ID theft insurer CPP post profits leap

CREDIT card protection company CPP Group said it will continue to deliver a year of growth after reporting a surge in half-year profits and sales.

The York-based company, which floated on the London Stock Exchange earlier this year, said pre-tax profits for the first six months of the year jumped by 38 per cent to 22.7m, boosted by rapid growth across new markets.

CPP, which raised 150m through its London listing in March, reported sales up 11 per cent at 156.9m.

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CPP, which also offers protection against the theft or loss of wallets, mobile phones and keys, said it was encouraged by future growth opportunities.

"I am still encouraged by our medium term pipeline of business opportunities and expect the momentum in the business that we have demonstrated since IPO to continue to deliver a year of growth for the group in line with market expectations," said chief executive Eric Woolley.

CPP proposed an interim dividend of 2.42p per share.