Together, profits jump 16% to £ 39million as creations surpass pre-pandemic levels

The listed specialty lender said average monthly loans were up 21.9% from the previous quarter to £ 179m, with creations in September exceeding pre-health crisis levels at £ 202m sterling.

Its loan portfolio rose 5.4% to close the first quarter of September 30 at £ 4.2 billion.

In its first three months of the year, the Cheadle-based company said it continues to work on a customer service portal, with end-to-end registration, account overview screen, repository of documents and full account service.

It also improved its website and introduced paperless direct debits in September.

Gerald Grimes, Managing Director of Together Group, said: “At the same time, we have further increased the diversity, liquidity and maturity of our funding, raising or refinancing over £ 1.4 billion since June 2021.

“More recently, we refinanced the senior PIK [payment-in-kind] toggle notes and issued an additional £ 120million of our 2026 bonds, in a deal that was raised by £ 20million, underscoring the quality of our loan portfolio and strong investor support for Together. “

He adds: “After a strong recovery over the summer, economic growth in the UK slowed in the quarter through September 30, as support programs for Covid-19 were withdrawn, although the outlook remain largely positive.

“While we have seen a surge in inflation and some commentators expect interest rates to rise from current record lows, we are also seeing signs of a pickup in consumption.”

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