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AIM-listed Morses Club (LON:MCL) said that cash collections were up by 11.9% during first half of the year, but customer numbers were broadly flat when compared to the same time last year. Management said that while the gross loan book has increased by 6.1%, the proportion of this owed by the highest tier of debtors has remained constant.
Chief executive Paul Smith said: “We are pleased with our first half performance as we have delivered high quality growth in our core HCC loan book, whilst remaining focused on good customer outcomes. We have been working hard on implementing best-in-class operational controls and streamlining our lending process, whilst ensuring we always put our customers first.
“We are encouraged by the continued demand for the Morses Club Card, which is fundamental to our cashless strategy and offers our customers the flexibility they have asked for. We are confident in our outlook for the rest of the current year and remain positive on opportunities in both the HCC and wider non-standard finance markets.”
Shares in the business fell by 2.73% to 145.90p (as of 14:25 BST).