Morses Club PLC Annual Report and Notice of General Meeting (5783Y)

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RNS Number : 5783Y

Morses Club PLC

13 May 2021

13 May 2021

Morses Club PLC

Annual Report and Accounts and Notice of General Meeting

Morses Club PLC ("Morses Club" or "the Company"), an established provider of non-standard financial services, advises that it has posted the following documents onto its investor relations website:

   1.    Annual Report & Accounts for the year ending 27 February 2021 
   2.    Notice of Annual General Meeting on 22 June 2021 

These are available at : https://morsesclubplc.com/investors/key-corporate-documents

Any shareholders wishing to receive a hard copy of these documents should e-mail: [e-mail] .

Shareholders can submit a proxy vote online at www.signalshares.com or through CREST.

Questions/Attendance

Due to the ongoing Covid-19 pandemic, shareholders are not permitted to attend the AGM in person this year, but they are able to submit questions ahead of the AGM, which the Company will endeavour to answer via email or on its website. In addition, shareholders will be able to join the AGM virtually if they wish. Shareholders wishing to submit questions and/or attend the AGM virtually should email the Company at [e-mail] .

For further information please contact:

 
 Morses Club PLC                                  Tel: +44 (0) 330 
  Paul Smith, Chief Executive Officer              045 0719 
  Graeme Campbell, Chief Financial Officer 
 Peel Hunt (Nomad)                                Tel: [phone] 
  Andrew Buchanan / James Britton / Rishi          8900 
  Shah / Duncan Littlejohns (Investment Banking 
  Division) 
 Camarco                                          Tel: [phone] 
  Jennifer Renwick / Oliver Head                   4994 
 

Notes to Editors

About Morses Club

Morses Club is an established provider of non-standard financial services in the UK. The Group consists of Morses Club, the UK's second largest home collected credit ("HCC") provider, and Shelby Finance Limited, Morses Club's Digital division, which operates under two online brands, Dot Dot Loans, an online lending provider, and U Account, which offers online e-money current accounts. The Group's growing Digital capabilities and scalable, highly invested IT platform has enabled Morses Club to deliver an inc reasingly broad range of financial products and services to the non-standard credit market.

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 electronically, or physically to customers' homes. Repayments are collected either remotely or in person, during weekly follow-up visits to customers' homes.

Morses Club's HCC division is the second largest UK Home Collected Credit (HCC) lender with 151,000 customers throughout the UK. The majority of the Company's customers are repeat borrowers and the HCC division enjoys consistently high customer satisfaction scores of 98% (2) . In 2016, the Morses Club Card, a cashless lending product, was introduced and in 2019 the Company introduced an online customer portal for its HCC customers, which now has over 107,000 registered customers.

The Group's growing Digital division, Shelby Finance Limited, operates under two online brands. Dot Dot Loans provides online instalment loans of up to 60 months to c. 23,000 active customers. U Account is a leading digital current account provider offering an altern ative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 6,000 customers.

Morses Club 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 consumers (3) and total loan receivables of GBP10.7bn (4) .

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 borrowin g. Approximately 2 million people move annually between standard and non-standard markets (4) .

Since February 2014, unsecured personal lending has grown from GBP161 billion to GBP225 billion in February 2020. It has since contracted to GBP197 billion in March 2021(5) .

(1 High Cost Credit Review ANNEX 1 - July 2017)

(2 Independent Customer Satisfaction Survey conducted by Mustard 3 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 2017 4 Apex Insight - Non-Prime Consumer Credit: UK Market Insight Report - September 2019 5 Table A5.2, Bank of England Money and Credit Bank stats March 2021)

(Review ANNEX 1 - July 2017)

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May 13, 2021 09:18 ET (13:18 GMT)