Morses Club PLC AGM Statement (5261I)
20 June 2017 - 4:00PM
UK Regulatory
TIDMMCL
RNS Number : 5261I
Morses Club PLC
20 June 2017
20 June 2017
Morses Club PLC
AGM STATEMENT
Encouraging start to the year
At the Annual General Meeting to be held in Leeds today, Paul
Smith, Chief Executive Officer of Morses Club, will make the
following trading statement covering the period from 26 February
2017 to 19 June 2017:
"Trading performance over the period is encouraging and is in
line with the Board's expectations. Our net loan book and customer
numbers have continued to increase and impairments remain within
our guidance range reflecting our focus on higher quality lending.
Territory builds have contributed to our loan book growth and
continue to represent an attractive opportunity for us.
"We successfully launched Dot Dot, our first online instalment
loan product, in March, and customer applications are on track,
complementing our core Home Collected Credit offering with digital
products that can be accessed by a wider range of customers from
across the UK non-standard credit market.
"In May, we received our full FCA authorisation and remain
focused on delivering flexible products which match the needs of
our customers, using technology to support our strategic plan of
offering customers a broader range of products and first class
customer service."
The results of the AGM will be announced following the
conclusion of the meeting later today.
Ends
For further information
Morses Club PLC Tel: +44 (0)
Paul Smith, Chief Executive Officer 330 045 0719
Andy Thomson, Chief Financial
Officer
Numis Securities Limited (Nomad Tel: +44 (0)
and Joint Broker) 20 7260 1000
Andrew Holloway
Charlie Farquhar
Paul Gillam
Panmure Gordon (UK) Limited (Joint Tel: +44 (0)
Broker) 20 7886 2500
Richard Gray
Charles Leigh Pemberton
Camarco Tel: +44 (0)
Ed Gascoigne-Pees 20 3757 4984
Jennifer Renwick
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit
lender with 216,000 customers and 1,826 agents (as at 25 February
2017) across 98 locations throughout the UK.
The Company offers a range of loan products to its customers
through its extensive agent network. The majority of the Company's
borrowers are repeat customers and the Company enjoys consistently
high customer satisfaction scores of 95 per cent or above.
The Company is using technology to broaden its offering and
provide new products to ensure customers can access credit with the
flexibility they require. In April 2016, its cashless lending
product, the Morses Club Card, was introduced, enabling its
customers to buy online as well as on the high street.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset,
consists of both secured and unsecured lending and is estimated to
comprise around 10 million consumers.
Non-standard credit is the provision of secured and unsecured
credit to consumers other than through mainstream lenders. Lenders
providing non-standard credit principally lend on an unsecured
basis.
Since 2009, unsecured personal lending has grown from GBP161
billion to GBP244 billion in 2015.
UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader
UK non-standard credit market. UK HCC loans are typically small,
unsecured cash loans delivered via self-employed agents directly to
customers' homes. Repayments are collected in person during weekly
follow-up visits to customers' homes.
UK HCC is considered to be stable and well-established, with
approximately 3 million people using the services of UK HCC
lenders, of which 1.8 million people borrow regularly.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMGGUCPQUPMGQB
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