Together Financial Services Limited – 2024/25 Q3 Results Announcement

Together Financial Services Limited (‘Together’ or ‘the Group’), one of the UK’s leading non-bank relationship lenders, is pleased to announce its results for the quarter ended March 31, 2025.

Commenting on today’s results, Richard Rowntree, Group Chief Executive Officer of Together, said:

“Together delivered another strong performance during the quarter with the loan book reaching £7.8bn, net interest margin remaining highly attractive at 5.5%, net interest income up 13% and underlying profit before tax up 11% on the same quarter last year.

“We successfully raised or refinanced £2.5bn across five transactions during the quarter, as we continued to broaden our funding and raise additional liquidity to support our growth ambitions. Our transformation programme is progressing through the build phase and our pipeline is up 21% compared with Q2 ’25, indicating continued robust demand for our products.

“Looking forward, the outlook for the UK economy is mixed, with easing inflation and expectations of further interest rate cuts offset by global economic uncertainty due to trade tensions and tariff wars. However, Together has a successful multi-cycle track record and long-term structural trends support an increase in demand for specialist lending solutions. Against this backdrop, we remain cautiously optimistic and will continue to help customers realise their property ambitions, as we have for the last 50 years.”

Financial highlights: quarter ended March 31, 2025

• Continued loan book growth at low LTVs
  • Average monthly lending of £248.1m, down 5.5% on Q3‘24 (£262.5m) and 12.4% on Q2‘25 (£283.2m)
    • Conservative weighted average origination LTVs of 8% (Q3‘24: 59.6%); Q2‘25: 59.8%)
  • Group net loan book increased to £7.8bn, up 10.3% on Q3‘24 (£7.0bn) and up 0.7% on Q2‘25 (£7.7bn)
    • Weighted average indexed LTV remains very low at 55.3% (Q3‘24: 55.2%; Q2‘25: 55.2%)
    • Arrears reduced to 5.6% (Q2’25: 5.7%)
  • Another robust financial performance
    • Interest receivable and similar income of £5m, up 11.0% on Q3‘24 (£196.9m) and broadly in line with Q2‘25 (£220.2m)
    • Net interest margin remains stable at 5.5% (Q3‘24: 5.5%; Q2‘25: 5.4%)
    • Annualised cost of risk of 0.95% (Q3‘24: 0.83%; Q2‘25: 0.83%), bringing the year-to-date cost of risk to 0.86%
    • Group remains highly profitable and cash generative
      • Underlying profit before tax of £5m, up 11.0% on Q3‘24 (£51.8m) and up 3.2% on Q2‘25 (£55.7m) primarily due to the increase in net interest income during the period
      • Underlying cost to income ratio remaining low at 30.4% (Q3‘24: 30.1%; Q2‘25: 32.2%)
      • Cash receipts of £900.1m (Q3‘24: £730.5m; Q2‘25: £913.4m) following a strong quarter for redemptions