Morses Club pleased with progress, welcomes FCA review

Morses Club

0.21p

16:50 10/02/23

-35.29%

-0.11p

Investors in Morses Club were told how trading in the first four months of the current financial year had been “strong”, and in line with expectations on Tuesday.

The AIM-traded firm’s shareholders heard how “high quality” customer numbers and the net loan book continued to be well ahead of last year at its annual general meeting, with impairments said to remain within the board’s guidance range.

That apparently reflected the success of the company’s strategy of focussing on higher quality lending.

“We welcome the conclusion of the FCA's high-cost short-term credit review and are pleased to see the FCA's proposals to introduce themes across the sector which are consistent with Morses Club's values of treating our customers fairly,” said CEO Paul Smith.

“We will continue to work closely with the FCA and trade associations through the consultation period.”

Smith said the board was “confident” that the company’s continued focus on developing technology to enhance and complement its core Home Collect Credit offering, along with its “unwavering commitment” to put customers at the heart of the business to ensure fair outcomes, positioned Morses Club well to deliver continued growth going forward.