Business
Half-year Report for 6 months ended 30 June 2023
Half-year Report for 6 months ended 30 June 2023.
About this update from Cpp Group Plc
[{"type":"text","content":"\n\n19 September 2023\nCPPGroup Plc\n(\"CPP Group\"; \"the Group\"; or \"the Company\")\n \nHALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2023\n \nCPP 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 half year results for the six months ended 30 June 2023.\nFinancial Highlights:\n· Group revenue from continuing operations increased by 21% to £93.5 million (H1 2022 restated: £77.3 million).\n· Core revenues increased by 25% to £87.0 million (H1 2022: £69.5 million).\n· EBITDA from continuing operations level with prior year at £2.9 million (H1 2022 restated: £2.9 million).\n· Central overheads reduced to £2.1 million (H1 2022 restated: £2.3 million).\n· Exceptional items total £5.8 million (H1 2022: £0.5 million) primarily relating to planned Legacy business closures.\n· Loss before tax from continuing operations of £3.7 million (H1 2022 restated: £1.1 million profit). On an underlying basis, profit before tax3 increased to £2.0 million (H1 2022 restated: £1.6 million).\n· Cash balance of £16.0 million at 30 June 2023 (H1 2022: £19.3 million; 31 December 2022: £21.0 million).\nOperational Highlights:\n· Group focused on three Core businesses (Blink Parametric; CPP India, which includes Globiva; and CPP Turkey).\n· Simplified the proposition away from \"insurance\" to \"assurance\" services.\n· Change Management Programme proceeding as planned. Subsequent to the period end, Phase 1 of the new Indian IT platform has been delivered.\n· Core business4 performing well.\no New business wins for Blink Parametric\no Strong growth in CPP India and CPP Turkey\n· Plans for exiting Legacy businesses5 are progressing at pace, with the year-on-year decline in revenues as expected.\n \n \nSimon Pyper, CEO of CPP Group, commented:\n\"The Group's key Indian and Turkish markets are performing well despite recent currency headwinds. Blink Parametric (Blink), the Group's InsurTech business focused on the global travel sector, continues to progress, securing...