Loan lender's customer growth and revenue strong despite financial dips

Guarantor loan lender Amigo Holdings has revealed its six-month results to September 30 2019.

The company’s net loan book stands at £730.7m, said to be an 8.8 per cent increase underpinned by ‘strong’ customer growth of 17.9 per cent.

Amigo Holdings’ revenue has increased to £145.4m - up by 11.8 per cent. Impairment revenue ratio within guidance stands at 31.1 per cent.

The company’s profit-before-tax for the specified period stands at £37m, a reduction of 1.9 per cent.

Commenting on the half year results, Hamish Paton, CEO of Amigo, said: “The first half of the financial year has demonstrated continued demand for our guarantor loan product with solid growth in customer numbers.

“We are making encouraging progress as we roll out the operational and strategic initiatives outlined in August. While it will take some time to see the full benefits, we are pleased with the positive start we have made.”

He added: “Amigo holds a leading position in the guarantor loans market and our product makes a real difference to the lives of our borrowers, many of whom cannot access credit from mainstream providers.

“We are determined to use that position to be a role model in a growing sector, working alongside our regulators, to be at the forefront of best practice and achieve the best outcome for our customers.”

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