Morses Club has announced its latest company results to 25th February 2017. Total credit issued increased by 18% to £144m compared with the prior year, with customer numbers increasing by 9% to 216,000 as at 25 February 2017. This increase reflects the success of new territory builds and acquisitions in our core home collect credit (“HCC”) market.
The Company’s gross loan book is up over 4% compared with 27 February 2016. The proportion of loans attributable to highest tier customers has increased by 10% against last year. The Company acquired Shelby Finance Ltd. a provider of online instalment loans, in January 2017, and is finalising plans for the launch of its new online instalment lending product.
Paul Smith, Chief Executive Officer of Morses Club, said: “We are pleased with our continued growth and performance for the year, with progress achieved against all of our key metrics. “We have continued to invest in technology to support our strategic plan to offer customers a broader range of products and the ability to access credit more flexibly. On top of the successful introduction of the Morses Club Card in April 2016, we are finalising the launch of our new online instalment loan product. We have invested to streamline processes, and reduce cost, further demonstrating our commitment to develop technology to keep us at the forefront of our core HCC market and broaden our offer to the wider non-standard consumer finance sector.”
“We have a number of developments planned for the coming year as part of our expansion into consumer rewards, interactive and mobility-based customer communications channels, social media and banking and card-related services. “We remain confident in our outlook, with a strong pipeline of territory builds for our growth plan, and continue to see attractive acquisition opportunities in the HCC and the wider non-standard finance markets.”