Morses Club PLC - doorstep lender - Notes it is making "good progress" despite "continued challenging trading environment".
"Customer responses to the launch of remote lending remain positive and subscribers to Morses Club's online customer portal, which enables remote lending and collection, continue to increase month on month," the firm added.
Sales for the 26 weeks to August 31 down 38% at GBP51.2 million compared to GBP82.2 million in the same period the year before. Sales have recovered during the period from the initial reductions experienced in April and May, Morses said. The reduction in April to June is due to lending only being available to existing customers. Customer loan repayments in the period were down 22% at GBP104.5 million from GBP133.2 million. Collections in August stood at 97%, versus 98% in July, 91% in June, 89% in May and 79% in April and 89% in March. Digital sales in the first half jumoed 66% year on year to GBP9.1 million.
Current stock price: 53.00 pence
Year-to-date change: down 61%
By Paul McGowan; email@example.com
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