Guarantor loans company, Amigo Loans, has announced its results for the three month period ended 30 June 2019. In the quarter Amigo saw customer numbers by 17.3% and revenue increase by 13.7% to £62.9 million. A rise in impairment and increased investment delivered adjusted profit after tax of £20.4 million.
Hamish Paton, CEO of Amigo, said “New customers continue to choose Amigo as we provide a valuable product that improves their lives by giving them fair and transparent access to credit – to buy a car, to put down a rental deposit or to consolidate expensive debts. Our guarantor loan product occupies a space in society that is making a real difference to the lives of our customers, many of whom cannot access credit from their bank or building society.”
“Amigo is both a responsible and profitable lender. We are focused on our future returns and building a sustainable business for the long term. We are accelerating investment in our operations to enable continued delivery of best in class customer service and further enhancing credit and conduct policies.”
“This positive action means that we are hitting the ground running ahead of what we recognise is a changing regulatory and economic landscape. By doing this, we are being proactive and pragmatic. We are focussed on achieving the best customer outcomes – all with long-term returns as a key driver.”