24th Aug 2021 09:13
(Alliance News) - CPPGroup PLC on Tuesday reported solid interim revenue growth as the company grappled with the continuing effects of the pandemic upon its markets.
The insurance and financial services firm posted revenue for the six months ended June 30 of GBP66.4 million, up 10% from GBP60.3 million a year before. A pretax loss of GBP700,000 was recorded, swinging from a GBP500,000 profit for the prior year period.
Chief Executive Jason Walsh said a strong first quarter had been tempered by the negative effects of coronavirus in the second, particularly in the company's main market of India.
"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," commented Walsh.
Looking at the second half, CPP noted that a progressive recovery in trading has been seen since the end of June as Covid measures have eased in India. Although the Leeds-based company did caution that it remains "cognisant of the need to monitor the situation closely".
Current trading is broadly in line with market expectations for the full year, CPP highlighted, with the outlook being positive for the remainder of the year.
An interim dividend of 5 pence per share was proposed, having not paid one a year earlier.
Shares in CPP were untraded on Tuesday morning in London, last quoted at 440.00 pence each.
By Will Paige; [email protected]
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