Home credit provider Morses Club has said in a trading update that despite the ongoing pandemic the company has had an encouraging start to the new financial year after a steady increase in customer demand across all of its products both the home collected credit (HCC) and digital divisions.
Latest company figures the first quarter following a fall in revenues last year customer numbers within its digital operations on both short-term and long-term lending have increased by 40% and the total loan book has almost doubled (up 99%) relative to its position at the end of the previous financial year.
As a result, the firm said its new credit issued is a third above management’s budgeted plans and noted collections were also 4% ahead of budget and 118% ahead of the same period last year.
Paul Smith, Chief Executive Officer of Morses Club, said “Despite the continued impact of the pandemic, trading performance across all of our lending products has been very strong in the first quarter of FY22. This encouraging start to the year has been achieved through standout delivery from all our teams and agents and continues the Group’s strong momentum from the second half of last year.”
“Our focus on becoming a leading provider of financial products and services for our target customers is unrelenting. The success of the remodelling of our services to meet the needs of customers in the context of the Covid-19 pandemic has made us all the more determined to become sector-leading in terms of meeting customer demand, and to continue to listen to our customers and key stakeholders to help shape our business for long term success.”
“The importance of a technology-led offering has never been clearer. Our investment and focus on ensuring our service model adapts to changing customer needs, whilst maintaining our core ethos of putting the customer at the heart of what we do, is central to our success as a Group.”