Morses Club PLC AGM Statement (5187S)
26 June 2018 - 4:00PM
UK Regulatory
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RNS Number : 5187S
Morses Club PLC
26 June 2018
26 June 2018
Morses Club PLC
AGM STATEMENT
Positive momentum and regulatory outlook
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
2018 to 25 June 2018:
"The board is pleased to report that trading in the first four
months of our current financial year has been strong, in line with
expectations. High quality customer numbers and the net loan book
continue to be well ahead of last year and impairments remain
within our guidance range, reflecting the success of our strategy
of focusing on higher quality lending.
"We welcome the conclusion of the FCA's high-cost short-term
credit review and are pleased to see the FCA's proposals to
introduce themes across the sector which are consistent with Morses
Club's values of treating our customers fairly. We will continue to
work closely with the FCA and Trade Associations through the
consultation period.
"We are confident that our continued focus on developing
technology to enhance and complement our core Home Collect Credit
offering, along with our unwavering commitment to put customers at
the heart of our business to ensure fair outcomes, position us well
to deliver continued growth going forward."
The results of the AGM will be announced following the
conclusion of the meeting later today.
Ends
For further information please contact:
Morses Club PLC Tel: +44 (0) 330 045 0719
Paul Smith, Chief Executive Officer
Andy Thomson, Chief Financial Officer
Panmure Gordon (UK) Limited (Nomad Tel: +44 (0) 20 7886 2500
and Joint Broker)
Richard Gray / Fabien Holler / Atholl
Tweedie (Corporate Finance)
Charles Leigh-Pemberton (Corporate
Broking)
finnCap (Joint Broker) Tel: +44 (0) 20 7220 0500
Jonny Franklin-Adams / Emily Watts / Anthony
Adams (Corporate Finance)
Tim Redfern / Richard Chambers (Corporate
Broking)
Camarco Tel: +44 (0) 20 3757 4994
Jennifer Renwick
Ed Gascoigne-Pees
Kimberley Taylor
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC)
lender with 229,000 customers and 2,030 agents across 98 locations
throughout the UK.
The Company offers a range of loan products to its customers
through its extensive self-employed agent network. The majority of
the Company's borrowers are repeat customers and the Company enjoys
consistently high customer satisfaction with scores of 95% 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. Dot Dot
Loans, the Company's first online instalment product, was launched
in March 2017.
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 and the market is characterised by high frequency
borrowing.
Since February 2014, unsecured personal lending has grown from
GBP161 billion to GBP209 billion in February 2018(1) .
(1) Source: Table J Bank of England Money & Credit Report
February 2018
About 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 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 1.6 million(2) people using the services of UK HCC
lenders.
(2) High Cost Credit Review ANNEX 1 - July 2017
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END
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