Robust trading at insurance products group amidst currency headwinds
CPP Group has released a trading update for the six months ended 30 June 2024 in which it expects revenues from continuing operations to be about £89.1m (H1 2023 restated: £90.6m).
This is 2% below the prior year (2% higher on a constant currency basis).
The Leeds-headquartered group, which provides assistance and insurance products, adds that EBITDA from continuing operations is expected to be about £1.1m (H1 2023 restated: £2.1m).
CPP’s core business units, comprising Blink, CPP India, Globiva and CPP Turkey, reported revenues of around £88.2m (H1 2023: £87m) and EBITDA of circa £4m (H1 2023: £3.9m), which the group describes as a “satisfactory” set of results.
Simon Pyper, CEO, said: “Generally, our first half trading performance was satisfactory and is in line with expectations.
“Blink continues to demonstrate good progress, securing five new contract wins in the first half of the year and maintaining its 100% partner renewal rate. CPP India and CPP Turkey, despite currency headwinds, are performing as expected.
“Operationally, the group completed its Change Management Programme with each of the core business units now having their own independent IT and operational infrastructure.
“With the closure of the group’s legacy systems in the second quarter of this year, central overheads are reducing to a more normalised run rate, as expected.”
The group’s interim results for the six months ended 30 June 2024 are due to be published on 17 September 2024.
