Together announces strong quarterly profits and loan book growth to £6.8 billion

By Bridging Loan Directory 22nd February 2024

Property lender Together posted a profit of £47.7 million in the quarter to December 31^st, as its loan book increased to £6.8billion.

The financial group, which was founded 50 years ago has become one of the leading UK’s non-bank lenders, announced average monthly lending of £233million – up 9.7% on the same quarter the previous year.

The Cheadle based business which now employs over 750 people has experienced continued growth through its broad product offer, flexible criteria and strong culture of customer service.

Together provides commercial and personal mortgages such as bridging loans, Buy-to-Let, development finance, specialist mortgages and second charge loans with a purpose to become the UK’s most trusted lender.

In its latest results, it announced a “strong and sustainable financial performance”, with underlying profit before tax of £ 47.7 million, up 84.8% on the same period the previous year.

The group’s loan has grown by 15.3% to £6.8bn since the same quarter last year, with a prudent Loan-to-Value (LTV) ratio of 55.7% across all products delivered to its customers, the lender said.

Group Chairman Mike McTighe, said:

“Together achieved another strong set of results in the quarter to 31 December, reflecting the sustainability of our business model and the commitment and dedication of our team.

We maintained a controlled growth in lending at attractive margins and delivered increased net interest income, profit before tax and cash receipts. We also continued to diversify our funding, raising or refinancing over £1.1bn of facilities and achieving a rating upgrade to ‘BB’ from Fitch during the quarter.”

In addition, during the period the group achieved CCA Global Accreditation for excellence in customer services and launched a new retention product to support existing customers.

This month the company launched it’s first above the line TV campaign to mark its 50^th anniversary with a campaign entitled, ‘Opening Doors Since 1974.’

David Broadbent has joined the business as its new Personal Finance CEO, following Pete Ball’s resignation, and will take up his new position from next month (March ) subject to regulatory approval.

Mr McTighe added:

“Looking ahead, while inflation has continued to fall, GDP growth is forecast to remain subdued and interest rates to remain higher for longer.

Despite the prevailing economic uncertainties, as we enter our 50th year in business we remain cautiously optimistic about the future and will continue to help our customers realise their ambitions and play our part in supporting the UK economy.”