Morses Club PLC - Publication of FY20 Results
Morses Club PLC
Publication of FY20 Results and Extension to HY21 Results Announcement
Morses Club PLC ("Morses Club" or the "Company"), an established provider of non-standard financial services, announces that its results for the year ended
Morses Club will release its results for the 26-week period ending
The Company will be holding a virtual sell-side analyst presentation to discuss the Company's FY20 results and current trading at
For further information please contact:
Morses Club PLC
Tel: +44 (0) 330 045 0719
Peel Hunt (NOMAD)
Jock Maxwell Macdonald (ECM)
Tel: +44 (0) 20 7418 8900
Tel: +44 (0) 20 3781 8332
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 increasingly 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' 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 million1 people using the services of UK HCC lenders.
Morses Club's HCC division is the second largest UK Home Collected Credit (HCC) lender with 169,000 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 117,000 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 37,000 active customers. U Account is a leading digital current account provider offering an alternative to traditional banking by providing a fully functional agency banking service. U Account currently has c. 18,000 customers.
Morses Club listed on AIM in
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 consumers3 and total loan receivables of
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 borrowing. Approximately 2 million people move annually between standard and non-standard markets4.
1 High Cost Credit Review ANNEX 1 -
2 Independent Customer Satisfaction Survey conducted by Mustard
3 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt -
4 Apex Insight - Non-Prime Consumer Credit: UK Market Insight Report -
5 Table A5.2, Bank of England Money and Credit Bank stats
Review ANNEX 1 -
Quick facts: Morses Club PLC
Market Cap: -
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