28th Feb 2019 09:50
LONDON (Alliance News) - Amigo Holdings PLC on Thursday reported strong growth in year-to-date profit and revenue, with customer numbers jumping 28%.
Amigo, which provides loans to those with poor credit ratings, reported pretax profit of GBP79 million for the nine months to December, from GBP47.4 million a year prior.
Revenue rose 34% to GBP201.0 million, with customer numbers rising 28% to 217,000. The impairment to revenue ratio was 24%, from 21%.
The net loan book increased 15% to GBP695.7 million, with its net borrowings to gross loan book standing at 60% from 67%.
Amigo, which joined the London Stock Exchange last June raising GBP327 million gross, said it is on track to meet its guidance for its year ending March.
Chief Executive Glen Crawford said: "Amigo has reported another strong set of results this quarter, delivering further growth in our customer numbers, loan book and revenue, whilst continuing to carefully manage our impairment levels."
Shares were 0.9% lower at 234.83 on Thursday, compared to an initial public offering price of 275p.
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