Revenues grow 10% at CPP
CUSTOMER assistance specialist CPP has seen revenues grow by 10% in 2010, the company announced today.
The firm said the renewal rate for its services now stands at 76.2% with the trend remaining constant in the UK, reducing in southern Europe and a mixed picture elsewhere.
York-based CPP offers life assistance products that help consumers in difficult circumstances such as losing wallets, mobile phones and keys with the group employing 1,900 people.
CPP group chief executive Eric Woolley said: “Through the dedicated efforts of our people together with the strength of our existing product and service offering CPP has continued to grow and develop its businesses.
“Successful UK initiatives such as packaged accounts have helped us as we continue to expand our existing product and channel offerings. Internationally we are making encouraging progress, particularly in our recently launched markets of Turkey, India, Mexico and China.
“Whilst recognising the global economic and financial sector uncertainties our outlook for the full year remains unchanged, and we continue to look forward to delivering another year of growth. CPP has a proven growth strategy in the UK and internationally and an encouraging medium term pipeline of opportunities as existing markets continue to develop and new markets open up.
“CPP is a fast growing business with the right skills to develop our business partner relationships and, with our strong cash generation and robust balance sheet, we are well placed to continue to execute our stated strategy.”
In its trading update the company said it remained “strongly cash generative with relatively low net debt”.
