Together announces £59.3m quarterly profit

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Property lender Together has today announced profits of £59.3million in its latest results for the quarter to December 31st, as it grows its loan book to £8.1billion.

The Greater Manchester-based group, which provides personal and commercial finance, announced average monthly lending had increased to £300.6m, up 6.1% year-on-year and 11.1% on the previous quarter, driven by strong demand for its products and services.

Underlying before-tax profits increased 6.5% compared to the same quarter last year, to £59.3m and up 6.5% on the previous quarter as the group continues to focus on cost control.

Together, which has its headquarters in Cheadle and employs more than 800 staff, said the group net loan book now stands at £8.1billion, while arrears continued to improve at 5.2%, compared to 5.5% on the previous quarter.

Richard Rowntree, Group Chief Executive Officer of Together, said: 

“We are pleased to report another strong quarter, with robust originations driving our loan book to a new high, supported by an attractive net interest margin and a continued increase in underlying profit before tax.”

The lender, which provides financial products such as bridging loans, personal and commercial mortgages, is undergoing a multi-million pound system transformation programme, designed to improve and streamline its lending processes.

Mr Rowntree said:

“We continued to execute our strategic plan at pace, advancing our transformation programme, enhancing our Board and maintaining our funding momentum, demonstrating both the strength of our platform and the confidence of our partners.

I am equally proud that our team’s expertise and commitment were recognised through several industry awards, reflecting our focus on supporting our customers and delivering sustainable growth.

Looking ahead, while we remain mindful of the ongoing economic headwinds facing the UK, with a successful 52-year track record and strong structural demand in our market, we are well positioned to help customers achieve their property ambitions and create long-term value for our stakeholders.”

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