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Non-standard financial services provider Morses Club reported adjusted profit before tax of £9.6m in the 27 weeks to 31 August, down from £10.5m in the first half of 2019, with strong performance in its home collected credit division offset by the integration of new digital businesses.
Group statutory profit before tax is £6.7m during the period, impacted for the same reason.
In its interim results, Morses Club said group customer numbers are approximately 276,000, including around 52,000 in the digital division, which comprises online instalment loan provider Shelby Finance and online current account services provider UHL.
In its home collected credit business, a continued focus on quality business had helped to reduce impairment as a percentage of revenue down to 18.5%, from 21.4% in the first half of 2019.
Morses Club confirmed the launch of its customer portal had been successful, with 30,000 customers registered in the first six months.
Its acquisition of two digital businesses offering online lending and current account services saw it acquire a customer base of 49,000 customers in online lending, which has reduced to around 36,000 due to the withdrawal of payday type products.
Paul Smith, chief executive of Morses Club, said: 'The period has seen continued strong financial performance in our core HCC business and significant developments in our diversification strategy.'
At 10:01am: (LON:MCL) Morses Club Plc share price was -12.5p at 102.5p