Specialist lender Together has reported robust results as its loan book reached £3.47bn despite Brexit uncertainties.
Reporting quarterly results to 31 March, the Cheadle-headquartered group said the average monthly loan originations were in line with the second quarter of this year and up 20.5 per cent on the same period last year.
It said origination LTVs remained conservative at 58 per cent and principal losses very low at less than 0.1 per cent.
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Pre-tax profit remained strong at £31.4m, up 8.8 per cent on the same quarter last year and in line with the previous quarter.
The group remained highly cash generative, with cash receipts of £376.7m for the period.
Group chairman Mike McTighe 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.
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“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.”
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