Search

Doorstep lender issues £82m of credit in 2017

Doorstep lender Morses Club has issued 25 percent more credit in the last six months compared to the same period last year.



LinkedIn Twitter
LinkedIn Twitter

Morses Club recently announced a preview of its interim results for the six months ending August 26 2017.

 

It said its trading performance has been strong with £82.2m of credit issued in this six-month period, compared to £66m for the same period last year. Customer numbers also increased by 12 percent to around 233,000 - said to be primarily driven by territory builds.

 

It’s understood Morses Club took on new self-employed agents who previously worked for Provident Financial. Morses Club’s chief executive said the business had capitalised on from “market conditions”.

 

The gross loan book increased by 12 percent with the average customer balance unchanged. Morses Club said it has continued to improve the quality of its customer base with the proportion of loans attributable to the company’s highest tier customers increasing by seven percent compared to the same period in 2016. It said this reflects the company’s credit policy which focuses on higher quality lending.

 

Morses Club will continue to focus on a technology platform to underpin the core business and aims to build new product streams.

 

Morses Club Card, the company’s cashless lending product continues its organic growth with Dot Dot Loans, its first online instalment product launched in March 2017, continuing in its market test phase.

 

Paul Smith, chief executive of Morses Club, said: "We are delighted with all aspects of the progress of the business, reflecting the fact that we have capitalised on market conditions, whilst developing our strategy of product diversification.”

 

Morses Club will announce its full interim results for this period and declare its dividend to be paid during the first quarter of 2018 on October 5.

YOU MIGHT ALSO LIKE

Provident axes and replaces managing director

Provident Financial has hired its former managing director, Chris Gillespie, to replace the current director with immediate effect
LATEST IN ANALYSIS

The CS Interview

Renaissance man
LinkedIn Twitter

Renaissance man

Features

Engineering a self-service solution in car finance
LinkedIn Twitter

Engineering a self-service solution in car finance

Opinion

"It’s up to the financial services industry to help teach students the necessary skills to manage their finances"
LinkedIn Twitter

"It’s up to the financial services industry to help teach students the necessary skills to manage their finances"

Dispatches

Lloyds results reveal £2bn of debt in forbearance
LinkedIn Twitter

Lloyds results reveal £2bn of debt in forbearance

Credit Strategy

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group