Solid balance sheet for financial services provider
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CPP Group, a multinational provider of personal protection and insurance products and services, has recorded a resilient performance despite continued disruptions inflicted by Covid-19.
In an update on trading for the six months ended 30 June 2021, the listed Leeds-headquartered business says its largest market, India, entered a national lockdown in the second quarter of 2021, leading to a sharp reduction in new business activity during April and May.
However, the company has since seen a robust recovery in trading in the last few weeks and the lifting of lockdown measures, as currently planned by the Indian authorities, should see the trading performance of CPP India continue to improve in the second half of 2021.
Globiva, CPP Group’s Indian business process management company, has seen little impact on its revenues during this period.
In other territories, the pandemic continues to be a source of uncertainty amongst consumers and business partners.
However, the Group notes renewals from the back-books remain robust. It adds the performance of its back-book businesses in the UK and Europe continue to generate reliable, though declining, cash flow.
Jason Walsh, CEO of CPP, said: “The Covid-19 situation has had an impact on trading conditions in the first half of the year, and against that backdrop the Group has performed well, with our operations in India in particular showing great resilience.
“The Group’s balance sheet and cash position remain solid and good progress has been made with the strategic review of the Group’s businesses instigated earlier in the year.
“I would like to express my thanks to our people for their dedication during the first half of the year under very difficult circumstances.
“We look forward to providing more detail in our interim results on 24 August.”