RCS - Together Fin. Svc. - Full Year Results for the Year Ended June 30, 2025

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RNS Number : 7872Z  Together Financial Services Limited  18 September 2025

 

 

Together Financial Services Limited

18(th) September 2025

Together Financial Services Limited ('Together' or 'the Group'), which aims to
be the UK's finance partner of choice, is pleased to announce its results for
the year ended June 30, 2025.

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

"Together delivered another strong performance during the year with the loan
book reaching a new high of £7.9bn, net interest margin remaining highly
attractive at 5.5% and underlying profit before tax up 7% on last year.

"We continued to build on our past success to take the business to the next
level, launching our refreshed strategy, progressing our lending system and
data platform transformation programme into the build and test phase and
strengthening and diversifying our Executive management team and Board. We
also raised or refinanced over £5bn of funding facilities to support our
long-term growth ambitions.

"Looking forward, the outlook for the UK economy is mixed, with expectations
of further interest rate cuts offset by global economic uncertainty, continued
trade disruption and a weaker jobs market. However, with changing working
patterns, a rise in multiple incomes and other long-term structural trends
supporting an increase in demand within our market, we remain cautiously
optimistic and are well-positioned to continue to help customers realise their
property ambitions, as we have for more than 50 years."

Financial highlights: year ended June 30, 2025

·    Continued loan book growth at low LTVs

-     Average monthly lending up 5.6% to £263.6m (2024: £249.6m)

§ Conservative weighted average origination LTVs of 60.0% (2024: 59.0%)

-     Group net loan book increased by 7.2% to £7.9bn (2024: £7.4bn)

§ Weighted average indexed LTV remains very low at 55.8% (2024: 55.7%)

§ Arrears increased to 5.5% 1  (#_ftn1) (2024: 4.7%), while flattening in the
second half of year as a result of proactive collection strategies and Bank of
England rate reductions

·    Another robust financial performance

-     Interest receivable and similar income up 11.8% to £868.1m (2024:
£776.3m)

-     Net interest margin remains stable at 5.5% (2024: 5.4%)

-     Annualised cost of risk of 0.99% (2024: 0.79%)

-     Group remains highly profitable and cash generative

§ Underlying profit before tax up 7.0% to £216.1m, (2024: £200.9m)

§ Underlying cost to income ratio remaining low at 31.2% (2024: 30.0%)

§ Cash receipts of £3.4bn (2024: £2.7bn) following a strong year for
redemptions

 Key metrics                                                                              2025                        2024

 Interest receivable and similar income (£m)                                              868.1                       776.3
 Underlying interest cover ratio(( 2  (#_ftn2) ))                                         1.5:1                       1.5:1
 Interest cover ratio                                                                     1.4:1                       1.5:1
 Underlying net interest margin(( 3  (#_ftn3) )) (%)                                      5.5                         5.4
 Net interest margin (%)                                                                  5.5                         5.4
 Underlying cost-to-income ratio(2) (%)                                                   31.2                        30.0
 Cost-to-income ratio (%)                                                                 37.2                        31.9
 Underlying cost-to-asset ratio(2) (%)                                                    1.6                         1.5
 Cost-to-asset ratio (%)                                                                  2.0                         1.6
 Cost of risk (%)                                                                         0.99                        0.79
 Underlying profit before taxation(2) (£m)                                                216.1                       200.9
 Profit before taxation (£m)                                                              190.6                       194.0
 Underlying EBITDA(2)                                                                     674.0                       615.0
 EBITDA                                                                                   648.5                       608.1
 Loans and advances to customers(5) (£m)                                                  7,894.3                     7,363.9
 Net debt gearing (%)                                                                     84.0                        83.9
 Shareholder funds(( 4  (#_ftn4) )) (()£m)                                                        1,213.4             1,159.2
 Underlying return on equity(2) (%)                                                       14.1                        13.7
 Return on equity (%)                                                                     12.5                        13.2

Operational highlights

-     Transformation programme progressed into testing phase

-     Strengthened and diversified Executive team and Board

§ Richard Rowntree joined as Group Chief Executive Officer (Nov'24) and
Executive Director (Dec'24) from Paragon Bank

§ Chris Adams promoted to Chief Financial Officer and Executive Director and
John Barker promoted to Chief Executive Officer of Personal Finance division
(Oct'24)

§ Candice Lott joined as Chief Marketing Officer from We Are The Digital Type
(Jun'25)

