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Specialist finance provider Time Finance booked a flat annual pre-tax profit performance after cost cutting buffered a fall in revenue.
Pre-tax profit for the year through May amounted to £2.02 million, unchanged year-on-year, though net profit rose to £1.78 million, from £1.56 million due to a lower tax bill.
Revenue slid 17% to £24.2 million.
'Time Finance is well positioned to take advantage of the post-Covid recovery and is pursuing a clearly defined growth strategy,' chief executive Ed Rimmer said.
'Market conditions remain challenging as the overhang of government funding initiatives is still apparent; however, it is likely that demand for finance will increase again through the course of our financial year.'