Trabajar con cadenas

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Puedes usar la Procedure DecodeTime.
Sacado de la Ayuda de Delphi5:

This example uses a button and two labels on a form. When the user clicks the button, the current date and time are reported in the captions of the two labels.

procedure TForm1.Button1Click(Sender: TObject);

var
  Present: TDateTime;
  Year, Month, Day, Hour, Min, Sec, MSec: Word;
 begin
  Present:= Now;
  DecodeDate(Present, Year, Month, Day);
  Label1.Caption := 'Today is Day ' + IntToStr(Day) + ' of Month '
    + IntToStr(Month) + ' of Year ' + IntToStr(Year);
  DecodeTime(Present, Hour, Min, Sec, MSec);
  Label2.Caption := 'The time is Minute ' + IntToStr(Min) + ' of Hour '
    + IntToStr(Hour);
end;