CREDIT card protection firm CPP has returned to profit, after “a significant year of progress”.
CPP has published its annual results, which reveal that it achieved an underlying operating profit of £0.5 million for 2014, compared with a £1.8 million loss in 2013.
CPP said that the successful completion of the £20 million fundraising and debt restructure in February has strengthened the capital position of the group.
The group also recently announced that it had awarded a contract to SSP, based in Halifax, to provide a new single platform IT system across the countries that it operates in. This will support the development of a digital product portfolio.
However, York-based CPP warned that challenges and risks remain in the execution and delivery of the group’s strategic plans, and further action is required before the business achieves its full potential.
Eric Anstee, the company’s executive chairman, said: “CPP has come a long way in 2014. The UK scheme of arrangement was a significant undertaking and its completion marked the closure of a challenging period in the group’s history. The subsequent restructuring and substantial new investment has set the group on a new path that I believe will bring new opportunities for this business.
“I was appointed to the board at the end of 2014 and, despite the significant challenges that the group traversed last year, I have been struck by the renewed energy and enthusiasm within the company. CPP has many strengths – long standing relationships with a broad range of business partners around the world, an international footprint and people that have the ability to develop important products that customers like and trust.
“These qualities are the foundations on which we will continue to build CPP’s future in the year ahead. The future will be digital-led and we have recently announced critical investment in a new IT system that will support our ambitions in this area. This is an important first step on a new path for CPP, on which we are focused on taking action to drive improved business performance and maximise value for our shareholders.”
Around 400 of CPP’s 900 staff are based in York.