Interim Annual Financial Results

02 May 2025

Amigo Holdings PLCInterim Financial Results for the twelve months ended 31 March 2025

Amigo Holdings PLC ("Amigo", "PLC" or the "Company"), a former UK provider of mid-cost credit now in run-off, announces its financial results for the twelve months ending 31 March 2025.

Kerry Penfold, CEO/ CFO, commented:

"The wind down of our legacy businesses is almost complete, having delivered £194m in cash redress and refunds to Scheme creditors. Mistakes of the past have cost Amigo and its shareholders dearly, but this chapter is now drawing to a close. We continue our search for a reverse takeover partner to enable the Company to continue in the longer term and bring some value to shareholders that would otherwise not be possible" 

Headlines:

· Wind-down process: Amigo is nearing completion of the orderly wind down of its legacy lending business under the previously declared Fallback Scheme. We remain grateful to our staff for their continued commitment under very difficult circumstances.

· Change of Accounting Reference Date: To preserve cash for creditors, Amigo announced the extension of its reporting period by six months to 30 September, and presents these interim results in line with its obligations under the UK Listing Rules.

· Reverse Takeover: The Board continues to search for a suitable reverse takeover ("RTO") target to enable the Company to continue as a viable business in the long term.

Financial Headlines

· Cash reduced by £136.1m in the twelve months to 31 March 2025, primarily due to redress payments under the Group's Scheme of Arrangement.

· Overheads were down 67.4% as the Group continued its programme of redundancies and cost saving measures as part of orderly wind down of its legacy business.

Contact Information:

· Nick Beal, Chief Restructuring Officer, Amigo

· Sponsor - Beaumont Cornish 0207 628 3396

About Amigo:

Amigo is a public limited company registered in England and Wales with registered number 10024479. The Amigo Shares are listed on the Official List of the London Stock Exchange. On 23 March 2023 Amigo announced that it has ceased offering new loans, with immediate effect, and would start the orderly solvent wind-down of the business. Amigo provided guarantor loans in the UK from 2005 to 2020 and unsecured loans under the RewardRate brand from October 2022, offering access to mid‐cost credit to those who are unable to borrow from traditional lenders due to their credit histories. Amigo Loans Ltd is authorised and regulated in the UK by the Financial Conduct Authority.

Forward-Looking Statements:

This report contains certain forward-looking statements. These include statements regarding Amigo Holdings PLC's intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, our financial condition, results of operations, liquidity, prospects, growth, strategies, and the business we operate. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will or may occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Actual results may differ from these statements and forecasts. Except as required by law, Amigo Holdings PLC has no obligation to update the forward-looking statements or to correct any inaccuracies therein.

Chief Executive's Statement

It has been more than two years since Amigo entered the Fallback Scheme, necessitating the cessation of new business through Amigo Loans. Over the past two years we have progressed the orderly wind down of legacy businesses for the benefit of Scheme creditors. This chapter of Amigo's history is now drawing to a close. The Directors continue their search for a viable alternative future for Amigo PLC.

Business Performance

We have continued to manage the business prudently through the wind down period, balancing the need to preserve cash for Scheme creditors with the governance requirements expected of a regulated business. Decisions have not always been easy or popular, but I am pleased that as a result of this prudent management we have repaid to Scheme creditors £108m and delivered a combined Scheme payment of 18.51p, in excess of the 17p forecast when the Fallback Solution was adopted. When combined with the £86m paid in direct refunds and £132m of loan balances written off, the scale of redress paid to the 210,000 Scheme claimants is apparent.

None of this would have been possible without the commitment of our brilliant team members, who have worked for the past two years in very difficult circumstances.

Scheme of Arrangement

In March 2025, Amigo Loans Ltd (ALL) made its final payment of surplus cash to Scheme Co, enabling the Scheme Supervisor to announce an additional Scheme payment of 6.01p/£. In total across both payments Scheme creditors will have received 18.51p/£. 

Under the terms of the Scheme, ALL is obliged to place itself in liquidation within two months of this final payment, and accordingly the closure of the Group's sole historical cash generating subsidiary is expected in the coming weeks.

