Specialist lender Together has today revealed record growth as its loan book reached a new high of £3.7bn.

Reporting its annual results, the company said that the number of new loans and mortgages were up 19.4% to a value of £2bn, while profit before tax stood at £130.3m – a 7.1 per cent increase on the previous year.

Together’s loan book is now worth in excess of £3.7bn, up 24.6% compared with 2018’s figure of £3.0bn. The group, which is based in Greater Manchester and has been trading for 45 years, also generated cash receipts of £1.6bn in the year to 30 June 2019.

The firm noted that this year’s growth came as the business increased the scale and diversity of its funding, by raising and re-financing more than £2bn over the past 12 months to support its future performance.

Together’s chairman Mike McTighe said: “Together has delivered another solid performance during the year, with strong lending volumes at low loan to values driving continued growth in the loan book and increased profitability and cash generation.

“While the UK’s economic outlook remains uncertain, with lead indicators continuing to be mixed and the Brexit deadline approaching, we are continuing to see strong demand from customers.”

The company’s personal finance CEO, Pete Ball, added that this year’s growth was testament to Together’s commitments to developing the group’s offering and widening distribution through more specialist brokers, mortgage networks and clubs.

He said: “Looking ahead, we will increasingly focus on innovation through transforming and automating our systems to deliver positive customer outcomes. We remain committed to proactively engaging with customers to enhance our service offering and product range, and to investing in our colleagues, whom I wish to thank for their ongoing commitment and hard work.”

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