Provident Financial’s (PFG) profit warning last week sent shareholders heading for the exit. Some of those investors may want to take a look at rival sub-prime lender Morses Club (MCL), after it flagged an increase in credit issuance of around a quarter during the 26 weeks to the end of August.
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The home credit specialist issued a further £82m in finance during the period, thanks to steady growth in its agent numbers. Customer numbers were up 12 per cent year on year to around 233,000. Importantly, impairments are expected to be within management’s target range, while the proportion of loans to highest-quality customers has increased 7 per cent.
