Cheadle-based lender Together posts record eight-figure profit

Finance firm Together has announced record results for its 2015/16 year.

Over the 12 months to June 30 2016, the Cheadle-based lender saw its pre-tax profit rise year on year by 20.8% to £90.3m.

Further, Together’s annual lending for the period topped £1bn for the first time, increasing by 39.5% against the previous year’s figures, while its loan book grew by £377.2m.

At present, the firm’s loan book stands at £1.8bn.

Together’s group chairman, Mike McTighe, commented: “These record results affirm the positive position the business is in.

“Trading has remained strong; both in terms of financial performance and new origination levels, with credit quality remaining robust.”

He continued: “We have also made good progress against our strategic priorities in governance, including a number of key senior management appointments, IT and reporting.”

Mike said he believes Together has a “strong competitive advantage”, adding: “We are confident about the opportunities in the specialist finance sector and we have the financial capability to support our ambitious growth plans”.

Looking ahead, the company has confirmed that investment firm Equistone, a minority shareholder, intends to exit the business.

The preferred option according to Together would see the Moser family, currently the majority shareholder, become the business’ sole shareholder aside from a continued small, non-voting shareholding interest held by other members of Together’s senior management team.