‘Effective response to pandemic’ at financial services and insurance group
Group revenue increased by 3% to £61.8m (H1 2019: £60.2m) at Leeds-based product and services company CPP Group, which has released its half year report for the six months ended June 2020.
The listed company has also seen its pre-tax profit rise by 19% to £1m (H1 2019: £0.9m), with adjusted EBITDA increasing by 10% to £4m (H1 2019: £3.6m).
CPP reported solid cash balance of £18.2m (H1 2019: £22.4m; 31 December 2019: £22m). And its customer numbers rose to 10.9m (H1 2019: nine million; 31 December 2019: 10.6m).
It managed to maintain services to all customers throughout lockdown by transferring customer service staff to home working.
The business reaffirmed its financial contingency measures, with a renewal of its £5m borrowing facility for a further three-year term to August 2023.
CPP Group chief executive, Jason Walsh, hailed the company’s effective response to the pandemic, adding: “I am very pleased with our performance so far in 2020.
“Our response to COVID-19 has underlined the resilience of our people, our quality relationships with partners and ultimately our strong financial position.
“In-keeping with our efforts to improve efficiency over recent years, we have reduced costs while delivering excellent services for customers, winning new business and building a healthy sales pipeline for the future.
“Our strategic ambition, to create tangible value for partners through self-sustaining operations around the world, remains undiminished but the way we achieve it will naturally evolve as a result of COVID-19.
“The sectors we target for growth and the products and services we offer will change in emphasis – they will reflect the new needs of the businesses with which we partner and their customers.”