Business
FULL YEAR RESULTS FOR YEAR ENDED 31 DECEMBER 2022
FULL YEAR RESULTS FOR YEAR ENDED 31 DECEMBER 2022.
About this update from Cpp Group Plc
[{"type":"text","content":"\n \n \n \n 28 March 2023\n \n \n \n \n \n \n \n \n \n \n CPPGroup Plc\n \n \n \n (\"CPP\", \"the Group\" or \"the Company\")\n \n \n \n \n \n \n \n \n FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022\n \n \n \n \n \n \n \n \n \n A RESILIENT FINANCIAL PERFORMANCE AND CHANGE MANAGEMENT PROGRAMME COMMENCED\n \n \n \n \n \n \n CPP Group (AIM: CPP), a provider of assistance and insurance products which reduce disruptions to everyday life for millions of customers across the world, is pleased to announce its full year results for the 12 months ended 31 December 2022.\n \n \n \n \n \n \n \n \n Financial highlights\n \n \n \n \n \n \n \n \n · \n Group revenue from continuing operations increased by 19% to £169.8 million (2021 restated: £142.8 million)\n \n \n · \n EBITDA2 from continuing operations decreased by 5% to £6.9 million (2021 restated: £7.2 million).\n \n \n · \n Core revenues4 increased by 25% to £154.3 million (2021: £123.2 million) and Core EBITDA4 increased by 20% to £5.0 million (2021: £4.1 million)\n \n \n · \n Central overheads reduced to £3.3 million (2021 restated: £4.3 million)\n \n \n · \n Profit before tax from continuing operations decreased to £2.4 million (2021 restated: £4.3 million). On an underlying basis3, profit before tax increased to £4.1 million (2021 restated: £3.1 million)\n \n \n · \n Profit after tax from continuing operations reduced to £0.1 million (2021 restated: £0.6 million)\n \n \n · \n Cash balance of £21.0 million at 31 December 2022 (2021: £22.3 million)\n \n \n \n \n \n \n Operational progress\n \n \n \n \n \n \n \n \n · \n Simplified structure focused on four Core business units (Blink Parametric; CPP India; CPP Turkey; and Globiva)\n \n \n · \n Strategy in place to migrate to a product-led global InsurTech business\n \n \n · \n Simplified the management and operational structures\n \n \n · \n Core business4 performing well, growing revenues and EBITDA\n \n \n · \n Major partner renewals for CPP India, and new partner wins for both CPP Turkey and Blink Parametric\n \n \n · \n Legacy business5 revenues and EBITDA continue to decline year-on-year\n \n \n · &nb...