Morses Club (MCL): Interim FY’20 results: steady core, deal upside
MCL’s core HCC division once again delivered a strong performance. Market volumes remain subdued, but 11% underlying profit growth has been delivered, with efficiency gains and good credit (20% reported adjusted growth). The acquired businesses’ performances required incremental investment, and initial lending appears slightly behind track, but these issues are short-term and management has reiterated its stretching guidance for FY’20 and FY’21. We also note the cash collected from CTL loans at acquisition is £11m, against an £8m consideration. Looking forward, management has outlined a clear, customer-demand-driven strategy in its area of competitive advantage.Morses Club is a United Kingdom consumer finance business in the Home Collected Credit market. Co.'s customers are served by self-employed agents, as well as employees based across 98 branches. Co. operates through a series of local branches based all over the UK. Co.'s field management team operate from these branches, working with its network of self-employed agents.
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