13th Aug 2021 17:35
Morses Club PLC - Nottingham, England-based home collected credit provider and online lender - Continues to trade in line with internal expectations, noting demand has steadily increased across all lending products in both its Home Collected Credit and Digital units.
Customer numbers in the digital division for short-term and long-term lending products have increased by 80% since the beginning of the financial year and the customer base now stands at over 42,000. HCC unit customer numbers are in line with expectations during the first five months of the year at 144,000.
Chief Executive Paul Smith says: "Our expanded offering in the Digital division along with the continued strong performance in our HCC division is encouraging. Our recently announced proposed corporate restructure is all part of our long-term plans to grow and differentiate our products and services to meet customer demand."
Separately, proposes reorganisation of corporate structure by introducing new, AIM-quoted, holding company, U Money PLC.
"Following the reorganisation, there will be two distinct business divisions, home collected credit and digital, which will operate through separate operating subsidiaries of U Money; HCC through Morses Club and Digital through Shelby Finance Ltd under the brands Dot Dot Loans for online lending and U Account for online e-money current accounts," company explains.
Current stock price: 82.00 pence
Year-to-date change: up 66%
By Paul McGowan; [email protected]
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