For the year ending 30th June 2024, the company saw a 22.8% rise in underlying profit before tax from the year before, where the company recorded £163.6m.
Group net loan book also saw growth by 14.9% to £7.4bn, compared with £6.4bn in 2023 — the firm’s weighted average indexed LTV increased slightly to 55.7% (2023: 55.3%).
Average monthly lending increased by 7.1% to £249.6m (2023: £233.1m), meanwhile conservative weighted average origination LTVs dropped to 56.8% (2023: 58.3%).
Meanwhile, Together also recorded a net interest income increase of 22.7% to £369.3m (2023: £301.1m), while net interest margins also saw an increase of 5.4% (2023: 5.2%).
- B&C Awards 2024: The Video
- Together names Richard Rowntree as new CEO
- Together makes three promotions to intermediaries team
The results follow the recruitment of Richard Rowntree as CEO last week.
Mike McTighe, chairman of Together (pictured above), said: “As we celebrate our 50th anniversary I am pleased to report that Together had another strong year, growing our loan book to a new high of £7.4bn while delivering an attractive net interest margin of 5.4% and a 22.8% increase in underlying profit before tax.
“While inflation is now in line with the Bank of England’s target and interest rates are expected to fall gradually, economic growth is forecast to remain modest. Against this backdrop, we expect many more customers will be underserved by mainstream lenders and look to specialists, like Together, for support.”
Leave a comment