Indicating that there are still gains to be made from operating in the home collected credit market, Morses Club (MCL) reported an increase of more than a fifth in its credit issued during the year to February. That meant the sub-prime lender’s loan book grew 12 per cent on the prior year.
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Total customer numbers were up just 6 per cent to around 229,000, reflecting larger average balances. The lender spent the past year investing in growing its agent numbers, benefiting from Provident Financial’s (PFG) decision to cut its workforce. At the half year, those associated costs meant underlying profits were relatively flat. However, hiring rates were expected to return to normal in January this year.
