CPP revenue climbs ten per cent in half year results
CPP Group, a multinational personal protection and insurance provider, has announced solid results for the first half of the year.
Group revenue climbed by ten per cent year on year to £66.4m while EBITDA from operations increased by 37 per cent to £2.6m. After seeing a loss for the period of £0.7m in the first half of 2020 the company turned a profit of £1.3m in 2021, a year on year increase of 273 per cent.
The improved results came as the group increased its customer base by 13.8 per cent, from 10.8m in the first half of 2020 to 12.3m in 2021.
Jason Walsh, CEO of CPP Group, commented on the results, saying “The first half of 2021 was a similar story to that of 2020, with a strong first quarter tempered by the negative effects of COVID-19 in the second, particularly in our main market of India.”
“Elsewhere in our key markets, we continue to make progress,” Walsh added. “In the UK and EU we continued to build on strong foundations to develop an innovative, differentiated and integrated business with compelling prospects.”
In the six months ending June 30 2021 the company saw revenues of £53m in India and £5.4m in the UK, the company’s second largest market.
Despite some clear positives, however, CPP shareholders saw losses of -23.36 pence per share in the first half of the year, down from -14.19 pence per share in H1 2020. The company’s reported loss after tax also increased, down 51 per cent to -£1.8m.
Read more: Credit card insurer CPP whacked with a further bill for mis-selling