Together’s loan book reaches £3.25bn

Michael Lloyd

February 21, 2019

Together’s loan book reached £3.25bn in December 2018, up 7.9% compared with September 2018 (£3.01bn) and 27.6% with December 2017 (£2.55bn).

In Q4 Together grew monthly loan originations by 24.9% to £171.7m, compared to the same quarter last year. The group delivered profit before tax of £31.2m and cash receipts to £363.0m for the quarter.

Mike McTighe (pictured), group chairman, said: “Together achieved strong lending volumes in the second quarter, with our commercial finance and personal finance businesses both achieving increased levels of originations to drive the loan book to a new high of £3.25bn.

“We also further extended our reach into the mortgage networks and clubs during the quarter, launching our bridging products via these channels, and added additional breadth and maturity to our funding.

“With the March 29, 2019 Brexit deadline looming and the UK parliament remaining divided over the best way forward, the UK’s economic outlook remains uncertain.

“Lead indicators are also mixed, with weaker consumer spending and UK house price inflation forecast to slow, while average weekly earnings are up 3.4% year-on-year and employment running at its highest level since 1971.

“Against this backdrop, we are continuing to see strong demand for our products and we believe Together remains well placed to deliver on our continued growth plans.”

Marc Goldberg, commercial finance chief executive, added: “We are very proud to be announcing this strong set of results for the quarter, as we lent more to our personal and commercial customers and our loan book reached a new high of £3.25bn.

“Accomplishing these results would not be possible without the hard work and dedication of our 750 colleagues who continue to deliver positive outcomes and great service to our customers.

“The future is very exciting for everyone at Together and we look forward to continuing to grow the business and helping more individuals, families and businesses to access the finances they need.”

Pete Ball, personal finance chief executive, said: “Together’s strong quarterly growth is a great testament to the success of our unique model, based on almost 45 years of experience, and to our ongoing focus on enhancing our offering to deliver the best outcomes for our customers.

“As part of this commitment, we are very excited to have just launched Together+, a new programme offering exclusive services and support to our key packaging brokers, as we continue to expand and strengthen our relationships with our distribution networks.”

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