New Main Market listing Amigo saw revenues increase by 47% year-on-year, the company announced today.
The guarantor lending pioneer also posted a pre-tax profit increase of 15% to £17m.
The company’s first quarter revenues hit £63m in its first set of financials as a public company.
Amigo listed on the LSE on 29th June under the ticker AMGO, raising £326.8m.
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Since being founded in 2005, Amigo has pioneered the concept of guarantor lending.
A guarantor loan is a personal loan for which interest and principal payments are guaranteed by a second individual, typically a family member or friend with a stronger credit profile than that of the borrower.
Amigo allows people to borrow between £500 and £10,000 over a term of between 12 months and 60 months at a standard annual percentage rate of 49.9%, with no fees, hidden charges or redemption penalties.
The company generally lends to people who don’t have a credit history, or have an “impaired history” and therefore struggle to access credit from the traditional lending market.
Over the past four years, the amount of loans issued by Amigo has grown from £143m to £470m per annum, helping its adjusted profit after tax grow from £46m to £72m per annum between 2016 and 2018.
The company’s management team includes CEO Glen Crawford, who is the co-founder and former MD of Cabot Financial, CFO Simon Dighton who was the former CFO at 1st Credit, and Director of Legal and Compliance Nicholas Beal, who held the position of Head of Legal for UK Secured Lending at Barclays.
Commenting on the Q1 results, CEO Glen Crawford said: “We are delighted to deliver our first set of results as a listed company. The continuing strong growth in our customer numbers, loan book and revenues reflect the increasing market penetration of our product and positions Amigo well for the future.
“Our successful IPO was a key milestone for Amigo and its employees, allowing us to bring our product to a wider customer base. We offer a single product - a guarantor loan at a fixed APR of 49.9% to those who are unable to access traditional sources of finance due to their credit history.
“There is significant growth potential for Amigo in the UK and we already occupy an unrivalled first mover position as a guarantor lender in the UK mid cost credit space. We expect further strong growth in the demand for mid cost credit products which we are well positioned to meet.”
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