Together has reported pre-tax profits of £30.4m and cash receipts of £414.7m for the quarter to 30 September 2018.
The group’s loan book reached a new high of £3.01bn driven by lending at a loan to value on originations of 58.1%.
In addition, monthly loan originations were up 9.7% to £137.5m, compared to the first quarter last year.
Mike McTighe, group chairman, said: “We maintained our strong growth momentum in the quarter, growing the loan book by 27% compared to 30 September 2017. We continued toadd significant additional liquidity to support our growth plans, successfully refinancing and extending our AA rated CABS facility to £1.25bn on more favourable terms, and issuing £350m of 8.875% Senior PIK Toggle Notes as part of refinancing the existing 10.5% Senior PIK Toggle and Vendor Notes.
“Since the period end, we have also announced the completion of our second public residential mortgage backed securitisation for £287m.
“As Brexit negotiations enter a crucial phase, the UK’s economic outlook remains uncertain with a number of contradictory indicators. Despite these uncertainties we continue to see strong demand from customers with record levels of originations in October of £170.9m, and along with our recent work to increase and extend our funding lines, we believe Together remains well placed to deliver on our ambitious growth plans.”
Pete Ball (pictured), personal finance CEO, added: “We are delighted to have reached a new record during the quarter as we grew our loan book to over £3 billion. A particular focus included building out our distribution partnerships with UK mortgage clubs and networks by adding two further influential mortgage networks and clubs, whilst also continuing to enhance existing relationships and strengthen broker relationships.
“Looking ahead to the next quarter, we are focussed on further enhancing our platform and extending our distribution reach to provide more customers with the products and finance solutions they need.”
