23 May 2019 07:00
23 May 2019
Morses Club PLC
("Morses" or the "Company")
Annual Report and Accounts and Notice of General Meeting
In advance of the Company's Annual General Meeting ("AGM") the following documents have today been posted or otherwise made available to shareholders:
1. 2019 Annual Report and Accounts
2. Notice of 2019 Annual General Meeting
The documents are available on the Company's website at:
http://www.morsesclubplc.com/investors/key-corporate-documents-2019
and in hard copy to shareholders upon request to the Company Secretary, Morses Club PLC, Kingston House, Centre 27 Business Park, Woodhead Road, Birstall, WF17 9TD, or by email to:
investors@morsesclub.com.
The Company publishes its Annual Report and Accounts, Notices of Annual General Meeting and ancillary documents on its website, except where shareholders have specifically requested hard copies to be posted to them.
Shareholders can submit a proxy vote online at www.signalshares.com or through CREST.
The Company's AGM will take place at 10.30 am on Tuesday 25 June 2019 at the offices of Eversheds Sutherland (International) LLP, at Bridgewater Place, Water Lane, Leeds, LS11 5DR.
For further information
Morses Club PLC Paul Smith, Chief Executive OfficerAndy Thomson, Chief Financial Officer | Tel: +44 (0) 330 045 0719 |
Panmure Gordon (UK) Limited (Nomad and Joint Broker)Richard Gray / Fabien Holler / Atholl Tweedie (Corporate Finance) Charles Leigh-Pemberton (Corporate Broking) | Tel: +44 (0) 20 7886 2500 |
finnCapJonny Franklin-Adams / Anthony Adams (Corporate Finance)Tim Redfern / Richard Chambers (Corporate Broking) | Tel: +44 (0) 20 7220 0500 |
CamarcoEd Gascoigne-Pees / Jennifer Renwick / Kimberley Taylor | Tel: +44 (0) 20 3757 4984 |
Notes to Editors
About Morses Club
Morses Club is the second largest UK Home Collected Credit (HCC) lender with 235,000 customers and 2,050 agents across 95 locations throughout the UK.
The Company offers a range of loan products to its customers through its extensive self-employed agent network. The majority of the Company's borrowers are repeat customers and the Company enjoys consistently high customer satisfaction with scores of 97% or above1.
The Company is using technology to broaden its offering and provide new products to ensure customers can access credit with the flexibility they require. In April 2016, its cashless lending product, the Morses Club Card, was introduced, enabling its customers to buy online as well as on the high street. Dot Dot Loans, the Company's first online instalment product, was launched in March 2017.
Morses Club successfully listed on AIM in May 2016.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumers2.
Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowing.
Since February 2014, unsecured personal lending has grown from £161 billion to £216 billion in February 20193.
1 Independent Customer Satisfaction Survey conducted by Mustard2 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 20173 Source: Table A5.2, Bank of England Money and Credit Bank stats February 2019
About UK Home Collected Credit
UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes.
UK HCC is considered to be stable and well-established, with approximately 1.6 million2 people using the services of UK HCC lenders.
2 High Cost Credit Review ANNEX 1 - July 2017