Together Delivers Robust Performance

Cheadle-based lender Together today announced robust results for the quarter to December 31*, with average monthly lending of £74.4m per month during the period, up 70.6 per cent on the three months to September 30.

Together reported strong profits and cash flow, with underlying profit before tax rising to £38.2m, up 11.8 per cent on the previous quarter and up 4.7 per cent on the same quarter last year.

Cash receipts were up 14.1 per cent on the previous quarter and broadly in line with the same period last year at £430.6m.

Group CEO Designate, Gerald Grimes, commented that with strong levels of liquidity and capital, Together “remained focused on supporting our customers and shaping our business for the future”. He added that the Group was “well positioned to take advantage of future market opportunities and to play our part in supporting the UK’s economic recovery.”

Following the successful issuance of a £500m bond in January, the first sterling corporate bond issuance since the formal completion of the Brexit process, Together has undrawn funding headroom of over £1bn to support new lending.

Marc Goldberg, commercial finance CEO, said: “this is another really strong performance, driven by our focus on helping our customers to achieve their ambitions and the motivation, dedication and hard work of all of our colleagues.”

Pete Ball, personal finance CEO, added: “While the economy may be challenging for some time, with significant funding and our modernisation and transformation programmes underway, we are in good place to further improve experiences for our customers, intermediaries and colleagues.”