching £5.9m ($7.6m). The rise is driven by continued strong demand for its diverse funding solutions across the UK, with profit before tax already matching the total recorded for the previous full financial year. In its trading update, the company revealed that its revenue grew by 14% to £27.3m. Time Finance said its pre-tax profit margin during the period improved by 200 basis points to 21%. The gross lending book reached a record high of more than £210m, marking an 11% increase from £190m. The AIM-listed group stated that this marks the 15th consecutive quarter of growth in its loan book. Own-book lending origination increased by 5% to £69.3m. Net tangible assets rose by 14% to £43.0m as of 28 February 2025, compared to £37.7m a year earlier. Deferred income also grew by 7% to £26.4m. Operational performance showed improvement, with net arrears decreasing to 5% of the gross lending book, down from 6% a year earlier. Net bad debt write-offs remained stable at 1% of the average lending book. The company expects its full-year financial performance to align with the recently upgraded market guidance. A key focus of Time Finance's four-year strategic plan, ending 31 May 2025, has been on secured lending, primarily through invoice finance and the 'hard' element of asset finance. These areas accounted for 91% of new lending volume in the nine months to 28 February 2025, now comprising 81% of the total lending book. Time Finance CEO Ed Rimmer said: 'With three quarters of the current financial year now delivered, the board is very encouraged by the group's financial performance. To be able to report all-time record nine-month levels of both revenue and profit before tax is particularly pleasing. 'To have made these strides forward without compromising on credit quality, as shown by the consistent and stable nature of our arrears and our write-offs, is another key performance indicator that we are proud of. 'As a result of all these factors, as we close out the current four-year strategy and enter our new three-year growth trajectory through to May 2028, the board has real confidence that the group remains well placed to continue building long-term value for all our shareholders.' "Time Finance reports 40% surge in pre-tax profit" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
