The firm’s gross lending book also grew by 8% to a record £217m, compared with the previous year at £201m.

Net tangible assets rose by 14% to £44.1m at, compared with the year before at £38.6m.

Net arrears were unchanged from the year before at 5%, while net bad debt write-offs also remained unchanged at 1%.

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According to Time, a key pillar of its four-year strategic plan through to 31st May 2025 was to focus on more secured lending, typically through invoice finance and the 'hard' element of asset finance, with these areas accounting for over 90% of new lending volume originated in the financial year and now making up approximately 83% of the total lending book. This was compared with 51% of new deal volume origination and 52% of the total lending book prior to the strategy launch in June of 2021.

Ed Rimmer, CEO at Time commented: "31st May 2025 saw the end of the four-year strategy that we commenced in June of 2021.

“We can look back with great satisfaction on a period of strong delivery. The business ends the year having enjoyed record revenues, improved margins and with an ever-growing lending book as UK SMEs take advantage of our multi-product offering.

“This has been achieved without the lowering of our credit quality as demonstrated by the consistent and stable nature of both our arrears and our net write-offs.

 "As we now enter our new three-year growth plan through to May 2028, the board is confident that the group remains strongly positioned to continue its success and build long-term value for all our shareholders."