Batley-based credit lender Morses Club reports strong progress

Morses Club CEO Paul Smith
Morses Club CEO Paul Smith

Doorstep​ ​lender ​Morses Club ​said it has performed well​ following strong progress in product diversification.

​Batley-based Morses​, the UK's second largest ​​home collected credit lender​ after Provident Financial​, said​ ​total credit issued​ ​​was broadly at the same level ​at ​£85.5m in the 27 weeks to August 31​. This compares with £85.7m in the previous six month period.

Cash collections ​rose​ 5​ per cent​ and impairments ​are ​expected to remain within the ​co​mpany’s guidance range.

​Paul Smith, ​c​hief ​e​xecutive of Morses Club, said:​ ​“We are pleased by the performance of the business over the period.

​"​Morses Club continues to make strong progress on the development of our product diversification strategy, tailored for our customers across the non-standard credit market."

He said the group is effectively consolidat​ing​ ​its​ new acquisitions in line with ​its​ principles of ​"​financial prudence and excellent customer service​"​.

​"​We are fully committed to developing a wider portfolio of products in line with the changing credit needs of our customers and the wider market​," he added.​

“We successfully launched our new customer portal earlier in the year, and now have ​around​ 27​,000​ customers in Morses Club who can access their account details digitally, whilst still having the face-to-face service from an agent we have always provided.​"

He said the c​ompany is trading in line with expectations and ​the firm ​look​s​ forward to the second half of the year with confidence.

​T​otal customer numbers of 224,000 ​on ​August ​31 ​have remained largely stable, with the gross loan book also remaining stable with 0.2​ per cent​ growth​.