Profits tumble at CPP

'‹'‹Credit card protection firm CPP'‹, which underwent a boardroom coup by founder Hamish Ogston'‹ in May, said half year profits fell from Â£19m to Â£2.5m in the first half of 2016. '‹The York-based firm said it has identified '‹strategic priorities to drive sustainable growth'‹ following the appointment of a new board.'‹ '‹The group's new CEO'‹ Jason Walsh said: "CPP delivered a solid underlying performance in the first half of the year, which demonstrated the resilience of the core business. "Since I was appointed CEO in May we have been developing a strategic plan that will take this core strength and build on it and return the business to sustainable growth. We are actively developing new products and are very encouraged by the global potential for OwlDetect, our cybersecurity alert service, which we plan to launch next month." '‹He said it is vital that the group returns to growth, which will be supported by new product development. "For this reason we were very encouraged by the rise in customer numbers to 3.9 million during the first half of the year, although we believe that we are still only scratching the surface of the potential market for our services," he added. "Meanwhile we continue to address our cost base, to ensure that the group has the appropriate resources and tools to support its planned development."

The York-based firm said it has identified strategic priorities to drive sustainable growth following the appointment of a new board.

The group's new CEO Jason Walsh said: "CPP delivered a solid underlying performance in the first half of the year, which demonstrated the resilience of the core business.

"Since I was appointed CEO in May we have been developing a strategic plan that will take this core strength and build on it and return the business to sustainable growth. We are actively developing new products and are very encouraged by the global potential for OwlDetect, our cybersecurity alert service, which we plan to launch next month."

He said it is vital that the group returns to growth, which will be supported by new product development.

"For this reason we were very encouraged by the rise in customer numbers to 3.9 million during the first half of the year, although we believe that we are still only scratching the surface of the potential market for our services," he added.

"Meanwhile we continue to address our cost base, to ensure that the group has the appropriate resources and tools to support its planned development."