§ Dave Sutherland joined as Chief Operating Officer from Bank of Ireland
(Jul'25)

§ Cheryl Brough joined as Chief People Officer from Prima Assicurazioni
(Aug'25)

§ Marc Goldberg. Chief Executive Officer of Sales and Distribution, stepped
down from the Board in Jun'25 and retiring in Dec'26; Ryan Etchells, Chief
Commercial Officer, took on responsibility for sales and distribution (Jul'25)

§ Andy Higginson appointed to Group Board as Non-Executive Director (Sep'25)

-     Launched refreshed strategy: Invest / Optimise / Grow

-    Raised or refinanced over £5bn of facilities across nine
transactions over the year to support growth ambitions

-     Included in Financial Times Europe's Long-Term Growth Champions 2025

-    Awarded 'Specialist RMBS Issuer of the Year' at Global Capital
European Securitisation Awards 2025

-     Awarded 'Best Use of AI and Automation Award' at CCA Global
Excellence Awards 2025

-     Awarded Internal Audit 'Outstanding Team - Financial Services
Sector' at Chartered Institute Audit & Risk Awards 2025

-     Retained 'Silver' accreditation with Investors in People (Sep'25)

 

ENDS

 

Full Year 2024/25 Results Presentation

Together will be presenting its Full Year 2024/25 results via audio webcast at
14:00 BST (09:00 EST) today, for the year ended June 30, 2025.

The presentation for analysts and investors is expected to last for
approximately 30 minutes, followed by a Q&A.

The slides will be available on the Investor Relations website
(https://investors.togethermoney.com/ (https://investors.togethermoney.com/) )
ahead of the presentation.

The live audio webcast for the Full Year 24/25 results will be available via
the following link:

https://www.investis-live.com/together/6895a3f2ad7aec00159e8a0e/jytytt
(https://url.uk.m.mimecastprotect.com/s/PPagC69y5UyE5GXhjIxs5duQw?domain=investis-live.com)

The webcast will also be accessible via a live conference call:

·      Access code: 319548

·      From the UK: +44 20 3936 2999 / +44 808 189 0158

·      Global Dial-In Numbers
(https://url.uk.m.mimecastprotect.com/s/YK_dC7Xz5tZvDWLfrSGsoJ_m3?domain=netroadshow.com)

You can view the highlights of today's results in the following video: click
here
(https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fyoutu.be%2FQtC3wfCVJ54&data=05%7C02%7CAngeli.Everitt%40togethermoney.com%7Ce1a45117b1ab4eb4236508ddf5face88%7C2b1396aa16d147b3a96cfff906f86884%7C0%7C0%7C638937180114245635%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=vpAGDs0dDvH13lYJzxkTpHGHz9NjN3%2FvJHf3POX9mnY%3D&reserved=0)

 

 Together
 Mike Davies, Director of Corporate Affairs         +44 7753 138185

                                                    mike.davies@togethermoney.com (mailto:mike.davies@togethermoney.com)

 Angeli Everitt, Strategic Communications Advisor   +44 7729 092363

                                                    angeli.everitt@togethermoney.com (mailto:angeli.everitt@togethermoney.com)

 Camarco (Financial PR)

 Ben Woodford

+44 7990 653341

                                                  ben.woodford@camarco.co.uk (mailto:ben.woodford@camarco.co.uk)

 Alex Campbell

                                                    +44 7710 230545

                                                    alex.campbell@camarco.co.uk

About Together

 

Together has been giving people a fair chance to bring their property
ambitions to life for over 50 years.

We provide a wide range of flexible lending products including residential and
buy-to-let mortgages, bridging loans, commercial mortgages and development
funding to give our customers the opportunity to turn their ambitions into
reality.

By using our expertise and common sense, we build trusted relationships and
open doors to help individuals, SMEs, businesses and property investors to
thrive.

Together is the trading name of Together Financial Services Limited, which has
its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8
3GW.

 

 1  (#_ftnref1) Arrears are shown on an adjusted basis to reflect changes in
interest rates

 2  (#_ftnref2) During the current year, the Group incurred £25.5m of
transformation costs (2024: £6.9m of transformation costs)

 3  (#_ftnref3) There are no exceptional items impacting upon net interest
income recorded in the current or comparable prior period

 4  (#_ftnref4) Includes subordinated shareholder loans of £24.9m (2024:
£22.8m)

5 Net of gross loans and advances to customers and impairment allowances

 

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