StockMarketWire.com - Specialist finance provider Time Finance said its first-half profit more than halved, as the pandemic weighed on lending volumes.

Pre-tax profit for the six months through November dropped to £1.35 million, down from £3.01 million year-on-year, as revenue fell 25% to £11.7 million.

Time Finance said would postpone further dividend payments until the outcome for the financial year through May and prospects for the following year would be assessed with greater certainty.

Chief executive John Newman said the first-half results were ahead of internal budget expectations for the period.

'The group has a strong balance sheet and liquidity and is well-positioned to deliver future growth and shareholder value as the economy recovers from the effects of the pandemic,' he said.




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