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62.75 0.00 (0.00%)

Bid:

61.00

Ask:

64.50

Spread: 3.50 (5.738%)

Market Cap: £5.76m

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CPPGroup Shares Soar As Annual Earnings Exceed Expectations

Mon, 18th Jan 2021 09:59

(Alliance News) - Shares in CPPGroup PLC shot up on Monday after it said earnings for 2020 are expected to surpass market consensus.

Shares in the insurance and financial services company were trading 40% higher at 460.00 pence each on Monday morning in London

CPPGroup said it expects 2020 earnings before interest, tax, depreciation, and amortization of between GBP7.1 million to GBP7.3 million, ahead of market consensus of GBP6.4 million. Revenue is expected to be around GBP140 million, up from forecasts of GBP133 million. For comparison, revenue for 2019 was GBP138.4 million and Ebitda was GBP5.4 million.

The Leeds-based company credited its performance to a strong recovery in India in both its core business and its majority-owned business process management company Globiva as well as a focus on cost-management across the group.

As at December 31, CPP had cash of GBP21.9 million, down slightly from GBP22 million on the same date in 2019.

Looking ahead, Chief Executive Jason Walsh said: "Despite the ongoing disruption and uncertainty caused by the pandemic in the second half, we continued to deliver consistently high levels of service and grow our business. Our ability to respond quickly and effectively to the evolving needs of our customers and partners meant we were able to strengthen existing relationships and forge new ones, which will further benefit the group in 2021 and beyond.

By Ife Taiwo; ifetaiwo@alliancenews.com