LONDON (Alliance News) - Credit lender Morses Club PLC said on Thursday it traded in line with management expectations in the first half of its financial year.
For the 26 weeks to August 25, total credit issued rose by 4.3% to GBP85.7 million from GBP82.2 million the same period the year before.
Total customer numbers of as at August 25 dipped to 229,000 from 233,000 the year before, and the gross loan book increased by 6.1%.
Cash collections were up 11.9% and the proportion of loans attributable to the highest tier of customers has remained steady.
"We are pleased with our first half performance as we have delivered high quality growth in our core HCC loan book, whilst remaining focused on good customer outcomes. We have been working hard on implementing best-in-class operational controls and streamlining our lending process, whilst ensuring we always put our customers first," said Chief Executive Officer Paul Smith.
Morses Club will publish its interim results on October 4.
Shares in Morses Club were down 4.1% at 143.83 pence on Thursday.