Morses Club PLC - Nottingham, England-based home collected credit provider and online lender - Delays release of results for financial year that ended on February 26 from May to "no later than 26 August 2022". Morses Club says: "An update on the expected date of results will be provided in due course following the completion of the audit process." It adds that arrangements for its annual general meeting, which it says will be held virtually, will be announced separately.
Back in February, then-chief executive officer Paul Smith left immediately, after Morses Club said adjusted pretax profit for the year will be 20% to 30% below consensus analyst expectations of GBP7.5 million. Smith was replaced by Gary Marshall, who had been chief operating officer.
More positively, in March, Morses Club said the Digital lending division's total credit more than doubled to GBP41.2 million from GBP19.3 million, while the gross loan book grew by 98% to GBP23.9 million from GBP12.1 million. The Home Collected Credit division issued GBP108.0 million in credit, 9% above management's budgeted plan but down from GBP109.7 million the year before.
Current stock price: 5.72 pence, down 29% on Wednesday
12-month change: down 91%
By Tom Waite; thomaslwaite@alliancenews.com
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