StockMarketWire.com - Lender Amigo saw a sharp jump in annual profits as revenues grew by more than a quarter underpinned by growth in its loan book amid a jump in new customer additions.

For the 12 months to 31 March, adjusted pre-tax profit rose 38.3% to £100.1m from £72.4m a year earlier and revenue rose 28.4% to £270.1m.

The upbeat performance was supported by strong loan book growth of 17.4% to £707.6m thanks to an increase in the number of borrowers by a net of 42,000 customers or 23.1% up from the end of prior year's 182,000.

The customer base jumped 23.1% to 224,000 in the third quarter from 182,000 a year ago.

The Board is recommending a final dividend of 7.45p per share, making a total of 9.32p for the year as a whole, up 50% on last year.

'Amigo exists to help provide financial inclusion to those potential borrowers excluded by mainstream lenders. The involvement of a third-party guarantor helps both the borrower and the lender, allowing this service to be delivered as a mid-cost rather than a high-cost solution,' said Stephan Wilcke, Chairman of Amigo

'I am pleased to report that the business has been able to deliver on our principal IPO commitments this year and propose a larger than expected full year dividend of 9.32p due to our increased balance sheet flexibility. This was all delivered against a challenging external environment and much internal change. '




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