Specialising in the provision of business funding solutions — including asset finance and business loans — Time Finance supports some 10,000 UK businesses.

The SME lender revealed total revenue has risen by 16% to £27.4m and profit before tax has increased by 273% to £4.1m.

With an increased focus on new business, own-book lending origination rose by 14% to £73.4m.

Over the past year, the business has continued to expand its reach to UK SMEs with a recruitment drive bringing a series of valuable appointments across the business, including the growth of its Invoice Finance division, which is set to double the size of its sales team by the end of 2023.

The firm also launched a new Asset Based Lending (ABL) solution earlier this year to facilitate business’ needs to unlock working capital from existing assets.

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It said its first ABL facility — valued at £1.1m and completed in April — demonstrated itself to be a key funding option for businesses looking for flexible, multi-product services.

Ed Rimmer, CEO at Time Finance, commented: “It’s been a rewarding year for the business as we announce a record lending book and a significant increase in our revenue and profits.

“I’m pleased to be ending the year with such positive results and two years into our medium-term strategy, we remain on track to achieve our four-year plan’s stated targets.

“I believe that our success over the past 12 months is thanks to our flexible service, people-led approach, and the hard work of our dedicated teams across the business.

“Our strategy this year has included investing in our partnerships, systems, and processes, and we look forward to seeing the positive impact this will make on the performance of our business.”