Together records 7.1% rise in profit
Together has seen its loan book and profit before tax rise compared to last year, its full year results to 30 June have showed.
Profit before tax rose by 7.1% to £130.3m while its loan book reached £3.7bn in 2019, up 24.9% from £3bn in 2018.
Mike McTighe, group chairman at Together, said: “Together delivered another solid performance during the year, with strong lending volumes at low LTVs driving continued growth in the loan book and increased profitability and cash generation.
“We further extended our distribution capabilities through the year, and maintained our proactive review and engagement programme with customers and brokers, using the feedback to improve our processes, products and propositions and to further enhance the customer journey.
“During the year, we also raised or refinanced over £2bn of facilities, increasing the scale and diversity of our funding base and extending the maturities to support the group’s future growth.
“While the UK’s economic outlook remains uncertain with lead indicators continuing to be mixed and extended Brexit deadline approaching, we are continuing to see strong demand from customers.
“With our through-the-cycle experience, robust asset quality and strong diversified funding base, we believe the Group remains well placed to deliver on its growth plans.”
Average monthly loan originations were up 19.4% from 2018’s £138.3m to £165.2m this year, while weighted average LTVs remained at 58%.
Marc Goldberg, commercial chief executive at Together, added: “We are proud to report another great set of results for Together as we again delivered record lending during the year.
“We achieved this growth across all of our products in commercial finance, with particularly strong increases in commercial term and unregulated bridging.
“During the year we have further expanded our distribution, launching our Together+ platform for strategic packager brokers and our new corporate team for larger relationship based customers.
“Our stable year-on-year growth would not be possible without the hard work and dedication of all of our colleagues, who remain focused on delivering positive end to end journeys for our customers and intermediaries.”