According to Together’s latest financial results for the year ended 30 June, average monthly lending rose by 7.1% to £249.6m and the group’s net loan book rose by 14.9% to £7.4bn.
The firm reported an underlying profit before tax of £200.9m, up from £163.6m, with lending and loan book growth also reported.
Together continues to ‘strengthen and diversify funding’
Together said that it had continued to “strengthen and diversify funding” as it raised or refinanced over £3.2bn of facilities.
This includes four public residential mortgage-backed securitisations (RMBSs) and one commercial real estate mortgage-backed securitisation.
The firm also issued £450m 2030 senior secured notes to support the refinancing of 2026 notes, grew its Highfield Asset Backed Securitisation (HABS) 1 Limited facility to £725m and launched its first securitisation for development finance.
Together embarking on transformation project
Together said that it had a transformation project in the works to improve the “customer, broker and colleague experience [of] a modern, agile and scalable back-office and lending and servicing platform”.
The firm said that it would deliver “automated first journeys, freeing colleagues to focus on customers and brokers, expanded distribution channels and enhanced operational efficiency with better return”.
Together said that scope and governance had been decided, a ring-fenced team had been created, and a delivery plan had been developed and partners had been chosen to carry out the project.
Together has had another ‘strong year’
Mike McTighe (pictured), chair of Together, said that as it celebrated its 50th anniversary, he was pleased to see the lender had had “another strong year”, pointing to its loan book, net interest margin (NIM) and profit.
He continued: “We successfully raised or refinanced over £3.2bn of funding, including a £450m bond, five public securitisations and our first development finance securitisation. We also maintained 75% five-star customer ratings, achieved CCA Global accreditation for customer experience and were awarded ‘UK Employer of the Year’ in our category by Investors in People.”
McTighe said that while inflation was in line with Bank of England’s expectations and interest rates are expected to fall gradually, the “economic growth is forecast to remain modest”.
“Against this backdrop, we expect many more customers will be under-served by mainstream lenders and look to specialists, like Together, for support. We will continue to be there to help our customers realise their ambitions and to play our part in supporting the UK economy, as we have for the last 50 years,” he noted.
