Amigo Holdings loss narrows on reduced costs as wind-down progresses

Amigo Holdings PLC on Friday said its loss narrowed over the past twelve months, as it progresses ongoing wind-down efforts.

Amigo is a Bournemouth, England-based former mid-cost credit provider now in run off. In March 2023, Amigo announced that its subsidiary Amigo Loans Ltd had ceased offering new loans and it would start the orderly solvent wind-down of the business.

Its pretax loss narrowed to £200,000 in the twelve months that ended March 31 from a £12.7 million loss the year before, despite revenue falling to £100,000 from £3.5 million.

Administrative expenses more than halved to £5.8 million from £17.8 million, and the firm recorded a £700,000 gain on complaints expenses compared to a £12.1 million charge the year before.

The above figures are interim results, as Amigo has extended its reporting period by six months to September 30 to preserve cash for creditors.

‘The wind-down of our legacy businesses is almost complete, having delivered £194 million 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,’ said Chief Executive Officer & Chief Financial Officer Kerry Penfold.

‘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’.

Shares in Amigo were down 12% at 0.29 pence each in London on Friday afternoon.

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