Together has reported that profit before tax for the first quarter of 2019 was £31.4m, up 8.8% on the same quarter last year and in line with the previous quarter.
The group’s loan book reached £3.47bn, which the specialist lender said was driven by “robust” lending volumes at low loan to values.
Average monthly loan originations were in line with the second quarter of this year and up 20.5% on the same period last year, while origination LTVs remained conservative at 58.0% and principal losses were less than 0.1%.
Mike McTighe (pictured), Together’s group chairman, said: “Together delivered another solid performance in the third quarter, with robust lending volumes at low LTVs growing the loan book to £3.47bn, as profitability and cash generation remained strong.
“We further extended our distribution capabilities during the quarter, appointing a head of corporate relationships and building out our team to support our larger corporate customers, while also increasing the number of strategic broking partners in our Together+ platform to 40.
“We have also added further depth of maturity across our funding platform having successfully completed the refinancing of our Delta securitisation facility in March, increasing the size by £110m and extending the maturity to 2023.
“The UK’s economic outlook remains uncertain with the Brexit deadline extended until the end of October. Lead indicators are also mixed with continued wage growth, unemployment at a 44 year low and the annual rate of growth in house prices remaining stable, being offset partially by weaker consumer spending.
“Despite the continuing uncertainty, we are seeing strong ongoing demand for our products and believe that Together remains well placed to deliver on our future growth plans.”
Marc Goldberg, commercial finance CEO, added: “We are very proud to be announcing another good set of results for the quarter, reflecting the continued hard work and dedication of all of our colleagues and our commitment to delivering great service and positive outcomes to our customers.
“The future is very exciting for everyone at Together and we look forward to continuing to grow the business and helping more personal and business customers to achieve their financial ambitions.”
