Business
Trading Update for six months ended 30 June 2023
Trading Update for six months ended 30 June 2023.
About this update from Cpp Group Plc
[{"type":"text","content":"\n\n18 July 2023\nCPPGroup plc\n(\"CPP Group\", \"Group\", or the \"Company\")\nTrading Update for the six months ended 30 June 2023\n \nAhead of its Interim Results, CPP Group (AIM: CPP), a provider of assistance and insurance products, which reduce disruptions to everyday life for millions of customers across the world, confirms that it expects to report financial results for the six months to 30 June 2023 in line with the Board's expectations.\nOn a reported basis, the Board expects revenues from continuing operations to be circa +22% ahead of the prior year, and, on a constant currency basis, to be ahead of the prior year by circa +26%. EBITDA from continuing operations is expected to be broadly in line with the prior year at circa £2.9 million (H1 2022 restated: £2.9 million).\nThe Group, despite recent currency headwinds, continues to record good revenue growth in its key Indian and Turkish markets. Blink Parametric (\"Blink\"), the Group's InsurTech business focused on the global travel sector, continues to progress, and has this year secured a number of new clients in the UK, European and North America markets. Additionally, Blink has achieved a 100% renewal rate of its existing customer base which provides a further proof point on the value Blink helps to create for its partners.\n \nOperationally, the Group is now at the implementation stage of its change management programme which, at its conclusion, will see CPP exit from its Legacy businesses and focus on growing its Blink, Indian, and Turkish operations. The key milestones for this year are the delivery of a new IT platform for India; the building of capacity for Blink; and commencing active closure plans for key Legacy businesses, whilst migrating the Legacy operations onto lower cost third party platforms which will be used for the duration of their wind-down. As expected, the Legacy closure activity will lead to substantial exceptional provisions in both the interim and full year results. To date the implementation of the change management programme is proceeding as planned, and the Group expects to meet the operational objectives it set itself for this financial year.\n \nThe Group's Interim Results for the six months ended 30 June 2023 are due to be published on 19 September 2023.\nSimon Pyper, CEO of CPP Group, commented:\n\"From a tradin...