22nd Jan 2024 11:29
(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
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