Specialty lender reports record creations in strong annual results


The specialist lender, based in Cheadle, Together, today announced record creations in the year ended June 30, 2022.

Interest receivable and related income increased from £370.9m last year to £393.4m. Pre-tax profits of £151.5 million were up from £150.3 million a year earlier. Shareholders fund of £1.030 billion compared to £937 million in 2021.

During the reporting period, the group raised or refinanced £4.1bn of facilities across nine transactions to support its growth ambitions.

Average monthly loan originations were £226.8m, up 132.5% from the 2021 figure of £97.6m.

Gerald Grimes, Group CEO Designate, said: “Together we delivered another very strong performance in the year to 30 June as we capitalized on our diversified proposition to increase lending to a wide range customers, taking our loan book to a new high of £5.3 billion and realizing pre-tax underlying profit of £162.7 million.

“This growth has been achieved in a controlled and sustainable manner, in line with our strategy and prudent risk appetite, with the average LTV of our loan portfolio remaining at a very conservative level of 51.5% and our arrears consistently low.

“We continued to make great strides in implementing our strategic agenda to deliver transformational change, drive efficiencies to further enhance our customer experience, and create an agile, rapidly scalable platform for prepare the company for the next phase of its growth.”

He added: “This included expanding our channels to increase access to our markets to sustainably grow our lending, formalizing our ESG strategy to help us meet our environmental and social responsibilities in line with our purpose and vision and empowering our colleagues to grow and deliver value to our stakeholders. To support our expected growth opportunities, we also raised or refinanced over £4.1bn of facilities during the year.

“The UK economic outlook has become more uncertain as global supply chain disruption and rising inflation have led to tighter monetary policy and higher interest rates. Because of these headwinds, many other customers may find themselves underserved by traditional lenders and turning to specialty lenders to help solve problems and seize opportunities.

“With a track record of multiple cycles, a clear focus, our transformation programs well underway, and strong and diverse funding in place, Together remains well positioned to help a growing number of customers realize their ambitions and to play our part in supporting of the British economy.”


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