Specialist finance provider Together recorded strong progress and record lending volumes in the quarter to 31 December 2017, with its loan book reaching £2.55 billion.
Looking closely at its financial results, average monthly loans were up on last year by almost a quarter, with November 2017 delivering the firm’s highest ever monthly lending in its 44-year history.
“We delivered a 23.2% increase in originations compared with last year, including record monthly lending of £147.5 million in November, while maintaining a highly conservative weighted average origination LTV of just 58.7%,” Mike McTighe, Group chairman, said.
“Underlying profit before tax at £31.5 million was 6.1% higher than Q2 2017 and the Group remained highly cash generative, with cash receipts of £299.5 million in the quarter.”
During the quarter, the company continued to enhance its platform to support future growth ambitions, investing in the brand, products, distribution and its systems.
McTighe continued: “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 £150 million bond tap.”
Marc Goldberg, commercial chief executive officer 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.”