Amigo Resources (AMGO) H1 2025 earnings summary

Executive summary

• Amigo Holdings PLC is in operational wind-down, having ceased new lending and completed the sale of its loan books; all proceeds are pledged to Scheme creditors, with no return to shareholders from the legacy business.

• Initial Scheme payments to creditors are nearly complete, with 99.98% of claims determined and £85.1m in refunds plus £72.9m in cash redress paid.

• The company is seeking a reverse takeover partner; if unsuccessful, it will seek shareholder approval to delist and enter voluntary liquidation.

• Staff numbers have been reduced from 63 to 24, and the main office was closed in July 2024 to cut costs.

Financial highlights

• Revenue for the six months to 30 September 2024 was £0.1m, down 97% year-over-year; income reflects only interest on remaining live loans.

• Pre-tax loss was £0.1m, compared to a loss of £6.7m in the same period last year; losses now reflect only PLC running costs.

• Provision for claims decreased by 80% to £40.8m (from £208.0m in H1 FY2024), driven by claim payments and Scheme expenses.

• Cash and cash equivalents at 30 September 2024 were £46.0m (down from £196.4m in H1 FY2024), with £23.5m restricted for Scheme payments.

• Net assets at 30 September 2024 were £0.1m, following a capital raise; all other assets are committed to Scheme creditors.

Outlook and guidance

• The capital raise in April/May 2024 provides a runway for approximately four more months; if no reverse takeover is secured, voluntary liquidation is likely, with no value for shareholders.

• The redress programme is expected to be substantially complete within six months, though timing is uncertain due to operational complexity and unresponsive creditors.