Operations and Cost Reduction

Throughout the period we continued our commitment to maximise returns for Scheme creditors, delivering value from the remaining loan book through collections or sale, and prudently managing costs. 

As noted in previous updates, the final debt sale completed in October 2024. Remaining loans that could not be cost effectively collected or sold were written off in January 2025.

Our customer service function was fully outsourced in July 2024. Our small remaining in-house team is expected to complete winding up the business in the coming weeks.

Possible Transactions

In April and May we completed two tranches of a placing of a total of 95,019,200 new ordinary shares of 0.25p each fully paid at an issue price of 0.25p per share, ranking pari passu in all respects with the existing issued ordinary shares.

Jim McColl joined Amigo in April. Initially he worked as a consultant, and he joined the Board on 1 September as a non-executive director. Jim McColl has assisted the Board in the search for a potential reverse takeover target for PLC, which would see it continue as a viable business in the long term. We are very grateful to Jim for his efforts, and to the new investors that supported the capital raise which made this possible.

Over the last twelve months, and before, we have spoken to businesses in a range of sectors with the intent to leave no stone unturned in seeking a transaction.

As we stated at the time, the capital raised was expected to provide runway for PLC for approximately twelve months. We are now approaching the end of this runway and, as time runs increasingly short, there is an increased likelihood that the Directors will be faced with a difficult decision. Based on the budget and further measures to reduce costs, current resources will only be sufficient until early July 2025, prior to which the Company will need to raise additional funds.

If Amigo is unable to secure an alternative future by way of a transaction or further investment it is likely that the business will enter a form of liquidation. If this happens, shareholders will not receive any value.

The Scheme requires Amigo Loans Ltd ("ALL") to be liquidated, and any remaining assets will be used to pay creditors.

Governance

Since entering wind down, we have striven to balance the need for proper and effective governance of a listed and regulated financial institution with the constrained resources of a Group in wind down

The raising of new capital allowed us to bring Jim McColl on to the Board in September 2024 without impacting funds available for Scheme creditors. Jim brings an impressive track record of creating valuable businesses built over nearly three decades of experience.

In March 2025, we took the decision to extend cost saving measures to the annual report process. Accordingly, we extended the accounting reference date from 31 March to 30 September, deferring the costs associated with production of the annual report.

As a result of the extended accounting period, Amigo is obliged under the listing rules to produce these interim accounts. The Board has taken the decision, permitted within the UK Listing Rules, not to have these interim results independently reviewed by our external auditors. We believe this would not be an appropriate use of resources at this time.

Financial Review

At the year end (31 March 2024), Amigo reduced net assets to nil, reflecting that all proceeds from the wind down of the legacy business were for the benefit of Scheme creditors. A small capital raise (in two tranches in April and May of 2024) provided working capital for PLC to fund costs for a prolonged period whilst it sought an alternative transaction. Remaining free funds not committed to Scheme creditors are less than £40,000 at 31 March 2025.

Income

Revenue of £0.1m (FY2024: £3.5m) in the period reflects interest received on live loans. The loans have now been sold, or where not commercially viable for sale, written off.

£2.5m of interest has been received in the period (FY2024: £6.5m) on funds held on deposit for the benefit of Scheme Creditors.

Impairment and Provisions

Impairment credit of £2.3m (FY2024: £7.2m) materially relates to proceeds from loan and debt sales. These sales have now concluded.

Costs

Administrative and other operating costs decreased by £12.0m (67.4%) to £5.8m compared to the twelve months to March 2024. This reflects the extensive cost cutting that has taken place across the business in recognition of the wind down. The main categories of expenditure included in administrative and other operating expenses are: employee costs of £3.0m (FY 2024: £10.5m), licence fees of £0.5m (FY 2024: £1.4m), insurance costs of £0.5m (FY 2024: £1.7m) and legal, professional and consultancy fees of £0.6m (FY 2024: (£0.1m)).

A release of complaints provision of £0.7m was made in the period (FY2024: charge of £12.1m). This arose chiefly from previous over estimation of refund balances and the amount required to settle balance adjustments due on previously sold debt.

