23rd Mar 2020 18:03
(Alliance News) - CPPGroup PLC said Monday financial 2019 performance was in line with internal expectations on growth in international revenue and customer numbers.
CPPGroup was scheduled to release results this Wednesday but has postponed them at the request of the UK Financial Conduct Authority.
Shares in CPPGroup closed 9.7% lower in London on Monday at 2.62 pence each.
For 2019, the company expects to report a 26% year on year rise in revenue to GBP138.4 million from GBP110.1 million.
Adjusted Ebitda is expected to rise by 38% to GBP8.7 million from GBP6.3 million.
CPPGroup saw increased diversification in its Indian business with the launch of a new product, and partnerships with major brands such as Tata Capital Financial Services and American Express.
Globiva continues to outperform expectations as one of India's fastest growing Business Process Management providers with over 2,000 billable seats across four locations. CPPGroup's partner base has grown 50% driven by its key strategic markets of India, Turkey, China, the UK and Blink.
Chief Executive Jason Walsh said: "2019 has been another positive year for the group as we continue to execute our strategic plan. International revenues are growing rapidly with the strong performance reported last year being surpassed in 2019. India has again been the driving force behind this progress, significantly increasing its revenue, profitability and customer numbers, whilst Turkey continues to make a valued contribution."
He added: "Looking ahead, we are ideally positioned to continue the delivery of our strategic plan and build value. We have long-term partnerships that are flourishing around the group, our acquisitions are performing well and are adding value, and our developing markets are making good progress with exciting propositions and sales pipelines.
"However, the impact coronavirus will have on our partners and the behaviour of customers is not yet clear. We continue to monitor the situation and will respond accordingly."
By Paul McGowan; [email protected]
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