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Morses Club expects to build market share as credit market recovers says CEO

Published: 15:18 17 Jul 2020 BST

Home credit specialist Morses Club PLC (LON:MCL) is seeing a strong bounce in demand and expects to build market share as competitors struggle, says chief executive Paul Smith. Morses Club lends to the poorest sections of the community, but Smith said collections have been robust even though these have been among the hardest hit by the COVID-19 lockdown. Collections in July were 91% of the pre-pandemic level and Morses Club expects to be back up to par with pre-COVID-19 levels by the end of August. The company started to lend again in July and Smith says he has been delighted with the quality of the loan book. “Our customers are loyal and the good behaviour we have seen for decades has continued,“ he said.

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