(Sharecast News) - Doorstop lender Morses Club said on Thursday that home collected credit sales and repayments had both declined during the six months ended 31 August.
Morses said HCC sales were down 38% year-on-year at £51.2m, while repayments slumped 21.6% to £104.5m.
The AIM-listed firm attributed the declines to Downing Street's enforced lockdowns early on in the half and noted that some localised lockdowns had impacted its collection ability throughout August.
Digital sales increased 66% year-on-year to £9.1m due to a "significant reengineering" of the recently acquired CURO Transatlantic business into Morses' Shelby Finance subsidiary. However, digital collections also slumped - down 21% year-on-year.
Gross loan balances dropped 23% and customer satisfaction was said to have been maintained at around 97%.
Chief executive Paul Smith said: "In response to the current challenging trading conditions, we are accelerating all aspects of the digitalisation of our business, not just as a response to the ongoing impact of Covid-19, but to create a new model for our business to the benefit of our customers, employees and agents."
As of 0950 BST, Morses shares were down 6.98% at 49.30p.
13 Feb 2023 11:39
IN BRIEF: Morses Club shares cancelled from trading on AIM in London
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