Revenues top £60m at listed finance and insurance services provider
Leeds-based CPP Group said international expansion was driving its growth, as it recorded revenues of more than £60m in its half year report for the six months ending June 30 2019.
The group, which specialises in ID and credit card theft protection and a range of life assistance products, announced a 19% constant currency increase in revenue to £60.2m.
The success, up from £51.3 million in the same period last year, is being driven by significant international revenue growth led by India.
And CPP Group said a broadening global partner base including Tata Capital, American Express and Chinese giant Bank of Communications, supported by further investment in the Group’s InsurTech capabilities are also adding long-term value.
While the group’s pre-tax profits fell by 36% to £0.9m (H1 2018: £1.3 million) the EBITDA performance measure grew by 44% on a constant currency basis to £2.3m. Investments in business growth projects topped £1.3m, resulting in an increased adjusted EBITDA of £3.6m.
Customer numbers increased by 800,000 in the first six months of 2019 to nine million.
Jason Walsh, Chief Executive Officer at CPP Group, said: “Ultimately, our success is built on our business partner relationships which we continue to deepen.
“Importantly, we are also forming new partnerships with major global brands in our strategically important markets. These new and existing relationships will develop further over time and fuel the continued growth in our business.
“We are investing in our technology-led capability, which will continue to strengthen our partnerships and enable more nimble and cost-effective proposition delivery as well as an exceptional customer experience.”
The group’s key growth market, India, saw a 44% constant currency increase in revenue to £40.9m. This includes the delivery of a new life insurance and wellness product line, LivCare.
Globiva, CPP’s business process management company in India, is performing ahead of expectations, expanding to three locations – two in Delhi and one in Kolkata – with over 1,400 employees.
CPP’s investment in innovative technology start-ups is also making progress. Blink, a pioneering parametric InsurTech business, is transforming event-based insurance in the travel sector.
Delivering campaigns in Turkey and Canada through large insurance brands, further global expansion is expected in the coming months.
Walsh added: “We are starting to see the rewards from the assembly of our capabilities, each of which plays its part in supporting the group’s operations.
“Blink is our InsurTech business where already over 250,000 customers have had access to its parametric insurance platform. Globiva, the start-up business process management company, is growing rapidly and now has over 1,400 billable seats and boasts global brands like Ola, American Express and Tui amongst its third party clients.
“We continue to grow our international revenues, with the strong performance that we saw in 2018 being continued through the first half of 2019.
“Our Indian market has once again been the star performer significantly growing its revenue, profitability and customer numbers.”
