The FY18 results saw adjusted pre-tax profits £1m and statutory profits £2.7m ahead of our expectations. MCL has focused resources on optimising the potential from the market leader’s self-inflicted woes and so increased its agent franchise by over 20%, adding high-quality customers. This focus meant that, despite the strong lending growth, impairments as a percentage of revenue fell in 2H on 1H. Historical conservative provisioning sees the conversion to IFRS9 having a much
16 May 2018
FY18: carefully controlled, sustainable growth
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FY18: carefully controlled, sustainable growth
- Published:
16 May 2018 -
Author:
Mark Thomas -
Pages:
16
The FY18 results saw adjusted pre-tax profits £1m and statutory profits £2.7m ahead of our expectations. MCL has focused resources on optimising the potential from the market leader’s self-inflicted woes and so increased its agent franchise by over 20%, adding high-quality customers. This focus meant that, despite the strong lending growth, impairments as a percentage of revenue fell in 2H on 1H. Historical conservative provisioning sees the conversion to IFRS9 having a much