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During the year the Group significantly increased revenues, driven by rapid international growth, returned to statutory profitability, substantially improved its financial strength and implemented a new growth strategy focused on building partner relationships and investment in innovative product-based technology. Highlights � Group revenue from continuing operations has increased by 24% to �91.4 million (2016: �73.6 million), representing the first year of growth since 2011. � International revenues grew by 54% to �69.1 million (2016: �44.9 million). This includes revenue from India which has increased by 164% to �40.0 million (2016: �15.2 million). � A return to statutory operating profit of �3.5 million (2016: �1.8 million loss). Underlying operating profit has reduced to �3.9 million (2016: �8.4 million) with the growth in our international business not yet covering the reduction in the higher margin restricted UK renewal book. � A return to statutory profit after tax from continuing operations of �4.6 million (2016: �0.5 million loss). � Unrestricted cash position improved significantly to �31.5 million (2016: �9.5 million) following approval from the PRA to lift the capital restrictions on Homecare Insurance Limited and the receipt of proceeds from the sale of the Head Office in York. � The Group moved to a decentralised operating structure, giving our individual country operations greater responsibility and commercial freedom. � Worldwide customer numbers have increased by 26% to 5.5 million (2016: 4.3 million) across 11 countries, including a 56% increase in our international customer base. � Further expansion of product development capability with the recent acquisition of a strategic minority stake in KYND Limited, a London-based cyber security diagnostics provider. Jason Walsh, Chief Executive Officer, commented: "This was one of the most important years in CPP's history, one in which we not only significantly improved the financial performance of the Group but also, and more importantly, refocused it for future growth and prosperity. Today CPP is a fundamentally stronger and more energised business than before. Our international business is continuing to grow rapidly and together with once again having an approved company as an intermediary in the UK market we will continue to develop suites of innovative technology-based protection services that will benefit all our markets. Our corporate office is much smaller and our core team are sufficiently nimble to take advantage of growth opportunities. Our strong balance sheet and cash resources give us ample opportunity to invest in new products and services or make strategic acquisitions, while our growing array of partners will ena
CPP, the international product innovation business, has been advised that Wendy Cooper, the wife of Nick Cooper, Non-Executive Director, has purchased a total of 145,000 ordinary shares of 1 pence each in the Group (the "Ordinary Shares"). Â Following the purchase, Nick Cooper has a total beneficial interest in 145,000 Ordinary Shares, representing approximately 0.02% of the issued share capital of the Group.
CPP, the international product innovation business, is pleased to announce that its application to the FCA for its UK subsidiary company, Blink Innovation (UK) Limited (Blink UK), has been approved; as such Blink (UK) is able to commence trading as a regulated insurance intermediary business with immediate effect. Card Protection Plan Limited and Homecare Insurance Limited will no longer seek to sell new insurance products to the UK and Ireland markets, but instead will concentrate on providing full service and support to their existing customers. All new insurance customers in the UK market will be acquired by the new regulated entity.
Through Blink, CPP will extend its regulatory presence in the UK ""and an application for full trading permissions is in the process of being submitted to the FCA"". The Group will use Blink as a platform to develop innovative assistance and insurance products both for the UK market and internationally. """In the UK this will also involve a relaunch of the UK's distribution network""".
Shows that an insider has confidence in the company as these are not share awards but straight purchases. Hundred grand of his personnel money invested. Keeps me feeling relaxed about the long term prospects here tbh. Still a bit boring though.
CPP, the innovative product marketing business, has been advised that Mark Hamlin, Non-Executive Director has purchased a total of 500,000 ordinary shares of 1 pence each in the Group (the "Ordinary Shares"). Following the purchase, Mark Hamlin has a total beneficial interest in 500,000 Ordinary Shares, representing approximately 0.058% of the issued share capital of the Group. he paid 13p each by the look of it
Jason Walsh, Chief Executive Officer, commented: "I am pleased with the performance of the business during the first half of this year, which has seen a return to revenue growth for the first time in five years. This was the result of growth in a number of our key international markets, but particularly India, where our consumer-led products and Business Partner relationships have gone from strength to strength. "During the half, we simplified our operating structure by devolving greater responsibility to our country leaders and acquired Blink, which is performing as intended and is helping to ensure we have the right platform for product innovation. These factors, along with our improved free capital position, will enable us to maximise the significant opportunities for sustainable growth that are available across the Group. "We are continuing to deliver on our strategic plan and as we enter the second half of the year, we expect to continue this revenue growth momentum and remain confident with the outlook for the full year."
CPP strengthens new product development capability through the acquisition of Blink Innovation Limited CPPGroup Plc ("CPP" or "the Group"), the international assistance business, today announces that it has acquired Blink Innovation Limited ("Blink") for an initial consideration of €1m and an earn-out based on future products developed by Blink. The initial sum will be paid on completion with a total maximum earn-out based on up to 20% of defined profits generated up to a maximum of €20m in profits over the next five years. Blink is a unique digital assistance insurance product for the travel market. Based in Cork, Ireland, Blink is set to launch the world's first real time resolution flight interruption insurance. Blink provides insurance in the background, a seamless experience for customers by solving their problem and enabling them to complete their journey at no additional cost with no claims process to negotiate. It has recently partnered with Munich Re and is the only InsureTech start-up in the FCA's Project Innovate sandbox scheme. Blink was founded by Paul Prendergast and Peter Bermingham, both of whom have built a number of successful businesses in the past. The primary aim of the product is to assist customers in an emergency situation due to flight cancellations. The product has been through beta testing and is due to launch April 2017. Commenting on the acquisition, Jason Walsh CEO of CPPGroup plc said: "I am delighted to announce this acquisition of Blink and welcome Paul and Peter to CPP. The acquisition marks a significant step forward for CPP in building a global product innovation capability. Paul and Peter have a proven track record in developing innovative companies and I am thrilled that they are joining CPP to lead our drive in creating customer led products for our global markets. This will ensure that we are at the cutting edge of insurance and assistance product development in the digital space." Paul Prendergast, CEO of Blink added: "CPP is the natural home for the Blink team. There is a great deal of technology crossover with CPP's existing customers and products and we are looking forward to working with the team to develop new insurance and assistance solutions."
http://www.yorkpress.co.uk/business/news/14979150.Choice_to_return_was_one_from_the_heart/