Cheadle lender announces quarterly results

Cheadle-based property lender, Together, has announced its quarterly results for the three months ended December 31, 2024.

The quarter saw the group’s loan book reach a new high of £7.7 billion, with average monthly lending also up to £283.2 million. Despite some increase in arrears in some segments, this is slowing across the majority of products.

Other operational highlights including two promotions of Chris Adams to CFO, and John Barker to CEO of Personal Finance, while Richard Rowntree also commenced in his role as Group CEO. The business was also named ‘Best Newcomer’ in the Investors in People Award 2024, and was Short-listed for ‘RMBS Issuer of the Year’ and ‘Specialist RMBS Issuer of the Year’ by Global Capital European Securitisation awards.

Commenting on the results, Richard Rowntree, Group Chief Executive Officer of Together, said:

“I am pleased to report another strong performance during the quarter, reflecting the unique strengths of Together. Since joining in November, I have been impressed by the commitment and dedication of the team and everything I have seen has confirmed what attracted me to this market leading business.

“During the quarter, we grew the loan book to a new high of £7.7bn, while delivering an attractive net interest margin of 5.4% and increasing net interest income by 12.6%, underlying profit before tax by 14.8% and cash receipts by 29.8% compared with the quarter to December 2023. We also further strengthened and diversified our funding, upsizing our LABS bridging facility to £1bn in November. We maintained this momentum into January, when we successfully separated our CABS 2 facility into two revolving warehouses to support our first and second charge RMBS programmes and, earlier this month, we successfully issued our first RMBS of 2025.

“Looking forward, the UK economy is expected to perform better in 2025, driven by higher consumer and government spending and a continued reduction in interest rates, although the pace at which rates fall may be limited by persistent inflation. With long-term structural trends including changing employment patterns, a rise in multiple incomes and a continued lack of funding for SMEs supporting an increase in customers looking to specialist lenders for solutions, we will continue to be there to help people realise their ambitions as we have for the last 50 years.”