Business
Pre Close Trading Statement
Pre Close Trading Statement.
About this update from Cpp Group Plc
[{"type":"text","content":"\n RNS Number : 5740O CPPGroup Plc 01 July 2010 \n \n\n \nCPPGROUP PLC\n1st July 2010\nPRE CLOSE TRADING STATEMENT\n \nCPPGroup plc today publishes the following statement prior to entering its close period for the half year ended 30 June 2010.\n \nWe anticipate that Group revenue will have grown year on year in line with management expectations. The majority of the revenue growth for the half year is from Northern Europe, driven by development of the packaged accounts channel, growth of Identity Protection and continued roll out of new Card Protection and Identity Protection variants. Recently launched markets, including India, Mexico and Turkey have also continued to develop and grow, as we take advantage of recent business partner wins.\n \nWe anticipate that this revenue growth, together with the roll out of higher priced variants of existing products and other changes in product mix, will generate growth in underlying Group Operating Profit for the half year in line with our expectations.\n \n \nEric Woolley, Group Chief Executive commented,\n \n\"CPP continues to perform well and has made good strategic and operational progress in the first half of 2010. Our addressable market continues to expand as we develop further growth channels, such as packaged accounts in the UK, and further develop our presence in key emerging markets.\n \nThe year is progressing in line with expectations, demonstrating the strength of our business model. Our key financial metrics remain on track and with strong cash generation and a robust balance sheet, we look forward to the second half of the year with confidence.\"\n \nPatrick de Smedt will join the Board as a non executive director with effect from 26 August 2010. It is intended that he should chair the Remuneration Committee.\n \nTim Kelly has notified his intention to leave the Board, but will remain for a period to ensure a smooth transition of Remuneration Committee duties.\n \nIt is intended that Les Owen should join the Board as a non executive director with effect from 21 September 2010.\n \n \nIn advance of our interim results announcement, selected financial information for the half year to 30 June 2009 is set out below for comparative purposes.\n \n \nFinancial calendar:\n \nAnnouncement of ...