By Amigo Holdings, a leading U.K. guarantor-loan provider, announced a narrowed pretax loss for the first half of fiscal 2024. The company also mentioned the possibility of seeking shareholder approval to delist from trading on the London Stock Exchange if it fails to agree on a rescue plan.
Improved Financial Performance In the six months ended September 30, Amigo Holdings reported a pretax loss of £6.7 million, a significant improvement compared to the £12.7 million loss recorded during the same period last year. This reduction in loss was primarily attributed to the company’s credit to impairment of £11.5 million from money received from customers.
Challenging Business Climate Amidst challenges in the industry, Amigo Holdings experienced a decline in revenue, which fell by 82% to £2.8 million from £15.8 million. Additionally, the company’s net loan book decreased by 70% to £24.5 million, and there was a substantial decline of 59% in customer numbers.
Exploring Options for Shareholders Amigo Holdings remains committed to exploring alternative options that could benefit its shareholders, employees, and wider stakeholders. While there have been some tentative indications of interest, no executable proposals have been received yet, according to Chief Executive Officer Danny Malone.
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