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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 revenues top £20m
2 May 2019 - Morses Club Hires Simone Finn To Board, As Non-Executive Storey Leaves
1 May 2019 - Sunday share tips: Direct Line, Morses Club, IWG
14 Apr 2019 - Morses Club To Post Strong Annual Results After Recent Acquisitions
28 Feb 2019 - Morses Club Buys Online Loans Provider For GBP8.5 Million
26 Feb 2019 - Morses Club Buys Another Northern Home Credit Business
12 Feb 2019 - Morses Club buys Hays Credit
12 Feb 2019 - Morses Club Snaps Up North-West Lender Eccles Savings & Loans
31 Jan 2019
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MCL.L News
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(Sharecast News) - Home collected credit lender Morses Club has announced the acquisition of rival Hays Credit for an undisclosed sum.
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