Revenues climb at listed financial services company
Global product and services company specialising in the financial services and insurance markets, CPP Group as delayed publishing its annual results in line with a request by the FCA.
Publishing a trading update for the year ended 31 December 2019 the group says it generated rapid growth in its international revenue and customer numbers, seeing its revenue rise by 26% to £138.4m in 2019 (2018: £110.1m).
Its overall revenue growth was driven by revenue from Ongoing Operations rising by 37% to £121m (2018: £88m), which included a 53% increase in Indian revenues to £99.6m (2018: £65.3m).
Adjusted EBITDA increased by 38% to £8.7m (2018: £6.3m). Reportable EBITDA reduced to £5.4m (2018: £3.9m) as a result of charging start-up costs from investment in business growth projects which totalled £3.3m (2018: £2.4m).
The update also notes: “We have seen an increased diversification in our Indian business with the launch of a new product (LivPlus), and partnerships with major brands such as Tata Capital Financial Services (Tata) and American Express.
“Globiva continues to outperform expectations as one of India’s fastest growing Business Process Management (BPM) providers with over 2,000 billable seats across four locations.
“We continue to monitor the economic uncertainties and the challenges posed globally by the coronavirus outbreak and the impact it may have on the Group.”
Jason Walsh, chief executive officer, said: “2019 has been another positive year for the Group as we continue to execute our strategic plan.
“International revenues are growing rapidly with the strong performance reported last year being surpassed in 2019. India has again been the driving force behind this progress, significantly increasing its revenue, profitability and customer numbers, whilst Turkey continues to make a valued contribution.
“Looking ahead, we are ideally positioned to continue the delivery of our strategic plan and build value. We have long-term partnerships that are flourishing around the Group, our acquisitions are performing well and are adding value, and our developing markets are making good progress with exciting propositions and sales pipelines.
“However, the impact coronavirus will have on our partners and the behaviour of customers is not yet clear. We continue to monitor the situation and will respond accordingly.”
This trading update comes as CPP had intended to release its annual results on March 25th but following a request made by the FCA to all listed firms traded in London due to make results announcements over the coming weeks, to delay publication in order to provide more time to assess the impact of the current situation on a firms profitability.
