Positive start for Together as loan book grows to £4.2bn

Together Financial Services has grown its loan book to £4.2bn following another strong performance.

The Cheadle-headquartered group reported its loan book was up 5.7% for the quarter to the end of September.

This was largely down to average monthly lending rising by 21.9% on the previous quarter to £179m, with originations in September rising above pre-pandemic levels to £202m.

During the quarter, the group’s underlying pre-tax profits was up 14.5% to £38.8m when compared with £33.9m Q4.

Together has also further increased the diversity, liquidity and maturity of its funding, raising or refinancing over £1.4bn since June 2021.

Cash generation remained robust, with cash receipts of £420.8m, up 11.5%.

Gerald Grimes, Group CEO Designate of Together, said Together has “maintained the positive momentum from last year.”

He said: “Following a strong recovery over the summer, UK economic growth slowed during the quarter to 30 September as Covid-19 support schemes were withdrawn, although the outlook remains broadly positive.

“While we have seen a spike in inflation and some commentators are forecasting that interest rates will rise from the current record lows, we are also seeing signs of a consumer recovery.

“As we shape our business for an exciting future, we continue to believe that Together is well placed to help increasing numbers of customers to realise their ambitions and to play our part in supporting the UK’s economic recovery.”