Amigo Holdings PLC, a UK-based mid-cost credit provider, has released its financial results for the year ended 31 March 2024. The company is currently undergoing an orderly solvent wind down of its lending business. Kerry Penfold, Chief Executive Officer, expressed pride in the staff's resilience and determination to support customers and each other through this process. The company is also actively seeking a reverse takeover partner to potentially deliver value to shareholders.
The operational headlines include the switch to the Fallback Solution under the Group's Scheme of Arrangement, the decision to no longer prepare financial statements on a going concern basis, and the completion of the collection or sale of all loan books. Additionally, the company has reduced staff numbers through a planned redundancy program and raised capital to extend the life of the PLC while exploring possibilities for a reverse takeover.
In terms of financial headlines, the company reported a significant decrease in the number of customers, net loan book, and revenue. The loss before tax decreased to £12.7m, and all debt, other than standard trade creditors, was repaid in the previous year. The net assets have decreased to £0.0m, and all remaining net assets after the wind down of operations are pledged to Scheme creditors.
The announcement also includes a note on inside information for the purposes of the Market Abuse Regulation and details about an analyst and investor conference call and webcast. Amigo will be hosting a Zoom meeting for shareholders to discuss the results.
Overall, the company's financial results reflect the ongoing wind down of its lending business and its efforts to navigate this process while considering potential opportunities for delivering value to shareholders.