Morses Club (MCL)

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The UK’s second largest home collected credit (“HCC”) lender.

5-Oct-2017

Interim Results For The 26 Weeks Ended 26 August 2017 – Revenue up 14.8% to £54.2m (£47.2m last time), Net loan book growth of 16.0% to £65.2m (£56.2m last time) and a 12.6% increase in customer numbers to 233,000. Adjusted PBT is only slightly up from £8.6m to £8.7m and the interim Dividend is up just 0.1p, from 2.1p to 2.2p.

A so-so update for me which seems to disappoint. The Adjusted PBT and interim Dividend increase don’t seem to support even a low PER of 11.7.

1-Mar-2018 – 136.65p – £177.0m – PER 10.1

Trading Update For The 12 Months To 24 February 2018 – Strong and in-line with the Board’s expectations.

Looks OK to me – An SP of around 100p and an improvement in that Operating Margin would make it more interesting. Will keep an eye out for updates.

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