Time Finance Posts Record H1 Revenues and Profits with 18th Consecutive Quarter of Lending Book Growth

Time Finance reports record H1 revenues and profits, with 18th consecutive quarter of lending book growth and better credit metrics.

16 December 2025by Joshua Thompson5 min read18 views

This article covers information on Time Finance PLC.

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Time Finance H1 2025/26: Record Revenues, Profits and an 18th Quarter of Lending Book Growth

Time Finance has delivered another set of record half-year numbers for the six months to 30 November 2025. Demand for its multi-product SME funding continued to build, driving growth across the key metrics and extending its lending book growth streak to eighteen consecutive quarters.

These are unaudited figures ahead of the full interim results due on 27 January 2026, but the direction of travel looks clear: bigger book, stronger profits and improving credit quality.

Headline Numbers: What Stood Out in H1 2025/26

Here are the key figures straight from the RNS. Where percentages are quoted, they are year-on-year unless stated.

Metric	H1 2025/26	H1 2024/25	Change
Own-book new business origination	£62m	£42	Up 48%
Gross lending book	£235m	£209m	Up 12%
Revenue	£18.8m	£18.2m	Up 3%
Profit before tax (PBT)	£4.3m	£3.9m	Up 10%
PBT margin	22%	21%	Up 100 bps
Net tangible assets (NTA)	£47.2m	£41.5m	Up 14%
Net arrears (% of gross lending book)	4.5%	5.3%	Down 0.8%
Net bad debt write-offs (% of average gross lending book)	1.0%	1.2%	Down 0.2%

Notes: The RNS shows the comparative for origination as £42. PBT margin “bps” means basis points, where 100 bps = 1 percentage point. “Own-book” means funding is provided from the company’s own balance sheet rather than broking the deal to a third party. The “gross lending book” is the total value of loans outstanding.

Why the 18th Consecutive Quarter of Book Growth Matters

Eighteen consecutive quarters is not an accident. It points to consistent demand from SMEs and a platform that can write, fund and service more business without blowing out risk. The gross lending book rose 12% to £235m, underpinned by record monthly volumes in both Asset Finance and Invoice Finance during the half.

Crucially, Time Finance is doing this while tightening the screws on credit quality. Net arrears improved to 4.5% and write-offs fell to 1.0%. Growing a secured lending book while arrears and losses trend lower is exactly what you want to see in this kind of cycle.

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Revenue, Margin and Profit: Quality of Earnings is Improving

Revenue edged up 3% to £18.8m, but profit before tax grew faster at 10% to £4.3m, lifting PBT margin by 100 bps to 22%. That suggests operating discipline and pricing remain supportive even as the mix of the book evolves.

The company also called out investment in its Business Improvement function. If that’s driving process efficiency and collections effectiveness, it can explain how margins and credit metrics are both moving in the right direction.

Credit Trends: Arrears and Write-offs Heading the Right Way

Two important ratios improved:

Net arrears fell to 4.5% of the gross lending book, from 5.3%.
Net bad debt write-offs were 1.0% of the average gross lending book, down from 1.2%.

In plain English: customers are paying better, and bad debts are costing less. For a lender, that combination supports sustainable margin and frees up capital to grow. It also validates management’s “strict lending discipline”.

Strategy: Doubling Down on Secured Lending

Time Finance’s plan to May 2028 emphasises secured products. The two core areas – Invoice Finance and the ‘Hard’ asset subset within Asset Finance – now make up approximately 87% of the entire lending book, up from 78% a year ago. They also accounted for over 98% of new deals originated in the half.

Secured lending is typically lower risk because advances are supported by assets or receivables. It can cap headline yields versus unsecured, but in choppier macro conditions the trade-off often pays for itself through lower losses and more predictable cash flow. The current arrears and write-off trends support that logic.

Balance Sheet Strength: Net Tangible Assets Up 14%

Net tangible assets rose to £47.2m. That matters because a stronger capital base supports further own-book growth, cushions against credit shocks and enhances confidence from funding partners. The CEO highlights the balance sheet improvement despite “wider macro-economic headwinds”.

Outlook: “At Least in Line” With Market Guidance

Management notes continuing positive momentum with record monthly volumes in the half, and says full-year performance is expected to be at least in line with market guidance. The formal, detailed outlook will land with the interim results at the end of January, but today’s print positions them well.

One watch-point: revenue growth of 3% trails the 12% increase in the book. The RNS does not explain the gap. It could reflect mix, timing, or pricing dynamics. We will look for more colour in the full results.

Join the Investor Presentation

The company will host a live presentation at 1pm on 27 January 2026. You can register via the investor site:

H1 2025/26 interim results presentation
Interactive investor hub for company news and strategy content

My Take: Positives, Risks and What To Watch Next

What looks good

Growth with discipline: 12% book growth alongside lower arrears and write-offs is a strong combo.
Profit quality: PBT up 10% with a 100 bps margin expansion to 22% signals operating leverage.
Secured mix: 87% of the book now in Invoice Finance and Hard Asset Finance, with over 98% of new originations in these areas, should support resilient cash generation.
Capital strength: NTA at £47.2m enhances capacity to fund future own-book growth.

What to keep an eye on

Revenue vs book growth: the RNS does not disclose the drivers of the 3% revenue rise versus a 12% book increase.
Macroeconomic backdrop: management flags headwinds. Secured focus helps, but SME stress can still bleed into arrears.
Funding costs and pricing: not disclosed here. These will be key to sustaining that 22% PBT margin.

Overall, this is a confident half-year update: record revenues and profits, improved credit metrics, and a lending book that keeps compounding. Provided discipline holds and funding remains supportive, Time Finance looks set to deliver on its “at least in line” full-year steer when we get the full interim results on 27 January.