Together has posted record pre-tax profits £90.3m for the year ending 30 June 2016, an increase of 20.8% on the previous year.
The specialist lender’s annual lending for the year topped the £1bn mark for the first time, up 39.5% on prior year, while its loan book grew by £377.2m, currently standing at more than £1.8bn; an increase of 26.5%.
The weighted average loan to value now stands at 52.6%.
Mike McTighe, group chairman at Together, said: “These record results affirm the positive position the business is in. Trading has remained strong; both in terms of financial performance and new origination levels, with credit quality remaining robust. We have also made good progress against our strategic priorities in governance, including a number of key senior management appointments, IT and reporting.
“We believe we have a strong competitive advantage and are excited about the future. We are confident about the opportunities in the specialist finance sector and we have the financial capability to support our ambitious growth plans.”
Together has confirmed that minority shareholder, Equistone, is intending to exit the business, with a preferred option identified whereby the Moser family would increase their current majority interest to become the sole shareholder, other than a continued small non-voting shareholding interest held by other members of the senior management team.
