Amigo Holdings profit and revenue rise as customer numbers grow

High interest lender Amigo Holdings reported a rise in revenue and profit on Tuesday in its first interim results since its IPO in July as customer numbers grew.

In the six months to 30 September, pre-tax profit rose to £48.4m from £29.8m in the same period a year ago, on revenue of £130.1m, up 40% from the first half of 2017. Meanwhile, the company’s customer base increased 34% to 207,000.

The loan book was up 24% in the first half to £671.7m and the group's impairment charge as a percentage of revenue rose to 23% from 19%. The risk-adjusted margin reduced by 2.8 percentage points to 28.3% versus previous guidance for this to be broadly stable, while the cost to income ratio improved by 5.6 percentage points to 17.9%.

Chief executive officer Glen Crawford said: "Amigo has had a strong start on its journey as a listed Company with results showing growth across all our key performance indicators. We are delighted to have welcomed over 50,000 new customers during the last twelve months, contributing to an increase in both our loan book and revenue. On the back of these positive results, Amigo is pleased to announce our first interim dividend of 1.87 pence per share.

"We are continuing to work hard to deliver on the objectives we set out at the time of listing and have implemented a number of these initiatives. These include a new securitisation funding line for £150m and we are pleased to welcome Clare Salmon onto the board as a new independent non-executive director."