By Joe Hoppe

Time Finance PLC said Thursday that its fiscal 2022 pretax profit fell and revenue slipped slightly, though the new year has started well with an increase in profit.

The AIM-listed specialist finance provider said pretax profit fell to 1.1 million pounds ($1.2 million) for the year ended May 31 from GBP2.0 million a year prior. The company said this reflects one-off costs associated with the closure of its non-core vehicles brokerage, and subsequent write-off of the goodwill associated with that acquisition.

Revenue fell to GBP23.6 million from GBP23.8 million a year prior, mostly on a slip in commission income from broking activities.

Time Finance said it has made progress against its four-year medium-term strategic plan, launched in June 2021.

“The continued strengthening of the group’s balance sheet, and access to the required cash resources for the planned growth, leaves the board confident about the future of the group,” Nonexecutive Chairwoman Tanya Raynes said.

The company separately said its first-quarter pretax profit more than doubled to around GBP900,000 from about GBP400,000 the same period a year prior, and revenue rose, driven by solid growth in its lending book.

Write to Joe Hoppe at [email protected]