Cash and Cash Equivalents

Cash and cash equivalents held at 31 March 2025 amounted to £38.8m (FY2024: £174.9m). The reduction in cash has been driven by payments on upheld Scheme claims over the period.

Going Concern

In determining the appropriate basis of preparation for these financial statements, the Board has undertaken an assessment of the Group and Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements.

In undertaking a Going Concern review, the Directors considered the Group's implementation of the Fallback Solution announced on 23 March 2023, under the Scheme. The Fallback Solution required that the Group's sole trading subsidiary, Amigo Loans Ltd ("ALL") stop lending immediately and be placed in an orderly wind down, with any surplus cash following the wind down to be transferred to Scheme creditors. ALL would then be liquidated within two months of the final monies being paid to ALL Scheme Ltd ("SchemeCo"). No residual value would be attributed to the ordinary shares of the Company. Throughout the period to 31 March 2025 the Fallback Solution has progressed. Amigo's back book of loans has been run off or sold, an interim dividend has been paid to all Scheme creditors, and almost 90% of the Group's staff have exited the business since implementation of the Fallback Solution. On 27 March 2025, the Scheme Supervisors announced an additional, and intended to be final, dividend payable to Scheme creditors. It is therefore expected that ALL will enter liquidation by the end of May, in line with obligations under the Scheme.

Given the cessation of trading on 23 March 2023, alongside no apparent realistic strategic capital raise or viable alternative solutions, and the requirement dictated by the Scheme to ultimately liquidate ALL (the Group's sole cash-generating unit), the Board has determined that the condensed interim financial statements for the period ended 31 March 2025 will be prepared on a basis other than going concern, consistent with the prior year. In making this assessment consideration was given to the potential for the PLC to attract a reverse takeover or similar transaction. However, such an outcome, whilst the strategic intention of the Directors, does not have sufficient certainty in either cashflow or ability to trade to change the basis of preparation from that adopted in the year ended 31 March 2024.

The Directors believe there is no general dispensation from the measurement, recognition and disclosure requirements of IFRS despite the Group not continuing as a going concern. Therefore, IFRS is applied accordingly throughout the financial statements. No material adjustments to the carrying value of the consolidated assets or liabilities was required. The relevant accounting standards for each part of the Financial Statements have been applied on the conditions that existed and decisions that had been taken by the Board as at or prior to 31 March 2025.

The Board has prepared a set of financial projections for the short period to the expected liquidation of the Group companies. Sufficient liquidity has been retained to handle moderate stresses in the form of increased overhead spend. Given the obligation to transfer all value from the legacy business to Scheme creditors, and the short time frame under consideration, it is not possible for the Group to retain liquidity to deal with a wide range of possible stress scenarios. Key risks that would prevent an orderly wind down of the Group from happening are significantly increased overhead spend arising from unplanned delays or third party action and unforeseen cash losses (e.g. from theft or fraud).

Principal Risks and Uncertainties

As the wind down of the legacy businesses has progressed the number of risks and uncertainties faced by the Group has naturally diminished. However. there remain a number of risks and uncertainties that could detrimentally impact the successful and timely delivery of Amigo's remaining activities, namely the successful conclusion of the Scheme and orderly wind down of the business. Amigo continues to monitor and manage risks and ensure that adequate controls are in place to drive better and more controlled outcomes. The Board recognises that opportunities and risks go hand in hand and so it puts time into understanding which risks are the right ones to take or avoid at any given time.

Our principal risks and uncertainties are summarised below. 

Credit risk

Credit risk occurs where debtors may fail to meet their debt obligations in full or on time. There may also be exposure to concentrations in credit. As Amigo has concluded debt sales of the historic loan book, this credit risk has fallen away. Amigo remains exposed to credit risk of the financial institutions in which it deposits liquidity, which it mitigates by placing all funds with A credit institutions on immediately available terms.

