With the appetite for credit showing no sign of abating, the amount of credit issued by sub-prime lenders has grown rapidly during the past five years. While Morses Club (MCL) is one of the newer entrants to the market, it too is growing its customer base and receivables fast. It seems non-executive director Peter Ward has faith that this growth can continue, buying shares worth more than £250,000 in the group.
Morses Club increased the total amount of credit issued by almost a fifth to £66m during the first half of the year. However, this growth came at a price. Management has been investing in growing its agent numbers by attracting employees from rival lenders. The benefit is these agents often bring their clients with them once the term of their existing loan has expired. Morses Club pays these agents a subsidy during the first year of their employment to maintain their income. This increased commission costs meant pre-tax profit declined by almost a third to £4.6m.
Buys | |||||||
---|---|---|---|---|---|---|---|
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
Amiad Water Systems | Amos Shalev | 14 Oct 16 | 7,500 | 142 | 10,650 | 2,050,193 | 9.046 |
Dalata Hotel | Stephen McNally | 13 Oct 16 | 18,000 | 367.82648 | 66,209 | 300,611 | 0.164 |
IG♥ | Paul Mainwaring (cfo) | 17 Oct 16 | 30,000 | 848.87 | 254,661 | 30,000 | 0.008 |
Ilika* | Keith Jackson | 18 Oct 16 | 20,000 | 50 | 10,000 | 20,000 | 0.026 |
Ilika* | Mike Inglis (ch) | 18 Oct 16 | 50,000 | 50 | 25,000 | 115,000 | 0.147 |
Ilika* | Graeme Purdy (ceo) | 18 Oct 16 | 20,000 | 50 | 10,000 | 609,427 | 0.777 |
Ilika* | Sir William Wakeham | 18 Oct 16 | 20,000 | 50 | 10,000 | 20,000 | 0.026 |
JPMorgan Smaller Companies Investment Trust | Michael Quicke (ch) | 18 Oct 16 | 2,197 | 794.625 | 17,458 | 11,409 | 0.068 |
Lloyds Banking | António Horta-Osorio (ceo) | 18 Oct 16 | 3,549 | 53.226 | 1,889 | 11,905,820 | 0.017 |
Marshall Motor Holdings | Alan Ferguson | 18 Oct 16 | 25,000 | 150 | 37,500 | 58,557 | 0.076 |
Marshall Motor Holdings | Peter Johnson (ch) | 18 Oct 16 | 25,000 | 150 | 37,500 | 175,328 | 0.227 |
MaxCyte | John Johnston | 19 Oct 16 | 37,500 | 98 | 36,750 | 37,500 | 0.086 |
Metal Tiger | Paul Johnson | 14 Oct 16 | 400,000 | 2.719 | 10,876 | 10,000,000 | 1.535 |
Morses Club | Peter Ward | 13 Oct 16 | 75,000 | 129 | 97,219 | 75,000 | 0.058 |
Morses Club | Peter Ward | 14 Oct 16 | 125,000 | 130 | 162,500 | 200,000 | 0.154 |
Nanoco | Christopher Richards (ch) | 14 Oct 16 | 55,576 | 53.98 | 30,000 | 98,997 | 0.042 |
Nanoco | Christopher Richards (ch) | 17 Oct 16 | 19,833 | 50.42 | 10,000 | 118,830 | 0.050 |
Nanoco | Gordon Hall | 13 Oct 16 | 18,230 | 54.39 | 9,915 | 268,230 | 0.113 |
