Revenues and profits up at listed financial services business

CPP Group, which specialises in the financial services and insurance markets, has seen its revenue increase by 2% to £141.1m (2019: £138.4m).

Issuing its full year results for the 12 months ended 31 December 2020, the Leeds-headquartered business also records adjusted EBITDA increasing by 17% to £10.3m (2019: £8.7m) while pre-tax profits rose to £2m (2019: £1.1m).

The company had a cash balance of £21.9m as at 31 December 2020 (2019: £22m).

CPP says it has managed to mount an effective response to COVID-19, with continued new business wins and pipeline growth in a tough economic environment.

It notes strong recovery in India – the Group’s main market – with a better than expected return of partner and consumer confidence in the second half.

And CPP says there has been a resilient performance of the renewal books in its UK and EU markets, as well as an encouraging performance in its Turkish operation.

Customer numbers grew 11% to 11.7 million, which the business says shows continued consumer demand for its products and services despite the impact of COVID-19.

Operational restructuring began in quarter one 2021, to generate efficiencies in the firm’s Spain, Mexico and Malaysia businesses.

Jason Walsh, CEO of the business, said: “While we saw major disruption from COVID-19 in the second quarter, the response of our teams, resilience of our model, and improving conditions in key markets meant we were able to deliver a robust performance in the second half and solid numbers for the full year.

“The business is built on the strength of its partnerships and during the year we were not only able to maintain our base but grow it.

“This demonstrates the value large-scale firms attach to our offering as a means to enhance their competitive advantage in times of heightened economic uncertainty.

“The rate of recovery from the pandemic will vary by territory and we recognise the need to continue managing the situation with care.

“However, there are positive signs across our key markets that give us confidence in our ability to continue to deliver progress.

“After many years of reorganisation and investment, the Group is now positioned for what we expect to be a period of continued growth, underpinned by our businesses in India, Turkey, and the UK.”