Conduct riskConduct risks arise from inappropriate actions taken by individuals or the Group that could lead to customer detriment or negatively impact market stability. Amigo recognises that the financial vulnerability of customers in its historic target market poses higher than average conduct risks. The organisation has a low tolerance for action or inaction that leads to customer detriment. Amigo is aware that sales of unpaid debt poses a Conduct Risk. In making debt sales, Amigo considered the impact on the wider Scheme population of the additional funds that would be generated from sale. We selected debt purchasers committed to high standards of integrity and provided adequate notice to customers whose debt was sold. Through the Scheme, Amigo has been exposed to Conduct Risk, notably in relation to a number of individuals who did not provide payment details and we have been unable to settle redress due. Governance is fundamentally important, and we are committed to delivering high standards of oversight with diligence and integrity, and a strong ethical culture.

Regulatory and political risk

This risk relates to regulatory environment changes that may have an adverse impact on the business, or where Amigo has introduced new processes or approaches that do not fully comply with regulatory requirements. Amigo is committed to compliance with relevant legislation, regulation, internal policies and governance requirements. Identified breaches are remedied as soon as possible. We maintain a constructive and open relationship with the FCA and other regulators.

While Amigo is not actively lending, we will remain a regulated entity until the FCA removes our permission. We still operate under a Voluntary Requirement (Asset VREQ). Amigo has submitted a request to the FCA to remove its permissions.

Operational risk

Operational risk relates to the possibility of business operations failing due to inefficiencies or breakdown in internal processes, systems, people or from external events. Amigo takes a proportionate approach to operational risk, balancing the need to provide resilient operational performance with the need to minimise cost for the benefit of Scheme creditors. Our operational resilience approach ensures highly available services and infrastructure. Over the last twelve months, operational resilience has been stable. In July 2024, Amigo was impacted by the widespread Crowdstrike-related IT outage; services were restored within five hours with no significant disruptions to operations. The risk of cyber-attacks continue to be a threat across all industries. Amigo partners with third-party cyber experts to manage evolving cyber risks.

Strategic and competitive risk

Strategic risks come from emerging internal and external events or poor decisions that can disrupt or prevent the organisation from achieving its strategic objectives including an orderly wind down. Amigo's strategic focus remains on the orderly wind down of the business and the redressing of Scheme claims. 

Amigo also continues to explore potential RTO options to minimise investor losses.

Financial risk

Financial risks occur where there is a failure to properly manage liquidity, capital or investments which could lead to financial losses. In this short period between the payment of final amounts to Scheme creditors and liquidation of the legacy businesses, Amigo is exposed to increased financial risk due to low financial headroom, especially at the PLC stand alone level. This is mitigated by the few remaining activities and short time period before liquidation is expected to take place.

Responsibility Statement of the Directors in respect of the half-yearly financial report

We confirm that, to the best of our knowledge:

· the condensed set of financial statements are prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the UK, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group;

· the interim management report includes a fair review of the information required by:

a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first twelve months of the financial period and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the financial period; and

b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first twelve months of the current financial period and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

Kerry Penfold

Director

02 May 2025

Condensed consolidated statement of comprehensive income

for the twelve months to 31 March 2025

The loss is derived from continuing activities.

The accompanying notes form part of these financial statements.

1 In the twelve months ended 31 March 2025 the £2.3m was materially due to gain on available for sale assets.

2 There was less than £0.1m of other comprehensive income during this period and any other period, and hence no consolidated statement of other comprehensive income is presented.

Condensed consolidated statement of financial position

as at 31 March 2025

The accompanying notes form part of these financial statements.

1 Cash and cash equivalents (restricted) of £34.1m (2024: £84.5m) materially relates to cash held for the benefit of customers in relation to payments arising out of the Scheme of Arrangement.

The condensed consolidated financial statements of Amigo Holdings PLC were approved and authorised for issue by the Board and were signed on its behalf by:

Kerry Penfold

Director

02 May 2025

Company no. 10024479

Condensed consolidated statement of changes in equity

for the twelve months to 31 March 2025

1 The merger reserve was created as a result of a Group reorganisation in 2017 to create an appropriate holding company structure. The restructuring was within a wholly owned Group, constituting a common control transaction.

The accompanying notes form part of these financial statements.

