Mike McTighe

Together loan book reaches £3.47bn after extending distribution capabilities

Together has revealed in its quarterly results to 31st March 2019 that its loan book has reached £3.47bn, following the extension of its distribution capabilities.

The specialist lender has formed strategic partnerships with around 40 packaging brokers since it launched its Together+ service in January.

Its average monthly loan originations were up 20.5% to £169.7m (Jan–March 2019), compared with the same period last year.

Pre-tax profits were up 8.8% on the same quarter last year to £31.4m, while cash receipts reached £376.7m over the period.

Mike McTighe, group chairman at Together (pictured above), said: “Together delivered another solid performance in the [Jan–March] quarter, with robust lending volumes at low LTVs growing the loan book to £3.47bn, as profitability and cash generation remained strong. 

“The UK’s economic outlook remains uncertain with the Brexit deadline extended until the end of October. 

“Lead indicators are also mixed with continued wage growth, unemployment at a [45-year] low and the annual rate of growth in house prices remaining stable, being offset partially by weaker consumer spending. 

“Despite the continuing uncertainty, we are seeing strong ongoing demand for our products and believe that Together remains well placed to deliver on our future growth plans.”

Together also revealed that the average LTV of new originations in the quarter stood at 58%, while principal losses were below 0.1%.

Marc Goldberg, commercial finance CEO at Together, added: “We are very proud to be announcing another good set of results for the quarter, reflecting the continued hard work and dedication of all of our colleagues and our commitment to delivering great service and positive outcomes 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 personal and business customers to achieve their financial ambitions.”

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