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New customers and cost cutting could boost second half

Chief executive Paul Smith at consumer lender Morses Club (MCL:AIM) expects profit to be second half-weighted as interim numbers fell short of last year. Reductions in admin costs should start to feed through in the second half and into 2017. Higher loan impairments year-on-year reflected an increase in new customers, where loan losses tend to be higher initially. (WC)

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