RE: RNS CONFIRMING IMMEDIATE RE START OF LENDING21 Sep 2020 11:43
Also the longer they leave it the more the government will have to help said people if things are Really that bad, and it just proves that amigos services are needed even more to the FCA /fos/ Dopey politicians going forward.
RE: RNS CONFIRMING IMMEDIATE RE START OF LENDING21 Sep 2020 11:32
They will restart when ready by end of year, there is no rush, let them quietly buy the bonds back and build the cash pile while sorting out old loan book and rearrange financing.
Waiting for the bulk of c19 to be over is the Best option, with everyone losing jobs, or income at threat you cannot predict someone’s income and would be opening yourself up to way way more issues and im sure the papers would have a field day with headlines such as “XX exploits the poor by profiteering with a new aggressive Advertising campaign during Covid”
This would be my concern, they are cleaning the old loan book and to restart a new one with Even “higher” High risk loans from day one would be A terrible idea, more patience Needed, it will come.
RE: We Now Have A Investible Company19 Sep 2020 15:40
· Covid-19 related payment holidays granted to approximately 47,000 customers
· Revenue reduction of 31.7% to £48.8m (Q1 FY 2020: £71.5m) 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 £553.1m (Q1 FY 2020: £728.4m)
· 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 £116.4m (Q1 FY 2020: £1.8m); incremental cost of £6.8m
· Reported statutory profit after tax for the period of £3.0m (Q1 FY 2020: £18.1m)
· Net borrowings/adjusted tangible equity: 1.8x (Q1 FY 2020: 1.8x)
· £145.2m of cash and cash equivalents as at 30 June 2020 (Q1 FY 2020: £27.5m); unrestricted cash balance at a similar level as at 31 July 2020, of over £145m 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