CPP, Leeds protection firm, ups H1 revenue to £66m

CPP CEO Jason Walsh

Leeds-based international personal protection and insurance firm CPP Group said on Tuesday its revenue from continuing operations increased 10% to £66.4 million in the six months ended June 30, 2021, driven by its Indian market where Q1 new sales returned to pre-pandemic levels.

EBITDA (earnings before interest, taxes, depreciation, and amortization) from continuing operations increased by 37% to £2.6 million but CPP posted a reported loss before tax from continuing operations of £700,000 compared to a H1 2020 restated profit of £500,000.

CPP Group CEO Jason Walsh said:  “The first half of 2021 was a similar story to that of 2020, with a strong first quarter tempered by the negative effects of COVID-19 in the second, particularly in our main market of India.

“Nonetheless, we have adapted well across our markets and delivered a solid overall performance on the corresponding period last year while making progress in restructuring elements of the group to further strengthen its position for long-term, sustainable and profitable growth.

“As COVID-19 measures have eased in India, we have seen a progressive recovery in trading in the region with strong progress since the end of June.

“However, we remain cognisant of the need to monitor the situation closely as we move through the second half.

“Elsewhere in our key markets, we continue to make progress.

“Our performance in Turkey at a local level was particularly pleasing, driven in large part by our expanded network of partners in the territory.

“However, the continuing devaluation of the lira has largely negated this performance at a group level.

“In the UK and EU we continued to build on strong foundations to develop an innovative, differentiated and integrated business with compelling prospects.  

“We remain focused on growing our offering through innovation and strengthening our routes to market while continuing to drive efficiencies across the group.

‘Whilst uncertainty remains from COVID-19, the board believes the company is trading broadly in line with market expectations for the full year with the outlook being positive for the remainder of the year.”

 

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.