Credit lender Morses Club reports strong progress

?Doorstep? ?lender ?Morses Club ?said it has performed well? following strong progress in product diversification.
Morses Club CEO Paul SmithMorses Club CEO Paul Smith
Morses Club CEO Paul Smith

​Batley-based Morses​, the UK's second largest ​​home collected credit lender​ after Provident Financial​, said​ ​total credit issued​ ​​was broadly at the same level ​at ​£85.5m in the 27 weeks to August 31​. This compares with £85.7m in the previous six month period.

Cash collections ​rose​ 5​ per cent​ and impairments ​are ​expected to remain within the ​co​mpany’s guidance range.

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Paul Smith, ​c​hief ​e​xecutive of Morses Club, said:​ ​“We are pleased by the performance of the business over the period.

​"​Morses Club continues to make strong progress on the development of our product diversification strategy, tailored for our customers across the non-standard credit market."

He said the group is effectively consolidat​ing​ ​its​ new acquisitions in line with ​its​ principles of ​"​financial prudence and excellent customer service​"​.

​"​We are fully committed to developing a wider portfolio of products in line with the changing credit needs of our customers and the wider market​," he added.​

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“We successfully launched our new customer portal earlier in the year, and now have ​around​ 27​,000​ 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.​"

He said the c​ompany is trading in line with expectations and ​the firm ​look​s​ forward to the second half of the year with confidence.

​T​otal customer numbers of 224,000 ​on ​August ​31 ​have remained largely stable, with the gross loan book also remaining stable with 0.2​ per cent​ growth​.