Lender Amigo reported Thursday a sharp jump in profits as revenues grew by more than a third and its loan book jumped 15%.
For the 9 months to 31 December, pre-tax profit rose to £79m from £47.4m a year earlier and revenue rose 34% to £201m.
The upbeat performance was supported by strong loan book growth of 15% to £695.7m in the third quarter, compared to £607m in the same period last year, the company said.
The customer base jumped 28% to 217,000 in the third quarter from 169,000 a year ago.
Amigo said it was on track to meet the guidance for 2019.
'Amigo has reported another strong set of results this quarter, delivering further growth in our customer numbers, loan book and revenue, whilst continuing to carefully manage our impairment levels,' said Glen Crawford, CEO of Amigo.
'We continue to optimise our funding mix and have increased our securitisation facility by an additional £50M, taking the total available facility to £200M. This has facilitated the Group's opportunistic open-market buyback of £59.5M of our 2024 bonds, thereby reducing our average cost of capital going forward and providing greater balance sheet flexibility.'
'With additional diversified and lower cost funding lines in place, a disciplined approach to credit risk and significant operational leverage, we remain confident of delivering on the objectives for the full year set out at the time of our IPO whilst adopting a cautious approach to loan book growth due to Brexit uncertainties.'
At 9:43am: (LON:AMGO) Amigo Holdings Plc share price was -2.8p at 234.2p