Business
Annual Financial Report
Annual Financial Report.
About this update from Cpp Group Plc
[{"type":"text","content":"\n \nRNS Number : 7667H CPPGroup Plc 15 March 2018 \n\nCPPGROUP PLC\n15 MARCH 2018\nFULL YEAR REPORT\nFOR THE YEAR ENDED 31 DECEMBER 2017\n \n \n \nCPP grows revenue through international expansion\n \nCPPGroup Plc - Full year report for the year ended 31 December 2017\n \nCPPGroup Plc (CPP or the Group), the international product innovation business, today announces its full year results for the year ended 31 December 2017. \n \nDuring the year the Group significantly increased revenues, driven by rapid international growth, returned to statutory profitability, substantially improved its financial strength and implemented a new growth strategy focused on building partner relationships and investment in innovative product-based technology.\n \nHighlights\n \n· Group revenue from continuing operations has increased by 24% to £91.4 million (2016: £73.6 million), representing the first year of growth since 2011. \n· International revenues grew by 54% to £69.1 million (2016: £44.9 million). This includes revenue from India which has increased by 164% to £40.0 million (2016: £15.2 million).\n· A return to statutory operating profit of £3.5 million (2016: £1.8 million loss). Underlying operating profit has reduced to £3.9 million (2016: £8.4 million) with the growth in our international business not yet covering the reduction in the higher margin restricted UK renewal book. \n· A return to statutory profit after tax from continuing operations of £4.6 million (2016: £0.5 million loss).\n· Unrestricted cash position improved significantly to £31.5 million (2016: £9.5 million) following approval from the PRA to lift the capital restrictions on Homecare Insurance Limited and the receipt of proceeds from the sale of the Head Office in York.\n· The Group moved to a decentralised operating structure, giving our individual country operations greater responsibility and commercial freedom.\n· Worldwide customer numbers have increased by 26% to 5.5 million (2016: 4.3 million) across 11 countries, including a 56% increase in our international customer base.\n· Furth...