Healthy performance for the year at insurance products group

Leeds-headquartered CPP Group, which provides assistance and insurance products, says it achieved revenue from continuing operations of about £193m in 2023 – 14% ahead of the prior year.

In a trading update for the year ended 31 December 2023, the company also reports EBITDA from continuing operations of around £4.8m (2022: £6.9m), with strong revenue growth recorded in its key Indian and Turkish markets.

Blink, the group’s business providing parametric insurance products particularly for the global travel sector, continues to progress well, and has this year secured new clients in the UK, European and North American markets.

Simon Pyper, CEO, said: “We have achieved a great deal in 2023, delivering a good set of trading results, and at the same time, implementing our Change Management Programme, which is well underway, and progressing to plan.

“We remain committed to our strategy of focusing on our core businesses and exiting from those businesses and activities, such as Globiva, which are considered to be non-core.

“Although there is much to be pleased about and we look forward with confidence to 2024, there remains much to do as we build a business which delivers long-term value for shareholders.”

Operationally, CPP’s Change Management Programme, which at its conclusion will see the group exit from its Legacy businesses and focus on growing its Blink, Indian and Turkish operations, is reported to be largely proceeding to plan.

Legacy business primarily comprises CPP’s UK and European renewal books of business, which are principally Card Protection and Identity Protection policies.

The group’s results for the year ended 31 December 2023 are due to be published on 26 March 2024.