Together announces quarterly results

Cheadle-based non-bank lender, Together, has announced its quarterly results for the three months ended September 30th, 2024.

The three month period has seen the group’s loan book grow a further 3% to £7.6 billion, with average monthly lending up 20.5% on the same period last year (£269.3 million, compared to £223.5 million).

Underlying profit before tax has also risen 1.3% on the previous quarter to £53.7 million, with cash receipts of £787.6 million.

On top of continued strong financial performance for the lender, the quarter to September 30th has seen Together named in the Financial Times ‘Europe’s Long-term Growth Champions’ ranking of the 300 companies across Europe with the highest disclosed compound annual growth rates between 2013 and 2023. Furthermore Together has announced three senior appointments, including naming Richard Rowntree as new Chief Executive Officer and Executive Director who will assume the role from 25thj November.

Commenting on the lender’s quarterly results, Mike McTighe, Chairman of Together, said:

“Together delivered another strong performance in the quarter to 30 September, growing the loan book to £7.6bn while the Group remained highly profitable and cash generative.

“Originations remained robust as we further increased interest receivable and similar income, underlying profit before tax and cash receipts during the quarter, and we successfully raised or refinanced over £1bn of facilities to end the period with c£1.0bn of funding headroom. We have continued to strengthen and enhance our Executive team, announcing the appointment of Richard Rowntree as our new CEO and promoting Chris Adams to CFO and John Barker to CEO of our Personal Finance division. We were also delighted to be named one of ‘Europe’s Long-term Growth Champions’ by the Financial Times in October.

“While inflation is now close to the Bank of England’s target and interest rates are continuing to reduce gradually, UK economic growth is forecast to remain modest. Against this backdrop and as evidenced by our recent residential property market report, we expect many more customers will be underserved by mainstream lenders and look to specialist lenders, like Together, for support. We will continue to be there to help our customers realise their ambitions and to play our part in supporting the UK economy, as we have for the last 50 years.”