Revenues up at listed home credit provider
AIM-listed West Yorkshire lender Morses Club has reported a strong financial performance in its core Home Collected Credit (HCC) business.
The Group has today released its interim results for the twenty-seven weeks ended 31 August 2019, which show HCC adjusted pre-tax profits were up 20.2% to £13.1m (H1 FY19: £10.9m).
Group customer numbers have increased to about 276,000, compared to 230,000 for the first half of the financial year, which includes around 52,000 customers in the firm’s digital division.
The net loan book has grown over 12 months by 6.2% to £72.2m (H1 FY19: £68.0m), with Group revenue up 15.3% to £66.3m, compared to £57.5m for the same period in 2018.
The Group now consists of Morses Club, the UK’s second largest home collected credit lender, and its wholly owned subsidiary Shelby Finance, an online instalment loan provider, and its subsidiary U Holdings, a provider of online current account services.
Paul Smith, Chief Executive Officer of Morses Club, said: “Our core HCC business remains one of the best in the sector and good progress has been made with our technology platform to enhance the customer/agent experience in HCC.
“We have introduced a customer portal in the period, which already has over 30,000 registered customers, actively using the functionality to pay online, request further credit and access other offers.
“Following our acquisitions, we are involved in a complex integration plan to ensure the divisions of Shelby Finance are incorporated into the Group’s ethos of Treating Customers Fairly (TCF) and customer service excellence.
“This will further enable the Group to offer relevant credit and online current account products, principally aimed at the non-standard customer.”
