Together has today announced its results for the quarter to December 31st 2024.
The group delivered average monthly lending of £283.2million, up 21.6% on the previous year, as its loan book increased from £6.8billion at the end of 2023 to £7.7billion in 2024.
The Cheadle-based lender’s results also showed an underlying profit before tax of £55.7million, demonstrating its resilience in a competitive market.
Richard Rowntree, Group Chief Executive Officer of Together, said: “I am pleased to report another strong performance during the quarter, reflecting the unique strengths of Together. Since joining in November, I have been impressed by the commitment and dedication of the team and everything I have seen has confirmed what attracted me to this market leading business.
“During the quarter, we grew the loan book to a new high of £7.7bn, while increasing net interest income by 12.6%, underlying profit before tax by 14.8% and cash receipts by 29.8% compared with the quarter to December 2023.”
Other key highlights in the quarter included the successful upsizing of Together’s LABS securitisation facility to £1billion, and being awarded ‘Best Newcomer’ at the Investors in People Awards 2024.
Together also announced several senior appointments during the quarter. Alongside Richard joining as Group CEO, in October the Together also promoted John Barker to CEO of Personal Finance and Chris Adams to Chief Financial Officer.
Richard said: “looking forward, the UK economy is expected to perform better in 2025, driven by higher consumer and government spending and a continued reduction in interest rates, although the pace at which rates fall may be limited by persistent inflation.
“With long-term structural trends including changing employment patterns, a rise in multiple incomes and a continued lack of funding for SMEs supporting an increase in customers looking to specialist lenders for solutions, we will continue to be there to help people realise their ambitions as we have for the last 50 years.”