Nostra Terra Oil & Gas | Matt Lofgran (ceo) | 13 Oct 16 | 1,600,000 | 1.31 | 20,960 | 5,975,976 | 6.253 |
Pearson | Coram Williams (cfo) | 19 Oct 16 | 5,000 | 753 | 37,650 | 10,010 | 0.001 |
Pearson | John Fallon (ceo) | 19 Oct 16 | 10,000 | 754.5 | 75,450 | 303,056 | 0.037 |
Restaurant Group (The) | Andrew McCue (ceo) | 18 Oct 16 | 50,000 | 356.7 | 178,350 | 50,000 | 0.025 |
Restaurant Group (The) | Barry Nightingale (cfo) | 18 Oct 16 | 13,617 | 362.5 | 49,362 | 13,617 | 0.007 |
Restaurant Group (The) | Debbie Hewitt (ch) | 18 Oct 16 | 7,012 | 354.52 | 24,859 | 35,642 | 0.018 |
Revolymer | Brian Dobson (ch) | 13 Oct 16 | 14,500 | 34 | 4,930 | 83,500 | 0.106 |
Revolymer | John Keenan | 13 Oct 16 | 150,000 | 34 | 51,000 | 931,750 | 1.185 |
Revolymer | Michael Townend | 13 Oct 16 | 29,000 | 34 | 9,860 | 64,940 | 0.083 |
S&U | Graham Coombs | 19 Oct 16 | 6,000 | 2500 | 150,000 | 1,577,457 | 13.187 |
Travis Perkins | Christopher Rogers | 19 Oct 16 | 3,600 | 1381.9171 | 49,749 | 6,048 | 0.002 |
Travis Perkins | Tony Buffin | 19 Oct 16 | 3,000 | 1401.679 | 42,050 | 123,149 | 0.049 |
Tritax Big Box REIT* | Richard Jewson (ch) | 18 Oct 16 | 3,966 | 132 | 5,235 | 58,511 | 0.005 |
Tritax Big Box REIT*♥ | Richard Jewson (ch) | 18 Oct 16 | 7,491 | 132 | 9,888 | 66,002 | 0.006 |
Tungsten Corp | David Williams (cfo) | 14 Oct 16 | 25,000 | 59.4375 | 14,859 | 103,200 | 0.082 |
Tungsten Corp | David Williams (cfo) | 14 Oct 16 | 25,000 | 59.7425 | 14,936 | 28,200 | 0.022 |
Volution | Claire Tiney | 14 Oct 16 | 2,869 | 174.75 | 5,014 | 2,869 | 0.001 |
Sells | |||||||
---|---|---|---|---|---|---|---|
Company | Director | Date | No of shares | Price (p) | Value (£) | Holding (shares) | Holding (%) |
Clinigen | Peter George (ceo) | 18 Oct 16 | 2,200,000 | 750 | 16,500,000 | 3,357,242 | 2.927 |
Gear4music (Holdings) | Andrew Wass (ceo) | 18 Oct 16 | 400,000 | 300 | 1,200,000 | 7,886,593 | 39.127 |
Gear4music (Holdings) | Dean Murray | 18 Oct 16 | 75,000 | 300 | 225,000 | 249,520 | 1.238 |
Gear4music (Holdings)♥ | Peter Armitage | 18 Oct 16 | 2,000,000 | 300 | 6,000,000 | 829,482 | 4.115 |
Jardine Lloyd Thompson♥ | Richard Harvey | 18 Oct 16 | 11,569 | 1027 | 118,814 | 0 | 0.000 |
Martinco | Ian Wilson (ceo) | 18 Oct 16 | 150,000 | 154.69 | 232,035 | 1,479,200 | 5.846 |
Mondi | David Hathorn (ceo) | 18 Oct 16 | 65,000 | 1618.52 | 1,052,038 | 0 | 0.000 |
PHSC | Stephen King (ce) | 13 Oct 16 | 332,049 | 17 | 56,448 | 3,115,000 | 21.223 |
Share | Richard Tolkien | 13 Oct 16 | 1,510 | 26.37 | 398 | 312,197 | 0.217 |
Travis Perkins♥ | Robert Walker (ch) | 19 Oct 16 | 10,378 | 1402.5 | 145,551 | 65,898 | 0.026 |
* placing/tender/open offer ♥ spouse/connected party |