Together grows loan book to record levels

Michael Lloyd

November 28, 2019

Together has grown its loan book to a record level of £3.9bn for the quarter ending September 30 which is a yearly rise of 28.8%.

The lender averaged new lending of £176.2m per month during the quarter, up 28.1% on the same period last year.

The group has generated originations of £2.1bn over the past 12 months, at average LTVs of 58%.

Together achieved an underlying profit before tax of £34.5m, up from £37.3m in Q4.

Mike McTighe, group chairman of Together, said: “Together achieved strong growth in new lending in the quarter, as we increased the loan book to a new high of £3.9bn with consistently low LTVs, while also maintaining robust profitability and delivering record levels of cash generation.

“The group remained highly profitable and cash generative, with underlying profit before tax of £34.5m and cash receipts of £437.6m for the quarter.

“We have continued to add significant additional liquidity to support our growth plans, successfully completing our third public residential mortgage backed securitisation issuing £315m of rated notes on a portfolio of £332m and upsizing our private revolving Lakeside securitisation to £500m in October.

“The UK’s economic outlook continues to be uncertain, with the ongoing Brexit negotiations and delays impacting sentiment, lead indicators remaining mixed and a General Election on 12 December.

“Despite the macroeconomic uncertainty, we continue to see strong demand from our customers, with record monthly originations of £207m in October, and believe the group remains well placed to deliver on its growth plans, underpinned by our robust asset quality, strong diversified funding base and through-the-cycle experience.”

Marc Goldberg, commercial finance chief executive at Together, added: “We are proud to report another great set of results, with strong demand for our products during the quarter continuing into October when we achieved record monthly lending of £207m.

“We have further extended our distribution capability, including strengthening our corporate team which focusses on larger, relationship-based customers, and expanding our digital sales channels.

“We have also continued the success of our Together+ partnerships, passing £1bn in applications since the beginning of the calendar year, and we are excited to be launching Together+ to networks and clubs in 2020.

“Our continued success would not be possible without the hard work and dedication of all of our colleagues in seeking to deliver positive end to end journeys for our customers and intermediaries.”


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