Specialist property lender sees loans reach new record and annual profits soar
Together Financial Services, the Cheadle-based specialist property lender, has reported a strong 2024 financial year, with pre-tax profits jumping by almost 23%.
The group, which is marking its 50th anniversary, achieved a pre-tax profit in the year to June 30, 2024, of £194m, up from £158.6m the previous year.
Interest receivable, and other income, hit £776.3m, compared with £572.9m in 2023.
Loans and advances to customers reached a record £7.364bn, up from £6.41bn, and shareholder funds stood at £1.159bn, against £1.118bn the previous year.
The group, which last week announced the appointment of Richard Rowntree, from Paragon Bank, as its new chief executive from early next year, raised or refinanced more than £3.2bn of facilities during the reporting period.
It also achieved its target of financing 1,000 affordable properties, supporting more than 5,483 tenants.
Mike McTighe, Chairman of Together, said: “As we celebrate our 50th anniversary I am pleased to report that Together had another strong year, growing our loan book to a new high of £7.4bn while delivering an attractive net interest margin of 5.4% and a 22.8% increase in underlying profit before tax.
“We successfully raised or refinanced over £3.2bn of funding, including a £450m bond, five public securitisations and our first development finance securitisation.
“We also maintained 75% five-star customer ratings, achieved CCA Global accreditation for customer experience and were awarded ‘UK Employer of the Year’ in our category by Investors in People.”
He added: “While inflation is now in line with the Bank of England’s target and interest rates are expected to fall gradually, economic growth is forecast to remain modest.
“Against this backdrop, we expect many more customers will be underserved by mainstream lenders and look to specialists, 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.”
