Together announces strong quarterly profits, further loan book growth

Cheadle-headquartered property lender, Together, has posted a profit of £47.7 million in the quarter to December 31st, as its loan book increased to £6.8 billion.

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 £233 million – up 9.7% on the same quarter the previous year.

The Cheadle based business employs over 750 people, and has, in its latest results, announced a “strong and sustainable financial performance” in the final three months of 2024, 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 £6.8 billion 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 50th 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 March 2024 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.”