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IN BRIEF: Morses Club Sees Revenue Decrease Amid Lending Restrictions
Morses Club PLC - Batley, West Yorkshire-based doorstep lender - Reports pretax profit of GBP758,000 in the six months ended August 29, down from GBP6.7 million the year before, amid a 24% decrease in revenue to GBP50.2 million from GBP66.3 million. Says this is due to the challenges of lending to new and existing home-collected credit customers and lower customer demand during the national lockdown in the UK. Plans to pay a 1.0p per share interim dividend, down from 2.6p the year prior.
Says rate of decline in HCC customers more than halved in August, following the lifting of lending restrictions in place for new customers between March and mid-July, but expects its customer base to stabilise in the second half of its 2021 financial year.
Current stock price: 46.50 pence
Year-to-date change: down 66%
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Latest MCL News
- Morses Club Shares Slump With Annual Profit Set To Far Miss Forecasts
11 Mar 2020 - Morses Club warns on profits amid lower demand for products
11 Mar 2020 - Morses Club profits fall following digital operations investment
10 Oct 2019 - Morses Club Profit Drops As Expenses Rise; Digital Lending Takes Off
10 Oct 2019 - Morses Club Loan Book Stable With Core Markets Trading In Line
5 Sep 2019 - Morses Club 'performs well' throughout first half
5 Sep 2019 - Retiring Morses Club Veteran Easson Appointed Non-Executive Director
3 Jul 2019 - Tuesday broker round-up
25 Jun 2019
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MCL.L News
Morses Club Shares Slump With Annual Profit Set To Far Miss Forecasts
Morses Club Shares Slump With Annual Profit Set To Far Miss Forecasts
Morses Club warns on profits amid lower demand for products
(Sharecast News) - Doorstop lender Morses Club warned on profits on Wednesday amid dwindling demand for its products.
Morses Club profits fall following digital operations investment
(Sharecast News) - Interim profits at doorstep lender Morses Club fell by a third as increased investment in digital operations raised costs.
Morses Club Profit Drops As Expenses Rise; Digital Lending Takes Off
Morses Club Profit Drops As Expenses Rise; Digital Lending Takes Off
Morses Club Loan Book Stable With Core Markets Trading In Line
(Alliance News) - Doorstep credit lender Morses Club PLC said Thursday it has performed well in the 27-week period ended August.The company said tradi...
Morses Club 'performs well' throughout first half
(Sharecast News) - Doorstep lender Morses Club "performed well" in the six months ended 31 August, reporting broadly flat figures across the majority ...
Retiring Morses Club Veteran Easson Appointed Non-Executive Director
(Alliance News) - Leslie Easson will join the board of home collected credit lenders Morses Club PLC as a non-executive director after he retires from...
Tuesday broker round-up
(Sharecast News) - Finablr: JP Morgan initiates at overweight with a target price of 190p.
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