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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
- IN BRIEF: Morses Club shares up on revised funding consortium terms
15 Sep 2022 - Morses Club swings to full-year loss on unaffordable lending claims
25 Aug 2022 - Morses Club confident after swing to statutory loss
25 Aug 2022 - UK earnings, trading statements calendar - next 7 days
18 Aug 2022 - IN BRIEF: Morses Club backs outlook for 2022 financial year results
15 Aug 2022 - Morses Club takes steps to pursue scheme for customer redress claims
11 Aug 2022 - LONDON MARKET MIDDAY: Stocks slide on EU energy supply worries
20 Jul 2022 - AIM WINNERS & LOSERS: Morses falls on redress plan; Samuel Heath jumps
20 Jul 2022
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