Member Info for bransonbull

Good posts Slift, thorough research. In point 4 , are you implying it is more likely perched than acquirer? In 7z ....

I'm feeling much more optimistic. Onwards, upwards and a good bank hol w/e all.

Part 1

Amigo Holdings PLC

28 August 2020

28 August 2020

Amigo Holdings PLC

First Quarter Financial Results for the year ended 31 March 2021

Amigo Holdings PLC, (Amigo), the leading provider of guarantor loans in the UK, announces results for the three month period ended 30 June 2020.


Figures in GBPm, unless otherwise First Quarter First Quarter Change
stated to to 30 June %
30 June 2020 2019
------------------------------------ ------- -------------- -------------- -------
Number of customers(1) '000 199.0 210.0 (5.2)
Net loan book(2) 553.1 728.4 (24.1)
Revenue 48.8 71.5 (31.7)
Impairment:revenue 37.9% 30.5% 24.3
Operating cost:income excluding
complaints(3) 23.0% 20.6% 12.7
Complaints provision (balance
sheet) 116.4 1.8
Complaints cost (income statement) 6.8 2.0
Profit after tax(4) 3.0 18.1 (83.4)
Adjusted profit after tax 3.9 20.4 (80.9)
Basic EPS pence 0.6 3.8 (84.2)
Adjusted basic EPS pence 0.8 4.3 (81.4)
Net borrowings /adjusted tangible
equity(5) ratio 1.8x 1.8x -
------------------------------------ ------- -------------- -------------- -------

Headlines

-- Covid-19 related payment holidays granted to approximately 47,000 customers
-- Revenue reduction of 31.7% to GBP48.8m (Q1 FY 2020: GBP71.5m) primarily due to the impact of Covid-19-related payment holidays and the temporary pause in all new lending except to key workers
-- Net loan book reduction of 24.1% to GBP553.1m (Q1 FY 2020: GBP728.4m)

Impairment:revenue ratio at 37.9% (Q1 FY 2020: 30.5%), driven by the downward revision of economic assumptions and the impact of Covid-19 related payment holidays

-- Operating cost:income ratio excluding complaints of 23.0% (Q1 FY 2020: 20.6%); including complaints the ratio was 36.9% (Q1 FY 2020: 23.4%)

-- Complaints provision broadly unchanged at GBP116.4m (Q1 FY 2020: GBP1.8m); incremental cost of GBP6.8m

-- Reported statutory profit after tax for the period of GBP3.0m (Q1 FY 2020: GBP18.1m)
-- Net borrowings/adjusted tangible equity: 1.8x (Q1 FY 2020: 1.8x)
-- GBP145.2m of cash and cash equivalents as at 30 June 2020 (Q1 FY 2020: GBP27.5m); unrestricted cash balance at a similar level as at 31 July 2020, of over GBP145m after the half year payment of interest on Amigo's senior secured notes

-- Voluntary agreement (VReq) reached with FCA to resolve complaints backlog by 30 October 2020 and on track to meet this deadline. FCA investigation into Amigo's creditworthiness assessments initiated

-- Post period end appointments to rebuild Board and position Amigo as a sustainable business for the long term

*Detailed definitions and calculations of these alternative performance measures (APMs) can be found in the APM section of these condensed financial statements

Commenting on the Q1 results, Nayan V.Kisnadwala, CFO of Amigo, said:

"The whole team at Amigo is focused on addressing our legacy issues and building a sustainable business for the long term. Operationally we have turned a corner in our handling of complaints. We are on track to meet the agreement reached with the FCA to resolve our complaints backlog and continue to work with the FCA on its ongoing investigation. We have adequate liquidity and funding to support our ongoing business activity.

"We are updating our lending processes and policies to enable Amigo to restart lending in a prudent manner by the end of 2020."

Analyst, investor and bondholder conference call and webcast

Amigo will be hosting a live webcast for investors and bondholders today at 09:30 (London time) which will be available at: https://www.amigoplc.com/investors/results-centre . A conference call is also available for those unable to join the webcast (Dial in: + 44 20 3936 2999; Access code: 227124)

Is Dr T.

God bless Nic.

technical review rns due soon and with the meaningful downgrade I can see hur rising to the 15p range.
I really hope I'm wrong and it rises to 20-30p.

Jax, but you're either short or hoping to rubbish the SP. Of your posts on HUR, every single one bar the first two were negative...so you evidently don't hold. I'm all in favour of realism but a bit too blatant.

I takesome solace that Hannam and Edison both seem to use 35 usd as the bases for their revenue projections and hope they rewrite their forecasts after Brent rises to 50 Usd

My expectation is FFD is going to be a very long way off. Better off focusing on making the EPS cash generative and on remediation measures and take stock in 2021 once POO recovers

I think more realistically the whole firm focused on the technical review and other than the quarterly production update, this is the sole reason for the silence.

Yes, would be nice if we had received an RNS on production restart. However, they promised quarterly updates, not updates every 5 mins, which then draw never-ending speculation.

The poster who claims to be based 10 miles from AM said it's flaring...if a major issue with FPSO they would RNS it.

Brent 46.50

Oil price will go Kaboom in autumn I dare say.

Https://oilprice.com/Latest-Energy-News/World-News/Oil-Rises-Further-On-Large-Crude-Gasoline-Draws.html

Oil market correction is indeed overdue. We should hit 50+ during autumn IMOV

Kaboom. Every single post of yours is short, negative and contains nothing new. I hope your short goes spectacularly wrong.

Low Brent price was 16 usd. Now 46 usd or plus 30 usd. We are now closer to 60usd brent than 30 usd. This will help fund remediation

Rampers? We are trying to look at how HUR move forward. It's hardly ramping.

I looked on Twitter and cannot see malcy replied

0.09% increase on a spike. I hardly call that an increase in shorts.

Gosh I hope all the folk folks wishing others' investments down drain get some karma soon

Many people posting here appear to think after-hours trading is the norm....these are delayed trades published late. The market closes at 435pm sharp.