Morses Club withdraws guidance after Covid-19 outbreak
Doorstep lender Morses Club said on Monday that it was withdrawing its full-year guidance as it continues to assess the impact of the coronavirus outbreak on its business.
The company also said it will not recommend payment of a dividend in July and will review the capacity to make a payment later in the year as the impact of the outbreak on the business becomes clearer.
Morses said it was "proactively adapting" its activities in line with government advice, with the health and wellbeing of its customers, employees and agents central to the changes made.
The AIM-listed group stated it had quickly introduced wide-ranging adaptations to its operating model to ensure that customer service was maintained. It noted that all operational field management and agents were now working from home, while face-to-face customer visits had been replaced with a remote customer communication strategy.
"Morses Club is maximising the usage of its existing technology platform and payment methods to ensure that customer contact and collection activity can be maintained," said the group.
Morses said more than 82,000 customers were now registered for its online portal, through which it offers a range of remote payment methods, with 41% of all collections already completed.
As of 0940 BST, Morses shares had dived 12.94% to 35p.