Share price soars 70% at CPP
THE price of CPP shares skyrocketed on Friday following an announcement by the York-based group that profits would be better than expected this year.
The company announced this morning that underlying operating profit for the full year to 31 December 2016 will be “materially” ahead of its interim expectations.
Opening at 5.41p, CPP’s share price reached a high of 10.11p on Friday 18 November. It closed at 9.25p on Friday, and increase of 71% on its opening price.
The international assistance business which specialises in credit card insurance has faced a turbulent year, following a boardroom coup ousting turnaround chief Stephen Callaghan. Its share price plummeted after it had made the announcement, and in May when Mr Callaghan was desposed.
CPP Group share price this year. Courtesy of Google Finance.
However, despite this upturn, CPP’s share price is worth 94% less that five years ago. In 2011 it was hit by a major £10.5m fine by the Financial Services Authority for misselling insurance products.
