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

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.