CPPGroup revenue and earnings beat market estimates; focused on core

(Alliance News) - CPPGroup PLC on Monday said that its revenue and earnings outperformed market estimates for 2023 as it aimed at building a business which would deliver long-term value for shareholders.

The Leeds, England-based technology-driven assistance and insurance provider said revenue was GBP193 million in 2023, up 14% from GBP169.8 million a year prior and 9.0% higher than what it said was a market estimate of GBP177.0 million.

Earnings before interest, tax, depreciation and amortisation from continuing operations fell 30% to GBP4.8 million from GBP6.9 million but outperformed market estimate of GBP4.2 million by 14%.

The company noted currency headwinds, but highlighted that its legacy business performed better than forecast, emphasising robust renewals.

Chief Executive Officer Simon Pyper said: "We remain committed to our strategy of focusing on our core businesses and exiting from those businesses and activities, such as Globiva, which are considered to be non-core. Although there is much to be pleased about and we look forward with confidence to 2024, there remains much to do as we build a business which delivers long-term value for shareholders."

CPPGroup shares rose 7.9% to 150.00 pence each on Monday morning in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Cppgroup