Condensed consolidated statement of cash flows

for the twelve months to 31 March 2025

The accompanying notes form part of these financial statements.

1 Total cash is inclusive of cash and cash equivalents (restricted) of £34.1m (2024: £84.5m). Cash and cash equivalents (restricted) materially relate to cash held for the benefit of creditors in relation to payments arising out of the Scheme of Arrangement.

Notes to the condensed consolidated financial statements

for the twelve months to 31 March 2025

The Board has taken the decision, permitted within the listing rules, not to have these interim results independently reviewed by our external auditors. We believe this would not be an appropriate use of resources at this time.

1. Accounting policies

1.1 Basis of preparation of financial statements

General information

Amigo Holdings PLC is a public company limited by shares (following IPO on 4 July 2018), listed on the London Stock Exchange

(LSE: AMGO). The Company is incorporated and domiciled in England and Wales. With effect from 25 July 2024 the Company's registered office is 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.

The principal activity of the Company is to act as a holding company for the Amigo Loans Group of companies. The principal activity of the Amigo Loans Group was previously to provide loans to individuals. With the Fallback Solution under the Scheme of Arrangement ("Scheme") being implemented, leading to a cessation of trade and implementation of a wind down plan in March 2023, there has been no new lending in the twelve months to 31 March 2025. The Group continues to collect its assets and settle liabilities in line with obligations under the Scheme.

Amigo Holdings PLC has changed its accounting reference date from 31 March to 30 September. The Company's next audited financial statements are therefore due to be prepared for an eighteen-month period ending 30 September 2025. In accordance with the UK Listing Rules, the Company is publishing unaudited interim accounts for the twelve months ended 31 March 2025. The Directors have implemented this change to preserve cash. As previously announced, the Company has a very limited runway before becoming insolvent. Based on its budget, current resources will run out in early July 2025. The change of accounting reference date defers Amigo incurring a liability to pay costs related to the production of audited financial statements.

The condensed interim financial statements do not constitute the statutory financial statements of the Group within the meaning of section 434 of the Companies Act 2006. The statutory financial statements for the year ended 31 March 2024 were approved by the Board of Directors on 24 July 2024 and have been delivered to the Registrar of Companies. The consolidated financial statements of the Group as at and for the year ended 31 March 2024 are available on the website amigoplc.com and upon request from the Company's registered office at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ. Those accounts have been reported on by the Company's auditor, MHA. The report of the auditor drew attention to the fact that the Directors had taken the decision to wind down the operations and subsequently liquidate the Group and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements were prepared on a basis other than going concern.

The condensed interim financial statements for the twelve months ended 31 March 2025 were approved by the Board of Directors on 02 May 2025.

Accounting policies

The interim financial statements have been prepared applying the accounting policies and presentation that were applied in the

preparation of the Company's published consolidated annual report for the year ended 31 March 2024.

Basis of preparation

The condensed interim financial statements for the twelve months ended 31 March 2025 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted for use in the United Kingdom (UK). The condensed interim financial statements should be read in conjunction with the statutory financial statements for the year ended 31 March 2024. The figures included herein for the financial year ended 31 March 2024 are not the Group's statutory accounts for that financial year but are an extract from those statutory accounts for interim reporting.

These interim financial statements have been prepared on a basis other than going concern under the historical cost convention, except for financial instruments measured at fair value. The presentational currency of the Group is GBP, the functional currency of the Company is GBP and these financial statements are presented in GBP. All values are stated in £ million (£m) except where otherwise stated.

Going concern

In determining the appropriate basis of preparation for these financial statements, the Board has undertaken an assessment of the Group and Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements.

