Strategic report Highlights
Strategic Highlights
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All agents now using tablets to ensure the highest levels of compliance, quality lending and customer outcomes.
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Developed a broader range of products with the introduction of cashless lending (Morses Club Card) and online lending (Dot Dot Loans).
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Developed our core business and supplemented it with 105 new agent territory builds in the year.
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Completed 7 acquisitions with a gross receivables value of £6.8m with full integration into our core loans platform and credit policy regimes.
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Operational Highlights
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Customer base grew from 198kto 216k, an increase of 9%.
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Net receivables grew from £56.8m to £61.2m, an increase of 8%.
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Achieved year on year sales (credit issued) growth of 18%.
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Managed impairment at 24.4% (FY16: 20.8%) – comfortably within our target range of 22.0% to 27.0%.
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Delivered cost-efficiency improvements, with costs as a percentage of income declining from 58.9% to 56.9%.
1. A reconciliation between adjusted and reported PBT is provided on the Investment Highlights and KPIs page.
2. Return on assets and return on equity are calculated on adjusted PBT less a national tax rate of 21%.
Annual Report 2017
