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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Morses Club Plc | LSE:MCL | London | Ordinary Share | GB00BZ6C4F71 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.21 | 0.20 | 0.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMCL
RNS Number : 0652J
Morses Club PLC
17 December 2020
17 December 2020
Morses Club PLC
Notice of Interim Results
Morses Club PLC ("Morses Club" or the "Company"), an established provider of non-standard financial services, announces that its results for the 26 weeks ended 29 August 2020 will be published tomorrow on Friday 18 December 2020.
The Company will be holding a virtual sell-side analyst presentation to discuss the results at 09:30am on Friday 18 December 2020. Please contact morses@camarco.co.uk if you would like to attend.
For further information please contact:
Morses Club PLC Tel: +44 (0) 330 Paul Smith, Chief Executive Officer 045 0719 Andy Thomson, Interim Chief Financial Officer Peel Hunt (Nomad) Tel: +44 (0) 20 7418 Andrew Buchanan / James Britton / Rishi 8900 Shah / Duncan Littlejohns (Investment Banking Division) Camarco Tel: +44 (0) 20 3757 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 dir e ctly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes. UK HCC is considered to be stable and well-established, with approximately 1.6 million (1) people using the services of UK HCC lenders.
Morses Club's HCC division is the second largest UK Home Collected Credit (HCC) lender with 170,000 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 97% (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 124,000 registered customers.
The Group's growing Digital division, Shelby Finance, operates under two online brands. Dot Dot Loans provides online instalment loans of up to 48 months to c. 20,000 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. 15,000 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 GBP206 billion in October 2020(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 October 2020)
(Review ANNEX 1 - July 2017)
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(END) Dow Jones Newswires
December 17, 2020 10:45 ET (15:45 GMT)
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