Together delivers strong full year results with continued record lending levels


Together exterior

Together, one of the UK’s leading specialist secured lenders, has announced strong growth and record levels of lending in its results for the year ended 30 June 2018, as the group’s loan book reached a new high of £3.0bn.

Building on over four decades of experience, Together continued to grow strongly, with annual loan originations up 40.0% to £1.7bn. Highlights included our highest ever month of lending in June of £169.2m, while we maintained a conservative loan-to-value on originations of 58.0%. The Group remained highly profitable and cash generative, delivering record profit before tax of £121.7m and cash receipts to £1.2bn.

Group Chairman, Mike McTighe commented:

“We maintained our strong growth momentum in the year while continuing to invest in our people, products, distribution channels, systems and governance. We also continued enhancing our senior management team with several senior appointments across the group, including the arrival of John Lowe from Coventry Building Society.

“We also added further depth and diversity to our funding structures, issuing our first public residential mortgage backed securitisation for £275m, upsizing our 2024 bonds with a successful £150m issuance, extending our £255m Lakeside securitisation on improved terms and launching our inaugural £525m Highfield warehouse facility for small balance commercial real estate. The Group’s continued progress was reflected in rating upgrades from both S&P and Fitch.”

“With an established track record, a unique and successful model, and the investment we are making in our platform, we believe Together has a great opportunity and remains well placed to deliver on our ambitious growth plans.”

Marc Goldberg, Commercial CEO, said:

“We are proud to report another great set of results for Together as we delivered record lending during the year. Our continued strong growth would not be possible without the hard work and dedication of our now 700 colleagues, who remain focused on delivering positive outcomes for our customers and intermediaries throughout their journey with Together. We’re delighted to have been recognised by our entry into the Sunday Times Best 100 Companies to Work For, at number 34, and I want to thank all of our colleagues for their commitment to helping our customers to achieve their financial ambitions.”

Pete Ball, Personal Finance CEO, added:

“We are excited to have achieved another period of record lending during the year as we grew our loan book to £3billion. Particular highlights over the year have included building out our distribution partnerships with the UK mortgage clubs and networks, as well as continuing to invest in our people, product range and service offering.

“Over the last 12 months we have focussed improving communications with customers through every stage of a loan, and we are proud to report that 93% of customers say they are happy with our service. Looking ahead, we are focussed on further enhancing our platform and extending our distribution reach to provide more customers with the products and finance solutions they need.”