CPP returns to the black

CPP said positive results reflect a new beginning for the company

CPP said positive results reflect a new beginning for the company

0
Have your say

Credit card protection firm CPP said it made ​"significant progress​"​ in 2015​ as it returned to the black.

The York-based firm, which is in the middle of a board room tussle with shareholders, said it made a £20.8m profit in 2015, up from a loss of £6.7m in 2014.

CEO Stephen Callaghan​ said:​ ​"We have made​​ significant progress in 2015, highlighted by our strong overall performance, including a substantial uplift in our profitability over the prior year.

​"​These results reflect a new beginning for CPP. We now have the right leadership team in place, supported by over 700 great colleagues and a similar number of dedicated customer service agents.​"

The firm was fined £10.5​m in 2012 for misleading customers into buying worthless insurance for credit​ cards.

​Following discussions with the FCA, the ​c​ompany ​has been told it ​must demonstrate that management practices and shareholder influence of the past no longer exist, before reinstatement of regulatory permissions in the UK will be considered.

​CPP said reinstatement of regulatory permissions ​is a key part of the ​g​roup's plans.​

​Earlier this week CPP said it was surprised by demands from shareholders for an overhaul of the board "given that the company’s overall performance has been strong".

Back to the top of the page