‘Significant growth’ for listed financial services firm

Group revenues have reached £138.4m, a rise of 26%, at Leeds-based product and services company CPP Group.

The business has today published its full year results for the year ended 31 December 2019, which also feature pre-tax profits rising to £1.1m (2018: £0.3m).

CPP recorded a cash balance of £22m (2018: £26m) including a cash flow from ordinary operating activities, excluding cash investments in business growth projects, of £3.4m (2018: £1.3m).

And revenue from ongoing operations increased by 37% to £121m (2018: £88m), which includes a 53% increase in Indian revenues to £99.6m (2018: £65.3m).

The company highlighted increased diversification in its Indian business with the launch of a new product (LivPlus), and partnerships with major brands such as Tata Capital Financial Services and American Express.

It noted that its partner base has grown 50% driven by its key strategic markets. CPP says its partners worldwide now provide potential access to over 200 million customers.

Jason Walsh, chief executive officer, responded: “We are continuing to grow our standing as a truly international business with innovation and service at its core, with the strong global revenue performance reported in 2018 being exceeded in 2019.

“India has been the driving force behind these achievements and we have also seen good progress in our China and Turkey markets.

“Our re-entry into the UK market has developed well, with new acquisitions opening up growth potential as we establish our presence domestically.

“We are very pleased to have not only deepened relationships with existing major financial services and insurance brands but also secured new relationships in key strategic markets, with the likes of Bank of Communications in China and Tata Capital Financial Services in India now counted as partners.

“Looking ahead, COVID-19 has created significant challenges to economies across the globe.

“We have entered the year with a strong platform and have confidence our operating model along with our deep ties with partners will enable us to navigate the global uncertainty and deliver long-term, sustainable value.”