Time Finance has posted all-time high annual trading results, with its gross lending book reaching a record £169m and pre-tax profits up 273%.

The SME lender announced that total revenue rose by 16% to £27.4m, while 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, including the growth of its invoice finance division, which is set to double the size of its sales team by the end of 2023.

Ed Rimmer (pictured), chief executive officer at Time Finance, said: “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 very 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. By continuing to focus on increasing own book lending, growing the respective teams across the business, and building on the relationships we hold across the sector, we’ve been able to demonstrate our extensive expertise.

“Building upon our relationships with brokers, stakeholders and partners is also vital for us to be able to deliver the very best service for our SMEs. That’s why 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.”