Morses Club Core Lending Market Trading In Line, Customers Up 25%

(Alliance News) - Morses Club PLC said Tuesday it has a "busy" first four months of the year but ...

Alliance News 25 June, 2019 | 3:34PM
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(Alliance News) - Morses Club PLC said Tuesday it has a "busy" first four months of the year but has seen its core home collected credit market trading in line with expectations.

Speaking at the lender's annual general meeting Tuesday, Chief Executive Paul Smith said: "We have had a busy first four months of the current financial year, making significant progress with our digital product diversification strategy, enabling customers to access credit flexibly."

Smith said the acquisitions of U Holdings Ltd and Curo Transatlantic Ltd have increased the company's customer base by over 25%.

"We are working hard to ensure that these businesses are fully aligned with Morses Club's core ethos of high-quality lending and prudent financial stewardship, and that we deliver excellent customer service. As previously announced, management anticipate both these businesses should be earnings accretive by financial year 2021," added Smith.

Smith continued: "Despite challenging conditions year to date in our core home collected credit market, current trading remains in line with expectations. Customer numbers are stable, but credit issued is slightly down year-on-year as customers are borrowing less frequently. We are confident in our strategy of using technology to diversify and expand our product offering to serve our customers' needs."

Shares in Morses Club were down 1.6% in London on Tuesday afternoon at 147.65 pence.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Morses Club PLC 121.00 GBX -5.47 -
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