Hardman & Co Research
Hardman & Co Research: Morses Club (MCL): Interim FY'20 results: steady core,
deal upside
21-Oct-2019 / 09:35 GMT/BST
Hardman & Co Research: 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 GBP11m, against an GBP8m
consideration. Looking forward, management has outlined a clear,
customer-demand-driven strategy in its area of competitive advantage. Please
click here for the full report:
https://www.hardmanandco.com/research/corporate-research/interim-fy20-results-
steady-core-deal-upside/ [1]
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893215 21-Oct-2019
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(END) Dow Jones Newswires
October 21, 2019 04:36 ET (08:36 GMT)
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