AMIGO Holdings, the Bournemouth company which dominates the market in guarantor loans, has seen revenue rise by more than a third.

The company lends money at nearly 50 per cent interest to people with poor credit scores who can find a friend or relative to guarantee repayment.

Revenue for the nine months to the end of 2018 was £201million, up 34 per cent compared with the same period the year before, while adjusted profit after tax was up 37 per cent to £72m.

Customers grew 28 per cent to 217,000.

Amigo Loans offers what it calls a “single, transparent mid-cost product” – guarantor-backed loans at a 49.9 per cent annual percentage rate (APR).

Its chief executive, Glen Crawford, said: “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.”

He said Nayan Kisnadwala, who was appointed chief financial officer in December 2018, had “extensive experience to help us deliver the next stage of Amigo’s development”.

Amigo Holdings was listed on the stock market last summer in a flotation that valued the business at £1.3billion.

Mr Crawford said: “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.

“Our primary goal is to meet the needs of the millions of people in the UK turned away by their banks and unable to access the money they need.

“Our simple, flexible, mid-cost product – a guarantor loan at 49.9 per cent APR with no additional fees – continues to provide a genuine alternative for this group of individuals.”

Amigo said 95 per cent of its loan book was either fully up to date or within 31 days overdue.

It said its product was mid-cost” and “a long way from high cost credit which starts at 100 per cent APR”, and was closer to the 35 per cent offered by prime lenders.

The company had 88 per cent of the UK market in guarantor loans as of the end of 2017.

At the end of 2018, it had around 217,000 customers with an average outstanding balance approaching £4,000 and an average term outstanding of 37 months.

The company’s founder James Benamor stood down after the stock market flotation last year.