Finance director departs as CPP sees revenue fall

CPP Group HQ offices in York.
CPP Group HQ offices in York.
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CPP Group announced that it is parting ways with its finance director as it reported a fall in group turnover.

Michael Corcoran will stand down from the York-based life assistance business at the end of next month and a search for his successor has already begun, the firm said,

A statement said Mr Corcoran had made an “invaluable contribution to the stability of the group and provided continuity during a period of potential risk to the business”.

Its annual accounts showed that group revenue from continuing operations fell to £73.6m in 2016 from £76.8, the year prior.

And while the firm said this represents a significantly reduced rate of decline of four per cent compared to previous year’s 20 per cent its net fund position was down to just under £27m.

Revenue in CPP’s international markets grew 33 per cent to £44.9m, with revenue from India having more than doubled to £15.2m.

A statement said: “The current year has started well, and while the Group anticipates growing revenues in 2017, further investment will be made in the current year in order to provide a sustainable performance in the medium to long term.”

Chief executive Jason Walsh said: “Since my return to the business last May, I have undertaken a review of the business and made a number of significant operational improvements.

“2016 was a year where we laid the foundations for our future growth. We have started to see encouraging signs of customer growth although there is still work to be done. The strength of our international business is particularly encouraging, most notably in India.

“New product development is key for our business as we continue to provide assistance products to our customers.”

Last month CPP revealed it had acquired Blink Innovation, an insurtech start-up targeting which services travel insurance space, for €1m.