In undertaking a Going Concern review, the Directors considered the Group's implementation of the Fallback Solution announced on 23 March 2023, under the Scheme. The Fallback Solution required that the Group's sole trading subsidiary, Amigo Loans Ltd ("ALL") stop lending immediately and be placed in an orderly wind down, with any surplus cash following the wind down to be transferred to Scheme creditors. ALL would then be liquidated within two months of the final monies being paid to ALL Scheme Ltd ("SchemeCo"). No residual value would be attributed to the ordinary shares of the Company. Throughout the period to 31 March 2025 the Fallback Solution has progressed. Amigo's back book of loans has been run off or sold, an interim dividend has been paid to all Scheme creditors, and almost 90% of the Group's staff have exited the business since implementation of the Fallback Solution. On 27 March 2025, the Scheme Supervisors announced an additional, and intended to be final, dividend payable to Scheme creditors. It is therefore expected that ALL will enter liquidation by the end of May, in line with obligations under the Scheme.

Given the cessation of trading on 23 March 2023, alongside no apparent realistic strategic capital raise or viable alternative solutions, and the requirement dictated by the Scheme to ultimately liquidate ALL (the Group's sole cash-generating unit), the Board has determined that the condensed interim financial statements for the period ended 31 March 2025 will be prepared on a basis other than going concern, consistent with the prior year. In making this assessment consideration was given to the potential for the PLC to attract a reverse takeover or similar transaction. However, such an outcome, whilst the strategic intention of the Directors, does not have sufficient certainty in either cashflow or ability to trade to change the basis of preparation from that adopted in the year ended 31 March 2024.

The Directors believe there is no general dispensation from the measurement, recognition and disclosure requirements of IFRS despite the Group not continuing as a going concern. Therefore, IFRS is applied accordingly throughout the financial statements. No material adjustments to the carrying value of the consolidated assets or liabilities was required. The relevant accounting standards for each part of the Financial Statements have been applied on the conditions that existed and decisions that had been taken by the Board as at or prior to 31 March 2025.

The Board has prepared a set of financial projections for the short period to the expected liquidation of the Group companies. Sufficient liquidity has been retained to handle moderate stresses in the form of increased overhead spend. Given the obligation to transfer all value from the legacy business to Scheme creditors, and the short time frame under consideration, it is not possible for the Group to retain liquidity to deal with a wide range of possible stress scenarios. Key risks that would prevent an orderly wind down of the Group from happening are significantly increased overhead spend arising from unplanned delays or third party action and unforeseen cash losses (e.g. from theft or fraud).

2. Critical accounting assumptions and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.

The preparation of the condensed consolidated Group financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the consolidated statement of financial position date and the reported amounts of income and expenses during the reporting period. The most significant uses of judgements and estimates are explained in more detail in the following sections:

· Complaints provisions:

· Estimating the probability, timing and amount of any outflows.

· Restructuring provision:

· Required resource plan and subsequent timing of staff exits

· Assessing supplier requirements and recognition of onerous contracts

Areas which include a degree of estimation uncertainty are:

· Restructuring provision:

· Severance costs of staff exits which are contingent on the timing of exit and therefore contingent on future resource required.

In prior periods, the complaints provision has entailed a high degree of estimation. Following completion of all claim reviews, and announcement of the Additional Scheme Payment in the period, the value of all Scheme Claims is fixed and no longer subject to estimation uncertainty.

3. Revenue and segment reporting

Revenue comprises interest income on amounts receivable from customers. Loans are initially measured at fair value (which is equal to cost at inception) plus directly attributable transaction costs. Revenue is presented net of amortised broker fees, which are spread over the expected behavioural lifetime of the loan as part of the effective interest rate method.

The effective interest rate ("EIR") is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument (or a shorter period where appropriate) to the net carrying value of the financial asset or financial liability. The calculation takes into account all contractual terms of the financial instrument and includes any incremental costs that are directly attributable to the instrument, but not future credit losses.

Given the sale of the remaining loan book, and the immaterial nature of remaining unamortised broker fees, these items have been fully expensed in prior periods.

The Group has one operating segment based on the geographical location of its operations, being the UK.

4. Modification of financial assets

Covid-19 payment holidays and any subsequent extensions were assessed as non-substantial financial asset modifications under IFRS 9.

5. Taxation

The applicable corporation tax rate for the period to 31 March 2025 was 25.0% (FY2024: 25.0%) and the effective tax rate is 0.0% (FY2024: negative 0.8%).

