Business picks up at guarantor loan provider Amigo

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Guarantor loan provider Amigo, Take out new loans while looking for a way to do it Customer compensation costs for circular fencingHe said recent business was better than expected.

“Business is done in cash and our cost reduction program has been effective,” said Mike Corcoran, CFO. “The level of collection remains high because Covid-19 has less impact than initially expected. ”

In the first quarter, which ended in June, Amigo reported a pre-tax profit of £ 15million, up from £ 1.4million the previous year, despite a 40.7% drop in the number of customers at 118,000. Its provision to cover customer indemnities was largely unchanged from year-end at £ 338 million.

Amigo’s future became questionable in May after a High Court judge refused to approve the proposed client compensation program. The Financial Conduct Authority claimed that the proposal was unfairly enriched at the expense of the client. The customer would have dropped about 90 percent of the company’s bill.

simply

Loan by UK municipality Over £ 150million To Matt Molding, founder of the Millionaire Ecommerce Group THGAfter buying a bunch of assets from retailers before the IPO.

please The announcement of the annual results has been postponed for three weeks until September 30 as discussions with the Department of Transportation continue on how to manage the profits recorded over the years on the Southeast rail franchise. .. The transport company added that the results of the transaction for the year ended in July were in line with previous expectations of the board of directors.

Airline partnerThe Private and Charter Jet Services group said in an update to the transaction that it continues to trade strongly despite travel restrictions and industry uncertainties. Profit before tax for the first half of the year, which ended in July, will be over £ 3.7million.

Wealth manager Matio wood We have announced an agreement to purchase Richings Financial Management, a small peer, with an initial cost of £ 900,000. This doubles when the two-year performance target is met. Founded in 1991 and based in Buckinghamshire, Richings has over 270 families of personal clients and manages around £ 70million in assets.

StarcomThe developer of wireless tracking and surveillance technology, with revenue of $ 2.3 million, down 3% year-over-year, tentatively recorded a loss of $ 531,000. Avi Hartmann, CEO, said:

Primary health characteristics He said he bought an NHS care center and adjacent council office building in Bellini, Lancashire, for £ 40million.

Job change

Sportec CEO Richard McGuire and CFO Tom Hahn will step down from the betting tech group next month. Their exit is to return £ 35.5million to shareholders after the main London market fell to Aim after Sportec sold its Global Tote division and Bump 50:50 gaming unit in the stadium last year. Opened the way. COO Andrew Lindley will become Group CEO and Nicola Rowlands will be promoted from his current role as Group Controller of Treasury to Director of Treasury.

Beyond the square miles

Brussels will be officially launched Competitive probe Nvidia’s planned acquisition of a British chip designer Own arms In early September, after months of informal discussions between regulators and American tip companies.

Forbes Accepted to be published by merger with Special acquisition company He values ​​the US business media at $ 630 million. The news of the transaction is as follows Axel springerA German publishing group backed by private equity firm KKR has signed a deal to acquire Politico as it continues to expand into US media.

Fitness technology group proton delivery Disappointing sales outlook This quarter, we warned that rising product costs and falling prices for the most popular video-connected exercise bikes would hurt profitability.

Friday Remarks by Jay Powell Annual gathering of central bankers at Jackson Hall Will be scrutinized by investors for clues when Federal Reserve You can start recalling the pandemic era stimulus package. The Fed chairman, who will speak at 10 a.m. daylight saving time in the eastern United States, will weigh on times of great uncertainty for the world’s largest economy.

Important notes before you go

Helene thomas
Lodging National crisis.. However, those looking for a home also tend to want a job, and the lack of consideration for commercial land is a pressing issue. What is needed is not just housing, but a layer of strategic oversight that looks at employment and rehabilitation issues. The current system does not appear to be equipped to deal with the shortage.

City insider
Brokers JSainsbury and Wm Morrison Private Equity Supermarket Sweep.. The plus: rumors of good business in Milan and the curious rise of American confectionery.

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Business picks up at guarantor loan provider Amigo Business picks up at guarantor loan provider Amigo


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