Saturday 21 September 2019

Morses Club awards hundreds of employees almost £1,000 each in shares

The windfall is part of an incentive scheme.

A view over northern parts of Southwark and Lambeth with the London Eye at left and the South Bank Tower and One Blackfriars at right, as seen from the roof of Guy’s Hospital, London.
A view over northern parts of Southwark and Lambeth with the London Eye at left and the South Bank Tower and One Blackfriars at right, as seen from the roof of Guy’s Hospital, London.

By Alys Key, Press Association City Reporter

Hundreds of employees at doorstep lender Morses Club are in line for a windfall worth almost £1,000 after the company announced a share incentive scheme.

A total of 428 people have been awarded the equivalent of 3.25% of their salary in shares, based on a price of 141.4p. This comes to an average of £965 per employee.

The shares are subject to a minimum holding period of three years and can be forfeited if the employee resigns or is dismissed.

The new 292,122 shares represent 0.23% of the company’s issued capital.

Shares were trading unchanged on Wednesday morning at 134.25p.

It comes a day after the company announced an increase in its revolving credit facility from £40 million to £50 million.

In its most recent results, the firm’s profits grew by 20% in the first half, as it benefited from territory builds in the prior year.

Revenue was up 6% and the interim dividend was given an 18.2% hike to 2.6p per share.

“Our focus on successful integration, the sustainable growth of the loan book and high-quality lending has resulted in a robust performance across all of our key financial metrics and delivered significant earnings growth for investors,” said chief executive Paul Smith in October.

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