6. Loss per share

Basic loss per share is calculated by dividing the loss for the period attributable to equity shareholders by the

weighted average number of ordinary shares outstanding during the period.

Diluted loss per share calculates the effect on loss per share assuming conversion of all dilutive potential

ordinary shares. Following the closure of the performance-related share incentive plans and non-performance-related schemes, in the current period there were no dilutive potential ordinary shares.

1 Adjusted basic (loss)/profit per share and earnings for adjusted basic earnings per share are non-GAAP measures.

Consistent with prior years, the Directors publish an adjusted (loss)/profit per share for comparison purposes only. There are no profits attributable to shareholders as net assets, after the cost of collecting the loan book, are committed to Scheme creditors. Reconciliations of the earnings used in the calculations are set out below.

1 Adjusted basic earnings per share and earnings for adjusted basic earnings per share are non-GAAP measures.

7. Available for sale assets

As at 31 March 2025, the Group had no value attributable to available for sale assets. All historic loans have been either sold for the benefit of Scheme creditors, or where it was not commercially viable to do so, written off.

In the period ended 31 March 2024, the Group held the remaining active portfolio of loans under its original Amigo brand as available for sale. This sale was complete in April 2024, in line with values used in its accounting estimation. In October 2024 a further sale of previously charged off debt was completed. This debt was ascribed nil value at 31 March 2024, in line with our policy in relation to charged off debt.

8. Financial instruments

The below tables show the carrying amounts and fair values of financial assets and financial liabilities, including the levels in the fair value hierarchy. The tables analyse financial instruments into a fair value hierarchy based on the valuation technique used to determine fair value:

a) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

b) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

c) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

1 The Group has disclosed the fair values of financial instruments such as short-term trade receivables and payables at their carrying value because it considers this a reasonable approximation of fair value.

Financial instruments held at amortised cost

All financial instruments are held at amortised cost. There are no derivative assets in the current or prior period.

The Group's activities expose it to a variety of financial risks, which can be categorised under credit risk and market risk. The objective of the Group's risk management framework is to identify and assess the risks facing the Group and to minimise the potential adverse effects of these risks on the Group's performance. Financial risk management is overseen by the Group Risk Committee alongside other principal risks: operational, regulatory, strategic and conduct risks.

9. Other receivables

10. Trade and other payables

1 Other creditors include an onerous contract provision of £1.9m (2024: £1.9m) to decrease net assets of the legacy business to £ nil as at 31 March 2025.

11. Provisions

Provisions are recognised for present obligations arising as the consequence of past events where it is more likely than not that

a transfer of economic benefit will be necessary to settle the obligation, which can be reliably estimated.

Customer complaints redress

As at 31 March 2025 the Group has recognised a complaints provision totalling £35.0m in respect of customer complaints redress and associated costs. Utilisation in the period totalled £133.7m. The total Scheme liability has decreased by £134.4m compared to prior year. The closing provision is comprised of cash liability for the Additional Scheme Payment, certain costs necessary to complete the Scheme, and unpaid refunds to upheld Scheme claimants for collections made since the Scheme effective date, which will be redressed in full and attract compensatory interest. Unpaid refunds, where the claimant has not provided valid payment details, remain a liability of ALL and the Directors intend to pay any unpaid refunds into Court.

The Group continues to monitor its policies and processes to ensure that it responds appropriately to customer complaints.

The Group will continue to assess the adequacy of this provision periodically to adjust the provisions where appropriate.

The Group anticipates the redress programme will be complete, or substantially complete, within two months of the period end.

Restructuring provision

As at 31 March 2025, the Group recognised a restructuring provision totalling £1.5m (2024: £5.7m) in respect of the expected cost of staff redundancies and liquidator costs due to wind down of the business.

12. Share capital

On 4 July 2018 the Company's shares were admitted to trading on the London Stock Exchange. Immediately prior to admission the shareholder loan notes were converted to equity, increasing the share capital of the business to 475 million ordinary shares and increasing net assets by £207.2m. On 28 March 2024 Amigo announced that Peterhouse Capital Limited arranged for the placing of 95,019,200 new ordinary shares of 0.25p each fully paid, ranking pari passu in all respects with the existing issued ordinary shares. On 5 April 2004, 23,766,400 of these shares ("First Placing Shares") were admitted for listing on the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange. The remaining 71,252,800 shares ("Second Placing Shares") were admitted for listing on 9 May 2024.

