Together delivers strong performance
Cheadle-based lender, Together, today announced strong results for the quarter to 31 March, with average monthly lending of £125.4m during the period, up 68.5% on the three months to 31 December as the Group continued to increase new lending.
Together reported strong quarterly profits, with underlying profit before tax rising to £44.0m, up 15.2% on the previous quarter and up 233.3% on the same quarter last year.
Cash generation also remained robust, with cash receipts of £419.4m as redemption levels remained strong.
Group CEO designate, Gerald Grimes, commented: “As transaction volumes in the specialist mortgage markets continued their recovery towards pre-pandemic levels, we also maintained the upward momentum in our lending levels, with average monthly originations up 68.5% on Q2 at £125.4m. This contributed to the loan book returning to growth standing at £3.9bn at the end of the quarter.”
Following the successful issuance of a £500m bond in January, the first sterling corporate bond issuance of 2021, Together also issued the first small balance commercial real estate MBS in the UK since the Global Financial Crisis, for £200m in March. These issuances contributed to the Group having undrawn facility headroom of £1,304m at 31 March.
Marc Goldberg, commercial finance CEO, said: “We are pleased to have delivered another strong performance in the quarter, while continuing to support our customers and shape our business for the future. These excellent results reflect the continuing resilience, dedication and commitment of all of our colleagues.”
Pete Ball, personal finance CEO, added: “Supported by successful vaccination roll-out and improving consumer confidence, the UK economy is forecast to recover to pre-pandemic levels early next year. With strong levels of capital and liquidity and our modernisation and transformation programmes well underway, Together is well placed to help increasing numbers of customers and to support the UK’s economic recovery.”
