(Alliance News) - Shares dropped in Morses Club PLC on Tuesday after the doorstep lender admitted that an increase in complaints could badly affect its trading performance for the first half of its financial year.
Shares in the Nottingham, England-based home collected credit provider were 20% lower at 8.30 pence on Tuesday morning in London.
Morses noted that its home collected credit division has seen a rise in complaints submitted by claims management firms, leading to claim volumes returning to the level seen in February.
Should this level be sustained, Morses expects the cost of the complaints could hurt its trading performance for the six months ending August 31.
The AIM-listed firm will publish its annual results on August 18.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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