The investment put into IT and processes at small business finance provider Time Finance (LON: TIME) is paying off. More of the additional revenues are dropping through to profit and the share price is above net tangible assets for the first for many years.
Net deals in arrears are around 5% and the bad debt provisions are 1%, which shows the quality of the lending.
In the year to May 2024, revenues improved from £27.6m to £33.2m, while pre-tax profit rose from £4.4m to £6m.
Momentum has continued into the first quarter. At the end of August 2024, the gross lending book was worth £20...
