23 Oct 2018 14:34
Hardman & Co Research Hardman & Co Research: Morses Club (MCL): Sustainable growth from focus on quality 23-Oct-2018 / 14:30 GMT/BST Hardman & Co: Sustainable growth from focus on quality The 4 October results confirmed steady growth, controlled risk and delivery in line with expectations. Double-digit underlying revenue and earnings growth was generated from stable customer numbers, and achieved more efficiently with fewer agents. The Provident Financial opportunity is now embedded and management can focus on new growth initiatives. We reviewed MCL's focus on quality in our 19July 2018 note, Quality Street, highlighting how conservatism runs throughout MCL's lending, accounting, agents, customer selection and new product development. Our absolute valuation range is now 179p to 223p. Please click here for the full report: https://www.hardmanandco.com/research/corporate-research/sustainable-growth-from-focus-on-quality/
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736771 23-Oct-2018
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