CPP expects profits and sales growth

The York-based company, whose services include credit card insurance, identity theft protection and mobile phone cover, said most of its revenue growth for the six months to the end of June has been from Northern Europe.

This was driven by developing packaged accounts, growth of identity protection, plus the continued roll out of new card protection and identity protection variants.

CPP earlier this year made its debut on the stock market when founder Hamish Ogston partially sold up. It said recently launched markets including India, Mexico and Turkey have continued to develop and grow, as it takes advantage of recent business partner wins.

The group added it expects growing sales, together with the roll out of higher priced products and a better sales mix, will increase underlying operating profits.

"CPP continues to perform well and has made good strategic and operational progress in the first half of 2010," said chief executive Eric Woolley.

"Our addressable market continues to expand as we develop further growth channels, such as packaged accounts in the UK, and further develop our presence in key emerging markets.

"The year is progressing in line with expectations, demonstrating the strength of our business model. Our key financial metrics remain on track and with strong cash generation and a robust balance sheet, we look forward to the second half of the year with confidence."

The group also revealed board changes, with non-executive director Tim Kelly departing and Patrick de Smedt joining the board as a non-executive from late August. Les Owen will also join the board as a non-executive from September 21.