Ordinary shares

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. Each ordinary share in the capital of the Company ranks equally in all respects and no shareholder holds shares carrying special rights relating to the control of the Company. The nominal value of shares in issue is shown in share capital, with any additional consideration for those shares shown in share premium.

Deferred shares

At the time of the IPO and subdivision the 41,000 ordinary B shares were split into 16,400,000 ordinary shares of 0.25p and 41,000 deferred shares of £0.24.

The deferred shares do not carry any rights to receive any profits of the Company or any rights to vote at a general meeting. Prior to the subdivision the ordinary B shares had 1.24 votes per share; all other shares had one vote per share. The Group plans to cancel these deferred shares in due course.

Dividends

Dividends are recognised through equity, on the earlier of their approval by the Company's shareholders or their payment.

The Board decided that it would not propose a final dividend payment for the year to 31 March 2024 or an interim dividend for the period to 31 March 2025. Total cost of dividends paid in the period is £nil (2024: £nil).

13. Immediate and ultimate parent undertaking

The immediate and ultimate parent undertaking is Amigo Holdings PLC, a company incorporated in England and Wales. The consolidated financial statements of the Group as at and for the year ended 31 March 2024 are available on the website amigoplc.com and, upon request, from the Company's registered office at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.

14. Investment in subsidiaries

The following are subsidiary undertakings of the Company at 31 March 2025 and includes undertakings registered or incorporated up to the date of the Directors' Report as indicated. Unless otherwise indicated all Group owned shares are ordinary. All entities are subsidiaries on the basis of 100% ownership and shareholding.

1 Registered at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.

2 In liquidation.

15. Related party transactions

The Group had no related party transactions during the twelve-month period to 31 March 2025 that would materially affect the performance of the Group. Details of the transactions for the year ended 31 March 2024 can be found in note 23 of the Amigo Holdings PLC financial statements.

Company statement of financial position

as at 31 March 2025

The parent company financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

Kerry Penfold

Director

02 May 2025

Company no. 10024479

The accompanying notes form part of these financial statements.

Company statement of changes in equity

for the twelve months ended 31 March 2025

1 The merger reserve was created as a result of a Group reorganisation to create an appropriate holding company structure. The restructure was within a wholly owned group and so merger accounting applied under Group reconstruction relief.

The accompanying notes form part of these financial statements.

Company statement of cash flows

for the twelve months ended 31 March 2025

The accompanying notes form part of these financial statements.

Notes to the financial statements - Company

for the twelve months ended 31 March 2025

1a. Accounting policies

Accounting policies

The interim financial statements have been prepared applying the accounting policies and presentation that were applied in the

preparation of the Company's published consolidated annual report for the year ended 31 March 2024.

2a. Other payables

Amounts owed to Group undertakings are considered non-recoverable. Following regulatory clearance these balances were waived by the creditor subsidiaries in the twelve months to 31 March 2025 in return for agreement by Amigo Management Services Limited ("AMSL") to assign any remaining cash balances to its sister company ALL prior to liquidation.

3a. Share capital

For details of share capital, see note 12 to the condensed consolidated financial statements. £nil dividends were paid in the period (2024: £nil).

4a. Related party transactions

The Company receives charges from and makes charges to its 100% owned subsidiaries. Amounts owed to Group undertakings are considered non-recoverable. Following regulatory clearance these balances were waived by the creditor subsidiaries in the twelve months to 31 March 2025 in return for agreement by AMSL to assign any remaining cash balances to its sister company ALL prior to liquidation for the benefit of Scheme creditors.

Appendix: alternative performance measures

Given the implementation of the Fallback Scheme and the winding down of the Group's business, the Board believes that disclosure of alternative performance measures ("APMs") is no longer relevant, and therefore they are no longer disclosed.