City briefs: Morses Club and Powerhouse Energy Group
Birstall-based lender Morses Club says it is continuing to make good progress, even though its employees and agents will continue to work from home until the end of the year.
Further restructuring of the Group’s property portfolio is progressing, with the company adding it is encouraged that agent vacancy rates are now at the lowest level in the firm’s history.
In a trading update published this morning, Morses Club says collections in its Home Collected Credit (HCC) division for July increased to 98% of normal historic expectations when measured against expected terms, an increase from 91% at the end of June.
Cash in July has improved slightly to 82.3% of the level achieved in 2019. Sales were 80.9% of the levels for the same period in 2019.
The update notes: “Response to the launch of remote lending to new customers has been positive with demand building strongly.
“Payment to terms for the initial cohort of new customers is 100%, reflecting high quality lending. Payment to terms for new lending to existing customers currently stands at 97%.”
Paul Smith, CEO of Morses Club, said: “We are encouraged by both the improvements in lending and the quality of the lending performance that we have delivered during July.
“We continue to make progress despite the impact of Covid-19, reflecting the success of our prudent approach to managing the business whilst strengthening and diversifying our product offering and putting our customers at the heart of the business.”
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Bingley-based Waste to energy business, Powerhouse Energy, says Brent Fitzpatrick has stepped down from the Board with immediate effect.
Cameron Davies, chairman of Powerhouse, said: “I would like to thank Brent personally and sincerely on behalf of the Board of Powerhouse Energy Group for his friendship and his sage advice to me and to the board.
“His valuable contribution to our progress over almost a decade has helped to guide the company through sometimes challenging and difficult times to the threshold of a new era as we prepare to deploy our DMG technology aimed at tackling the global problem of unrecyclable plastic waste.
“Our technology additionally can produce synthetic gas for power generation and for upgrade to provide a local source of high-quality hydrogen for heavy goods vehicles and rail transport.
“I take this opportunity to wish him well and every success for the future in his other ventures.”
The Board of Powerhouse is not currently proposing to replace Fitzpatrick, following the recent appointment of two non-executive directors.
