Together achieves strong quarterly profits and loan book growth to £6.8bn
Cheadle-based specialist property lender, Together, has increased profits and its loan book in the latest quarter in the year to December 31, 2023, it announced today.
It revealed a “strong and sustainable financial performance”, with underlying profit before tax of £47.7m, up 84.8% on the same period the previous year.
The group’s loan book has grown by 15.3% to £6.8bn 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.
The financial group, which was founded 50 years ago and has become one of the UK’s most prominent non-bank lenders, announced average monthly lending of £233m – up 9.7% on the same quarter the previous year.
The Cheadle based business which now employs more than 750 people has experienced continued growth, it said.
Together provides commercial and personal mortgages such as bridging loans, Buy-to-Let, development finance, specialist mortgages and second charge loans with a purpose to become the UK’s most trusted lender.
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.
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.”
