Together achieves further loan book growth in latest quarterly results

Cheadle-based specialist lender, Together, has shared further growth in its loan book in its quarterly results the three months ending 30th September 2023.

The non-bank lender has seen the value of its loan book grow to £6.6 billion with low arrears and conservative LTVs. Average monthly lending was £223.5 million during the last quarter, up 2.3% on the previous three month period.

The group also reported underlying pre-tax profit of £47.3 million, up 36.2% on the same period last year, albeit down on the previous quarter as a result of discretionary staff bonus payments.

Gerald Grimes, Group CEO Designate of Together (pictured), said of the firm’s quarterly results:

“Together delivered another strong and sustainable performance in the quarter to 30 September, growing the loan book to £6.6bn with low LTVs and headline arrears, while remaining highly profitable and cash generative.

“Originations increased slightly against the previous quarter, as we delivered interest receivable and similar income of £182.9m, underlying profit before tax of £47.3m and cash receipts of £653.8m, in spite of the wider macroeconomic volatility. We continued to further strengthen and diversify our funding, raising or refinancing around £1bn of facilities and ending the quarter with £1.2bn of funding headroom, leaving us well placed for future growth. We also achieved a rating upgrade to ‘BB’ from Fitch in October, Based on our financial performance and resilient business profile.

“The UK economy continues to face headwinds, with GDP growth forecast to remain subdued as interest rates remain higher well into 2024. Against this backdrop, many more customers may find themselves underserved and look to specialist lenders for support. With a clear purpose, a proven and well-funded business model and a successful multicycle track record, Together will be there to help customers solve problems and realise opportunities, as we have been for the last 50 years.”