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RNS Number : 9501J Amigo Holdings PLC 27 August 2021 27 August 2021 Amigo Holdings PLC First Quarter Financial Results for the three - month period ended 30 June 2021 Amigo Holdings PLC , ( Amigo ) , the leading provider of guarantor loans in the UK , announces results for the three - month period ended 30 June 2021 . Figures in £ m , unless otherwise stated Number of customers ¹ Net loan book² Revenue Complaints provision ( balance sheet ) Complaints cost ( income statement ) Profit before tax Profit after tax³ Adjusted profit after tax 4 * Basic EPS EPS ( Basic , adjusted ) 5 * Impairment : revenue * Borrowings ( senior secured notes , securitisation ) 6 * Net borrowings / Gross loan book7 * ' 000 First Quarter to 30 June 2021 118.0 288.7 32.5 ( 338.0 ) 1.7 15.0 16.0 15.2 3.4 3.2 23.4 % 257.4 16.0 % First Quarter to 30 June 2020 199.0 553.1 48.8 ( 40.7 ) ( 47.8 ) ( 33.4 ) 190.4 ( 125.0 ) 971.4 433.3 289.7 466.7 300.0 37.9 % ( 38.3 ) ( 116.4 ) ( 6.8 ) 1.4 Headlines Net loan book reduction of 47.8 % to £ 288.7m ( Q1 FY 2021 : £ 553.1m ) Change % 3.0 3.9 0.6 0.8 450.3 ( 42.8 ) 46.9 % ( 65.9 ) Revenue reduction of 33.4 % to £ 32.5m ( Q1 FY 2021 : £ 48.8m ) primarily due to the continued pause in lending and the reduction in the net loan book Impairment : revenue ratio at 23.4 % ( Q1 FY 2021 : 37.9 % ) Complaints provision remains broadly unchanged from year - end at £ 338.0m ( Q1 FY 2021 : £ 116.4m ) ; key judgements regarding future volumes , uphold rates and average redress remain in line with year - end With no additional complaints provision recognised in the quarter , reported statutory profit after tax for the period was £ 16.0m ( Q1 FY 2021 : £ 3.0m ) Active Covid - 19 related payment holidays as at 30 June 2021 totalled c.3,000 ( Q1 FY 2021 : 42,000 ) . All Covid - 19 payment holidays have now ended Page 1 of 18 £ 201.2m of cash and cash equivalents as at 30 June 2021 ( Q1 FY 2021 : £ 145.2m ) ; current unrestricted cash balance of over £ 205.0m following the bi - annual senior secured note coupon payment in July 2021 Net liabilities of £ 105.2m as at 30 June 2021 ( Q1 FY 2021 : Net assets £ 170.5m ) Net borrowings / gross loan book decreased to 16.0 % ( Q1 FY 2021 : 46.9 % ) * 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 , Mike Corcoran , CFO of Amigo , said : " The extremely challenging situation facing Amigo , resulting from the significant liability for compensation payments for historical lending , provides the context for our first quarter results . Within this context , the performance of the business in the first quarter has been better than anticipated . As Amigo is not currently lending , the business is cash generative and our cost reduction programme has been effective . The level of collections remains robust with the impact of Covid - 19 less than originally projected . Our current estimate of the potential liability for claims redress was reflected in the recently issued full year results . With no additional complaints provision recognised in the quarter , Amigo generated profits before tax of £ 15.0 million in the period . The overall net liability position reflects the remaining complaints provision on the balance sheet . A material uncertainty over the Group's ability to continue as a going concern remains . " Notes to summary financial table : ¹Number of customers represents the number of accounts with a balance greater than zero , exclusive of charged off accounts . 2 Net loan book represents total outstanding loans less provision for impairment excluding deferred broker costs . 3 Profit after tax otherwise known as Profit and total comprehensive income to equity shareholders of the Group as per the financial statements . 4 Adjusted Profit after tax excludes items due to their exceptional nature including : senior secured note buybacks , RCF fees , securitisation facility fee write off , tax provision release , tax asset write off and strategic review and formal sale process costs . None are business - as - usual transactions . Hence , removing these items is deemed to give a view of underlying Profit adjusting for non - business - as - usual items within the period . 5 Adjusted basic earnings per share is a non - IFRS measure and the calculation is shown in note 13. Adjustments to earnings are described in footnote 4 above . Borrowings - net of unamortised fees 7 Net borrowings / gross loan book - Net borrowings is defined as borrowings less cash at bank and in hand . Net borrowings over gross loan book : this measure shows if the borrowings ' year - on - year movement is in line with loan book growth .