Leeds card protection firm CPP tops £138m revenue

CPP CEO Jason Walsh

Shares of Leeds-based credit card, identity and mobile phone protection firm CPP Group rose about 30% on Thursday after it announced its full year results for the year ended December 31, 2019. 

CPP Group’s 2019 revenue increased 26% to £138.4 million and profit before tax increased to £1.1 million from £300,000 in 2018.

“The Ggroup has generated rapid growth in its international revenue and customer numbers, leading to a financial performance for 2019 that was in line with the board’s expectations, said CPP.

The company said the results were driven by progress in India, China and Turkey.

CPP Group CEO Jason Walsh said: “We are continuing to grow our standing as a truly international business with innovation and service at its core, with the strong global revenue performance reported in 2018 being exceeded in 2019.

“India has been the driving force behind these achievements and we have also seen good progress in our China and Turkey markets.

“Our re-entry into the UK market has developed well, with new acquisitions opening up growth potential as we establish our presence domestically.

“We are very pleased to have not only deepened relationships with existing major financial services and insurance brands but also secured new relationships in key strategic markets, with the likes of Bank of Communications in China and Tata Capital Financial Services in India now counted as partners. 

“Looking ahead, COVID-19 has created significant challenges to economies across the globe.

“We have entered the year with a strong platform and have confidence that our operating model along with our deep ties with partners will enable us to navigate the global uncertainty and deliver long-term, sustainable value.”