Specialist lender’s latest quarter results show strong performance
Together, one of the UK’s leading specialist lenders has announced its loan book has grown to £6.2 billion in its results for the quarter ending 31st March 2023.
The group, based in Cheadle, Greater Manchester, has seen an increase of 29.1% on the same period for the previous year, and up 4.6% on the previous quarter. In addition, its average monthly lending sits at £211.7m, in line with the same quarter last year.
Together’s underlying profit before tax was £41.3 million, again in line with the 2022 figures for the same period (£41.3m) and up 60.1% on the previous quarter (£25.8m), due to the impact of increased impairment provisions and one-off expenses in the prior quarter.
In March, the company also maintained leading positions in its key markets, announcing that it had completed bridging lending of £115m in March, highlighting the demand from businesses for specialist short-term finance to meet their ambitions.
Gerald Grimes, CEO Designate of Together, said: “The business delivered another strong performance in the quarter to 31 March, as we successfully grew our loan book to £6.2bn while maintaining a prudent approach to originations, conservative LTVs and consistently low headline arrears levels which are well below pre-pandemic levels.
“As the pace of interest rate rises slowed, our net interest margin recovered to 5% and the Group has remained highly profitable and cash generative.
“While the UK’s economic outlook is showing signs of improvement with inflation forecast to reduce over the next six months and interest rates to stabilise, the environment remains challenging for many households and businesses.”
This quarter, the lender published its Together Market Report 2023, exploring commercial and residential property market trends backed by its own research and industry partner contributors. It was also awarded Best Bridging Finance Provider at Moneyfacts Awards 2023.
Mr Grimes also added that Together had made good progress in “shaping its business for the future”; strengthening and diversifying its group and operational management teams, maintaining leading positions in key markets, developing talent across the organisation and delivering on its sustainability strategy.
He said “We have continued to enhance and diversify our Group Executive management team with the promotions of several Together employees to c-suite positions. In addition, we received planning permission for a sustainable scheme to connect our two offices in Cheadle, increasing space, improving facilities and utilising thermal modelling to minimise embodied carbon impact.
Mr Grimes added: “With a clear purpose, a successful track record and a proven and well-funded model, Together is well placed to help increasing numbers of customers realise their ambitions and to play our part in supporting the UK’s economic recovery.”