YORK-based CPP today reported a “robust” first half with improved profit performance.
The credit card insurer said it had delivered an improved profit performance, with an underlying operating profit of £2.2m, compared with breakeven in the first half of 2014.
CPP said it had a stable financial platform and stronger liquidity, following successful equity raising and debt restructuring at the start of the year, together with improved trading.
The group “expects to make further progress during the remainder of 2015 and, looking to next year, our current view is that the group’s underlying operating profit will be materially higher than the previous expectations set for 2016.”
Stephen Callaghan, the chief executive, commented: “CPP has made significant progress in the first half of 2015. Securing new equity funding and restructuring of the group’s debt has provided the business with a stable financial platform, and the business has delivered an improved profit performance underpinned by our on-going focus on costs.
“There is much work to do for the group to realise its growth ambitions, however we are seeing encouraging progress from the actions we are taking to improve our financial performance. We expect to make further progress during the remainder of 2015 and, looking to next year, our current view is that the Group’s underlying operating profit will be materially higher than the previous expectations set for 2016.
“CPP is going through a significant transition. We are in the early stages of the group’s transformation plan and the team at CPP has clarity of purpose, a focused approach, and well-defined accountability.
“As the group looks to the future, we know what we have to do and understand the importance of maintaining momentum in the delivery of our plans to ensure we achieve a strong, sustainable and profitable future.”
CPP has faced a turbulent time in the last 12 months, with share price falls prompting a refocusing of the group’s business and a move to the Alternative Investment Market (AIM) on the London Stock Exchange.