“New beginning” for CPP Group as it gets back in the black

CHIEF executive of York-based assistance business CPP Group has said their results announced today mark a “new beginning” for the business which has faced several years of reputational and financial damage.

Revenues dipped to £89.9m for the year to 31 December, down from £108.8m the year before.

However, pre-tax profits increased to £21.9m for the year, from a loss of £4.93m in 2014.

During the year, the company invested in a new executive team, with Stephen Callaghan appointed as CEO and Michael Corcoran as CFO, with chairman Roger Canham taking over in July 2015.

CPP Group also got rid of its airport services business, Airport Angel during the year.

Mr Canham said that he wants to continue to develop an “appropriate culture” at the business, following a challenging period for the troubled business.

It was fined £10.5m by the Financial Conduct Authority in 2012 and paid out £65.8m in compensation to customers for mis-selling.

Last year the group closed two UK offices and four overseas offices, removed its chief executive, found £20m of cost savings and raised £20m in equity funding.

Stephen Callaghan, chief executive officer, said:”We have made significant progress in 2015, highlighted by our strong overall performance, including a substantial uplift in our profitability over the prior year.

“These results reflect a new beginning for CPP. We now have the right leadership team in place, supported by over 700 great colleagues and a similar number of dedicated customer service agents. It is the quality and dedication of our people that gives me such confidence in our future.”