Specialist lender reports record originations in strong annual results
Specialist lender, Cheadle-based Together, reported record originations in the year ended June 30, 2022, today.
Interest receivable and similar income rose from £370.9m last year, to £393.4m. Pre-tax profits of £151.5m were up from £150.3m the previous year. Shareholder funds of £1.030bn compared with £937m in 2021.
During the reporting period the group raised or refinanced £4.1bn of facilities across nine transactions to support its growth ambitions.
The average monthly loan originations were £226.8m, up 132.5% on the £97.6m figure of 2021.
Gerald Grimes, group CEO designate, said: “Together delivered another very strong performance in the year to 30 June as we capitalised on our diverse proposition to increase lending to a wide range of customers, growing our loan book to a new high of £5.3bn and achieving underlying profit before tax of £162.7m.
“This growth was achieved in a controlled and sustainable way, in line with our strategy and prudent risk appetite, with our loan book average LTV remaining at a very conservative 51.5% and our arrears consistently low.
“We continued to make great progress in implementing our strategic agenda to deliver transformational change, drive efficiency benefits to further enhance the experience for our customers and create an agile and rapidly scalable platform to set the business up for the next phase of its growth.”
He added: “This included expanding our channels to increase access to our markets to sustainably grow our lending, formalising our ESG strategy to help deliver our environmental and social responsibilities in line with our purpose and vision and empowering our colleagues to grow and deliver value to our stakeholders. To support our expected growth opportunities we also raised or refinanced over £4.1bn of facilities during the year.
“The UK’s economic outlook has become more uncertain as global supply chain disruption and rising inflation have led to a tightening of monetary policy and increasing interest rates. As a result of these headwinds many more customers may find themselves under-served by mainstream lenders and look to specialist lenders to help them to solve problems and realise opportunities.
“With a multi-cycle track record, a clear purpose, our transformation programmes well under way and strong diversified funding in place, Together remains well placed to help increasing numbers of customers realise their ambitions and to play our part in supporting the UK economy.”
