StockMarketWire.com - Non-standard financial services firm Morses Club reported trading in line with expectations in the 26-week period to 28 August 2021.

In the Digital lending division, customer numbers for both short-term and long-term lending have increased and stood at over 46,000 at the end of the period, an increase of 100% since the end of FY21.

The gross loan book was £35.7 million, an increase of 194% against the year-end. Against the same period for 2021, credit issued has increased by 271%, from £9.1m (H1 FY21) to £24.7 million (H1 FY22).

The Home Collected Credit division performed in line with expectations, with customer numbers at over 143,000 at the end of the period. Morses Club continues to focus on the quality of its lending.

Total credit issued during H1 FY22 was £53.1 million, 17% above management's budgeted plan and 4% higher than the equivalent period in H1 FY21 (£51.2 million), despite tightening credit policy to further enhance the quality of our lending. The gross loan book was £95.8 million (FY21 £80.5 million).

Morses will announce its first-half results on 7 October 2021.


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