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Together reports lending up 24% and £94.4m profit

by: Edward Murray
  • 11/09/2017
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Together reports lending up 24% and £94.4m profit
Specialist lender Together Financial Services has reported strong results for the year ended 30 June 2017.

Underlying earnings before interest, tax, depreciation and amortization were up 21.4% to £193.4m, while underlying profit before tax increased by 29.7% to £117.1m. Together’s statutory profit before tax increased to £94.1m, up from £90.3m in 2016.

The group reported a loan book of £2.24bn at 30 June 2017, up 24.4% on the previous year. The group weighted average loan to value of new originations remained at 57.1%, while the net impairment charge of £7.4m was 46.4% lower than the previous year.

Mike McTighe (pictured), group chairman of Together, said: “Together delivered another record performance in the year to 30 June 2017, with sustained growth in lending volumes and profitability underpinned by continued investment for future growth and a corresponding increase in the scale, depth and diversity of our funding structure.”

He added: “We further enhanced our position as one of the UK’s leading specialist secured lenders, growing the loan book by 24.4% to £2.24bn, with originations averaging over £98.8m per month and our weighted average loan-to-value of new originations remaining conservative at 57.1%. We also increased underlying profit before tax by 29.7% to £117.1m while accelerating our programme of significant investment across the business to support our future growth ambitions.”

Pete Ball, personal finance CEO of Together, said: “In the past 12 months we have expanded our nationwide presence and enhanced our product range to ensure we can help even more customers to access the finance they need. We’re thrilled to see the positive results this is yielding, as evidenced by the growth in our loan book and our strong financial performance.”

Together Financial Services is the parent company of both Together Commercial Finance and Together Personal Finance. The group offers short-term finance, auction finance, personal, commercial and buy-to-let mortgages and secured loans.

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