Together reports record lending in 2017

Its figures show that average monthly loans were up on last year by almost a quarter, with November 2017 delivering the company’s highest ever monthly lending in its 44 year history.

Group chairman Mike McTighe said: “We delivered a 23.2% increase in originations compared with last year, including record monthly lending of £147.5m in November, while maintaining a highly conservative weighted average origination LTV of just 58.7%. Underlying profit before tax at £31.5m was 6.1% higher than Q2 2017 and the Group remained highly cash generative, with cash receipts of £299.5m in the quarter.

“During the quarter we continued to enhance our platform to support our future growth ambitions, investing in our people, our brand, our products, our distribution and our systems. Our progress was reflected in a ratings upgrade from S&P in November and this momentum continued into January with a further upgrade from Fitch, the refinancing of our Lakeside securitisation facility on favourable terms and our successful £150m bond tap.”

Marc Goldberg, commercial CEO at Together, added: “This is another great set of results and a testament to the hard work and commitment of our team of almost 650 colleagues as we continue to grow our business by making common sense lending decisions to help our customers access the finance they need.”