30th Aug 2018 13:58
LONDON (Alliance News) - Amigo Holdings PLC on Thursday said its profit rose 15% in the first quarter of its financial 2019, helped by increasing number of customers.
The guarantor loans provider said pretax profit grew to GBP17.0 million in the three months to the end of June from GBP14.8 million reported for the same period a year earlier, as revenue climbed 47% to GBP62.9 million from GBP42.9 million.
The result was driven by an increase in net loan book, which grew 37% to GBP638.2 million from GBP466.9 million the year prior.
The company also saw a higher number of clients during the period at 190,000, up 39% from 140,000 customers served a year ago.
Amigo floated on London Stock Exchange at the beginning of July with a market capitalisation upon listing of GBP1.31 billion. The company said it booked GBP3.9 million in costs related to its initial public offering.
Amigo also recorded an impairment of GBP16.0 million, up significantly compared to GBP6.1 million a year earlier due to IFRS 9 accounting standard adopted in April.
"We are delighted to deliver our first set of results as a listed company," said Chief Executive Glen Crawford.
"We expect further strong growth in the demand for mid-cost credit products which we are well positioned to meet," added Crawford.
Shares in Amigo were trading 5.2% lower on Thursday at 265.50 pence each.
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