CPPGroup Plc Pre Close Announcement & Board Changes (0477W)
December 20 2013 - 1:00AM
UK Regulatory
TIDMCPP
RNS Number : 0477W
CPPGroup Plc
20 December 2013
CPPGROUP PLC
20 December 2013
Pre Close Announcement & Board Changes
CPPGroup Plc ("CPP" or the "Group") today publishes the
following statement prior to entering its close period for the year
ended 31 December 2013.
Group review
Underlying operating performance for the Group has continued in
line with the trends outlined in the Group's Interim Management
Statement, published on 30 October 2013. As previously stated, the
operating environment continues to be challenging and the Group's
performance for 2013 remains in line with previous guidance.
The Group is in the early stages of repositioning the business
and remains focused on realigning the business model and cost-base
whilst successfully completing the proposed Scheme of Arrangement
("Scheme") to review claims and, where appropriate, pay redress to
customers. Significant risks and uncertainties remain in the short
to medium term, particularly in relation to the Scheme, liquidity
and the on-going challenges of the operating environment.
Total costs and provisions made in the Group's financial
statements for customer redress and associated costs have increased
by GBP10.0 million to GBP65.8 million. This additional provision
reflects the Group's latest estimate of customer redress and
associated costs.
Progress is being made by the new leadership team developing the
Group's longer-term strategy, details of which will be communicated
with the Group's 2013 preliminary results and the process of
improving the operational capability and controls required to
return the Group to a position of stability and strength.
Board changes
Charles Gregson, Non Executive Chairman, has notified the Group
of his intention to step down from the Board in due course. Charles
will remain in post until an orderly succession and an appropriate
handover has been completed. A process to identify a new Non
Executive Chairman for the Group will commence immediately.
Charles was appointed Non Executive Chairman of CPP in January
2010 and has been instrumental in supporting the Group during a
period of immense challenge and much change. The Group has been
well served during his four year tenure and the Board wishes to
express its sincere thanks to Charles for his service, leadership
and guidance.
Charles Gregson, Non Executive Chairman, commented:
"2013 has been an important year of progress, challenge and
change. The foundations have been laid to stabilise the business
and we have in place a strong and experienced Board and management
team. It is therefore, appropriate for me to step down in due
course and hand over to a successor who will guide the Group
through the next phase of its development. I am especially grateful
for the strong support that I have received from my Board
colleagues over the years and thank everyone at CPP for their
on-going hard work."
For enquiries contact:
Investor Relations
CPPGroup Plc
Brent Escott, Chief Executive Officer
Craig Parsons, Chief Financial Officer
Tel: +44 (0)1904 544702
Helen Spivey, Head of Corporate and Investor Communications
Tel: +44 (0)1904 544387
Media
Tulchan Communications: Martin Robinson; David Allchurch
Tel: +44 (0)20 7353 4200
Notes to Editors
CPPGroup Plc (CPP) is an International Assistance business
operating in the UK and overseas with more than 200 Business
Partners worldwide. Via its Business Partners, CPP provides Life
Assistance products to consumers, which includes annually renewed
and packaged products that provide assistance and insurance across
a wide range of market sectors designed to make everyday life
easier to manage.
For more information on CPP visit www.cppgroupplc.com
Cautionary statement
This trading statement contains certain forward-looking
statements. These statements are made by the directors in good
faith based on the information available to them up to the time of
approval of the trading statement but such statements should be
treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying any such
forward-looking information. Subject to the requirements of the UK
Listing Authority's Disclosure and Transparency Rules and Listing
Rules, CPPGroup Plc undertakes no obligation to update these
forward-looking statements and it will not publicly release any
revisions it may make to these forward-looking statements that may
result from events or circumstances arising after the date of this
trading statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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