Brexit uncertainty fuelling success for specialist lenders like Together
Brexit negotiations and the resulting increased market volatility is providing key opportunities for specialist lenders like Cheadle, Greater Manchester-based Together.
The listed company has followed up spectacular full-year profits of £117.1m announced recently with continued success in the first quarter of its new financial year.
Underlying profit before tax was £31.0m, up 2.9% on Q4, 2017and 12.3% on Q1 2017 as the group generated cash receipts of £319.3m.
Chairman Mike McTighe said: “During the quarter, we accelerated our strategic investment programme as we invest in the people, systems, distribution and marketing to build the platform to support our future growth ambitions.
“We also further diversified our funding structure with the issue of our £275m debut public residential mortgage backed security transaction.
“While detailed Brexit negotiations may increase market volatility and the UK economic outlook remains mixed, this may create further opportunities for specialist lenders.
“With our successful 43-year track record, established business model and the investment we are making in our platform we believe Together is well placed to benefit from these conditions and to deliver on our ambitious growth plans.”