16th Apr 2020 11:47
(Alliance News) - CPPGroup PLC on Thursday said rapid growth in international revenue and customer numbers led to a in-line performance for 2019.
The insurance and financial services company added that it has entered 2020 with a strong platform and remains confident of navigating the global uncertainty created by Covid-19 pandemic.
The company's pretax profit for 2019 multiplied to GBP1.1 million from GBP300,000 a year ago, mainly driven by growth in the Indian market. Adjusted earnings before interest, tax, depreciation and amortisation increased by 38% to GBP8.7 million.
Annual revenue increased 26% to GBP138.4 million from GBP110.1 million. Revenue from ongoing operations increased by 37% to GBP121.0 million, including a 53% increase in Indian revenue to GBP99.6 million.
Chief Executive Jason Walsh said: "India has been the driving force behind these achievements and we have also seen good progress in our China and Turkey markets. Our re-entry into the UK market has developed well, with new acquisitions opening up growth potential as we establish our presence domestically.
"We are very pleased to have not only deepened relationships with existing major financial services and insurance brands but also secured new relationships in key strategic markets, with the likes of Bank of Communications in China and Tata Capital Financial Services in India now counted as partners".
The Leeds-based company said it will continue to invest in its business model to deliver long-term growth and navigate the current virus uncertainty. The company also plans to focus on growing its margins and developing opportunities to work with new and existing partners across the globe.
CPPGroup ended 2019 with a cash balance of GBP22.0 million versus GBP26.0 million a year ago.
Shares in the company were up 7.1% at 3.37 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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