Growth still on the cards in uncertain world

The stock market newcomer saw shares rise seven per cent during trading following the upbeat interim management statement.

Eric Woolley, chief executive, told the Yorkshire Post: "Despite the fact that the world at large is quite an uncertain place, we are continuing to deliver steady and consistent performance and double-digit revenue growth.

"We are very much delivering on our promises at the initial public offering of a quality business with visibility of earnings, good margins, high cash flow and growth with international sex appeal."

The York-based company offers life assistance to victims of credit card and identity theft and operates in 15 countries.

Its northern European business has continued to perform well, with good revenue growth in the UK, helping to offset a slowdown in southern Europe.

CPP, which also offers protection against the theft or loss of wallets, mobile phones and keys, said its annual renewal rate stood at 76.2 percent, which was broadly consistent with that reported in August.

Its North American division continues to deliver year-on- year growth, while operations in Asia Pacific also saw growth.

In China, the group has signed a new card protection retail contract with Shenzhen Development Bank, adding to its existing wholesale contract with Guangdong Development Bank.

CPP said it is making "encouraging progress" in its other newly launched markets of Turkey, India and Mexico.

The group has around 300 business partners across the world, including banks, retailers, telecommunications and catalogue companies.

Global business sentiment is characterised by lack of certainty, said Mr Woolley in an interview with this newspaper.

He added: "The deficit reduction programmes in a number of countries are creating a lack of confidence. When you drill in however, that tends to be fragmented.

"A market like Germany is not showing the same sort of uncertainties as Spain. We are in both markets. Then you have to say China is nowhere near the United States and Mexico is not the same as the US.

"We have a patchwork of scenarios.

"For us, with our biggest market being the UK with 70 per cent of our business, I would then get further refined by saying it does depend what products you are offering.

"Our products are addressing two two highly relevant issues today – fraud and identity theft. While the consumer may be apprehensive about the world around him, he still wants the products that we offer in card protection and identity theft."

The group employs just over 2,000 people, around half of which are in Yorkshire, and has regional managing directors in Hong Kong, Minneapolis, Madrid and York.

CPP floated on the London Stock Exchange in March, raising 150m, which valued the firm at 396m.

The vast majority of the money raised in the flotation went to founder and majority shareholder Hamish Ogston, with 30m being used by the company to pay down debt.

Shares closed last night at 256.40 pence, up four per cent, giving CPP a market capitalisation of 426m.