Confident outlook for insurance products business
Leeds-headquartered CPP Group has reported a pre-tax loss of £700,000 (H1 2023 restated: £3m loss) in its half year results for the six months ended 30 June 2024.
The group, which provides assistance and insurance products, also notes that its group revenue decreased by 2% to £89.1m (H1 2023 restated: £90.6m), with group EBITDA at £1.1m (H1 2023 restated: £2.1m).
The business had cash balances at 30 June 2024 of £11.6m (H1 2023: £16m; 31 December 2023: £19m).
CPP says it has completed a major Change Management Programme (CMP) ahead of schedule, which has see it exit legacy businesses with its UK back book in active run-off. The run-off will complete at the end of 2026.
CPP is now focused on three core businesses – Blink Parametric (Blink), CPP India, and CPP Turkey.
Simon Pyper, CEO, said: “Our businesses in India and Turkey performed very much as expected during the first half of the year despite currency headwinds and the transfer of part of the LivCare book to locally based insurers in India.
“However, our primary focus continues to be growing Blink – a global product – and we have made good progress during 2024. Blink now provides travel disruption solutions to 19 partners across 12 geographies.
“Following the completion of the CMP and exit from our Legacy operations, the group is now the business that it set out to become some two years ago, namely an InsurTech business led by Blink.”
CPP adds it is confident about the outlook and growth prospects for its core operations and is pleased to have secured a contract extension with its largest customer, Bajaj.
The group notes that longer-term success, particularly for Blink, depends on how well it can convert its strong pipeline of opportunities into new business.