Specialist lender Together has announced that its loan book has grown to £6.4bn in its results for the year to 30 June.

The group, which provides personal and commercial finance to businesses and individuals, reported average monthly lending of £233.1m, a figure up 2.8% on 2022, despite the UK’s continued economic turbulence.

Overall, Together’s underlying profit before tax increased slightly from £162.7m to £163.6m, having lent £2.8bn at an average origination loan-to-value (LTV) of 61%.

The Group also announced “very low” arrears despite a “challenging year” of rising rates, as well as the continued cost of living crisis affecting UK businesses and individuals during the period.

CEO designate at Together, Gerald Grimes, said: “We delivered another strong performance during the year, as we successfully grew the loan book to £6.4bn with very low LTVs and headline arrears, and the group remained highly profitable and cash generative.

“At the same time we increased our support for our customers in what has been a challenging year for many people and businesses and made good progress in delivering our strategic priorities and shaping our business for a sustainable future. We also further strengthened and diversified our funding, raising or refinancing over £2bn of facilities during the year.”

Together has also continued to develop its sustainability strategy, having recognised the importance of its environmental and social responsibilities. This has included engaging an energy consultancy to support its net-zero ambitions, beginning a trial to provide solutions for customers to reduce carbon emissions from their properties, and launching an energy performance certificate (EPC) hub to offer advice for landlords and homeowners.

The group has also estimated that it has financed homes for 2,477 vulnerable adults, low-income families, homeless people, refugees and children.

“As high street lenders retrench from more complex cases, we expect many more individuals and businesses to look to specialists to support opportunities,” Grimes added.

“With a clear purpose, a proven and well-funded business model and a successful multi-cycle track record, Together will continue to be there to help underserved customers solve problems and realise opportunities, as we have been for the last 50 years.”

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