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It was reported in all of the Insurance press last week. Yet another u-turn.
Probably because nobody noticed it apart from you - in which case, kudos. Where did you see it, in the annual report?
Surprised no comment on here about the new IT system being dropped for an in-house solution. Expensive buy out of the new system Look at Insurance Age for a perspective
Could you please explain why?
It's all related with new BOD. They will slowly destroy share price.
My mistake, gains were mostly lost, the caterpillar hasn't turned into a butterfly yet...
I notice it's been slowly going back up though... Trend reversal?
Sorry didn't mean to suggest that a footballer could be a mad punter -- or spend his pocket money for the week on this share -- as if :D
Not footballers pocket money for this week!!
The spread is approx 5% at this time
Rise ..13.06%. Vs. Spread 14.14%
Someone just did a £50k buy which pushed the price up so I am hoping its someone who knows what they are doing rather than a mad punter so on that basis I will hold for a while longer.
Any thoughts as to why?...
Yorkshireman - gotta admit that this company has been amazingly resilient.
I'm holding anyway -- future looks good to me -- as long as not sold for 1p - hope he feels the same - and here for the long run - he will make millions if he decides to go for it :D
It's not how the local press sees it: http://www.thebusinessdesk.com/mobile/yorkshire/news/738819-profits-take-a-dive-following-boardroom-chaos-at-cpp.html
From what I recall, Owl was supposed to be launched in April or May of this year, but there is no sign of it. I'm guessing its been pulled under the new management. I hop this is because they have a new strategy for the business. As others have said, the old book of business is falling away and, after the mis selling scandal, not easily open to new products. The global business is growing well, but still has a long way to go. The VVOP needs to be lifted and new products launched to even justify today's share price, as the cost base will eat away at reserves and cash flow otherwise.
Owl was the only half concrete piece of information about CPP's current products that I recall finding in its annual report. However, that info having been provided a few months ago, it would have almost certainly been factored in the current SP a while ago so Owl would now only help the SP further if it were linked to concrete sales / profit figures or supply contract announcements. I.e. I believe it is primarily concrete bottom line info, (unlikely) VVOP lifting or formal contract signatures that will make a difference. The rest will come across as noise IMO.
Looks interesting: "In 2016, we will launch CPP’s first ever 100% digital product with global reach and we aim to have customers live in five CPP geographies by the end of the year - both direct to consumer and in conjunction with Business Partners. Our new and highly innovative product, Owl, signifies a step change for CPP. It provides peace of mind for our customers by monitoring key personal data on the dark web, providing customers with alerts via email or SMS in the event of a compromise, and offering guided support to get them back on track in a way that is appropriate and meaningful."
Looks like UK business is in run-off mode now and only hope is to build international
Focus on the future not the past - the UK and overseas business is what it is and reducing as set out below and in the Annual Report. What we need to see are clear signs of UK and overseas growth; products, distribution and regulatory approval to sell (VVOP lifted in the UK),
Hence now the following is necessary for the SP to climb back up: - VVOP to be lifted a - real evidence of overseas new business success. Is it me, or there is nothing concrete whatsoever about how this business makes money abroad?
By the number of live policies ever reducing as customers do not renew (age, disinterest, lack of perceived need etc) and no new ones sold to offset - basic rule of business
3.8 million live policies -- how can it go wrong?