reports
- Roger Leboff
Bolt-on adds scale and profile to property services
BEG’s latest acquisition, chartered surveying firm Daniells Harrison, extends its geographical coverage across the South Coast. This addition is part of the group’s ongoing strategy to develop the service portfolio and geographical reach of its Property Advisory and Transactional Services division. Since its inception at the end of 2014, BEG has progressively grown this division beyond its original northern base into London, Eastern England and now the South Coast. It demonstrates an intention...
- Roger Leboff
Building further share in key markets
Building further share in key markets The first half result was impressive with 39% revenue growth and a pleasing 16% operating margin (H1 20/21:14.4%), achieved despite important market drivers having been artificially suppressed by government support measures. Growth in revenues and profits reflect successful implementation of earnings enhancing acquisitions, 13 of which have been completed over the last five years. Business Recovery division reported a 48% increase in first half revenue to...
- Paul Bryant
Solid update amidst pandemic uncertainty
In a half-year trading update to 30 Nov 21 (H1 22), Time Finance has reported positive loan origination momentum, leading to its gross lending book increasing from £116m on 31 May 21 to approximately £121m, and its Net Tangible Assets increasing from £28.4m to over £29m. Whilst we caution that uncertainty exists around the near-term recovery of Time’s markets, our previous forecasts look roughly in line with current trading momentum and we have not revised these. We will review our forecasts a...
- Paul Bryant
Strong H1 growth and even better profits
Strong H1 growth and even better profits Half-year results to 30 Sept 21 (H1 22) show continuing strength in LendInvest’s growth and profitability trajectory. AUM grew 16% over H1 from £1.57bn to £1.83bn with 32% growth y-o-y (H1 21: £1.39bn). H1 revenue grew 30% y-o-y from £39.1m to £50.8m. AUM growth has continued into H2, reaching £1.9bn by 30 Nov. However, most impressive was LendInvest’s profitability. H1 adjusted EBITDA* jumped 179% from £4.8m to £13.4.m with PAT increasing from -£0.13m ...
- Paul Bryant
Profitable fintech disrupter in property finance
Many fintech challengers boast eye-watering growth as they disrupt financial services sectors. But they often fail to back that up with profits, or even a credible path to profitability. LendInvest is different. It is a rare combination of a significant fintech with rapid growth AND profitability, furthermore its July 2021 IPO looks to have coincided with an acceleration in both. A self-built technology platform underpins a superior offering to borrowers (mostly SME landlords and property deve...
- David O'Brien
Fair value 50p/share as ‘Fantastic opportunities lie ahead’
Time has confirmed the permanent appointment of the highly experienced Ed Rimmer as CEO. He has described an updated strategy as ‘evolution not revolution’. The key elements are a primary focus on organic growth to double the net lending book to more than £200m over four years, with a priority placed on building the ‘own-book’ business over ‘broked on’ business. Time’s trading update highlighted the solidity of the foundations the re-shaped team have on which to build. While business volumes i...
- Paul Bryant
Momentum clearly building
In our Jan 21 initiation note Time to be rerated we suggested that Time’s results for H1 to 30 Nov 20 showed that a recovery from a Covid-induced slump in good quality lending demand and spike in bad debt provisions was well underway. In a corporate update released today Time has confirmed ongoing momentum of that recovery. Forbearance levels have reduced from the June 20 pandemic peak of £25m to under £2.5m on 31 Mar 21, with total arrears now below the 28 Feb 20 pre-Covid level. This has c...
- Paul Bryant
Time for a rerating
Results for H1 to end Nov ‘20 show Time’s recovery is well underway from an industry-wide, Covid-induced slump in good quality lending demand and spike in bad debt provisions. This coincides with a Group rebrand, which consolidates 5 years of buy-&-build success and offers a range of new competitive advantages. The loan book is growing again, reaching £106m on 30 Nov 20 (Nov 19: £125m; June 20: £95m); loans in arrears reduced by £6.1m during H1 after jumping £9.1m in the prior 6m; and the valu...
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