Morses Club PLC - Nottingham, England-based home collected credit provider and online lender - Reports first-half trading in line with expectations. In Digital unit, gross loan book nearly triples to GBP35.7 million against the year-end, credit issued multiplies to GBP24.7 million from GBP9.1 million year-on-year.
In Home Collected Credit division, gross loan book grows 19% to GBP95.8 million from GBP80.5 million in the same period last year. Total credit issued GBP53.1 million, 4% higher than GBP51.2 million a year prior and 17% above management expectations. Morses notes increases are despite tightening its credit policy.
"Our long-term strategy to evolve into a more complete provider of non-standard financial services products and the reduced competition in the HCC and Digital sectors is likely to be to our benefit," says Chief Executive Paul Smith. "I look forward to the future with confidence as we continue to provide our customers with products and services to support their financial needs."
Plans to announce interim results on October 7.
Current stock price: 76.28 pence, up 3.1% on Thursday
Year-to-date change: up 55%
By Josie O'Brien; josieobrien@alliancenews.com
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