Share Prices & Company Research

Market News

05 Sep 2019 | 10:01

Morses Club says H2 trading 'in line' withe expectations

Home-collected credit lender Morses Club said trading conditions in its core markets remained in line with expectations during the 27-week period to 31 August 2019.

It said that total credit issued remained 'broadly' at the same level when compared to the first half of 2019 at £85.5m (H1 2019: £85.7m), which contained 26 weeks.

Cash collections were up 5% compared to the first half of 2019 (H1 2019: 11.9%), and impairments were expected to remain within the company's IFRS 9 guidance range.

Consistent with previous years, it said it expected its results to be fairly evenly split between each half, with the usual slight seasonal uplift in the second half.

Total customer numbers stood at 224,000 at 31 August 2019, compared with 229,000 in the first half, while its gross loan book saw 0.2% growth (H1 2019: 6.1% growth).

The company said it also continued to make good progress with the broadening of its digital product offering.

'We successfully launched our new customer portal earlier in the year, and now have c. 27k customers in Morses Club who can access their account details digitally, whilst still having the face-to-face service from an agent we have always provided,' said CEO Paul Smith.

'The company is trading in line with expectations and we look forward to the second half of the year with confidence,' he added.

It said it would be announcing its interim results for the 27-week period ended 31 August 2019 on 10 October 2019.

At 10:01am: (LON:MCLS) Mccolls Retail Group Plc share price was -0.1p at 46.1p

Story provided by
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.