Morses Club traded profitably in first four months of financial year
Paul Smith, the Leeds-based lender’s CEO, said the group remained in a robust financial position.
He added: “During this period, we have made structural changes to the business and accelerated the group’s digitalisation strategy, the importance of which has become even more pronounced since the lockdown in March.
"In this regard, it has been pleasing to see an increase in demand for our digital products as the division comprises an ever more important part of the group.
"We are encouraged by the improvement in credit issued and collections in HCC following the relaxation of the Government's Covid-19 restrictions over recent weeks and, in a sign of the improving trading environment, we are also pleased to see some customers who requested payment holidays now starting to make repayments once again."
In HCC, credit issued during the first four months of the financial year was 34.0% ahead of the company's Covid-19 plan, corresponding to a year-on-year decline of 46.6%.
Morses Club said it was encouraged by the improving sales performance over recent months, with the decline in credit issued reducing from a 72% fall year-on-year in April 2020, to a 50% decline in May 2020 and a 30% decline in June 2020.
In a statement, Morse Club said: "It is anticipated that, given the recent re-commencement of lending to new customers, this decline will further reduce in July 2020. Furthermore, new lending since mid-April has been of exceptionally high quality as Morses Club extended credit solely to existing high performing customers until July 2020."
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