CPPGroup Plc Trading Update (9339L)
January 18 2021 - 1:00AM
UK Regulatory
TIDMCPP
RNS Number : 9339L
CPPGroup Plc
18 January 2021
18 January 2021
CPPGroup Plc
("CPP Group" or "the Group")
Trading Update
Resilient trading and strong EBITDA performance
CPP Group (AIM:CPP), the multinational product and services
company which specialises in the financial services and insurance
markets, provides an update on trading for the year ended 31
December 2020.
Since the publication of its half-year results in September
2020, the Group has continued to win new business and build its
pipeline of opportunities, strengthening and growing its partner
base despite the impact of the pandemic on the global trading
environment.
The Board is pleased to report that the recovery in India, the
Group's key growth market, has been stronger than anticipated, both
in its core business and in its majority owned business process
management company, Globiva. This has been supported by the steady
performance of our renewal portfolios in the UK and EU and a
resilient performance in our Turkish operation. As a result, the
Board expects revenue for the year to 31 December 2020 to be circa
GBP140 million compared to the current *market consensus of GBP133
million.
In light of the solid trading performance and a proactive focus
on cost management across the Group, the Board now expects to
report EBITDA in the range of GBP7.1 million to GBP7.3 million,
which is more than 10% ahead of the market consensus of GBP6.4
million.
Early in 2020, once the nature of the pandemic became
recognised, the company implemented a notably conservative plan for
managing its cash resources. As a result the Group's financial
position remains robust with a cash balance as at 31 December 2020
of GBP21.9 million.
While the global economic backdrop remains uncertain, the
Group's ability to adapt to the challenges of 2020 give the Board
confidence in the outlook for 2021.
The Group expects to report its full-year results on 24 March
2021.
Jason Walsh, Chief Executive, said:
"Despite the ongoing disruption and uncertainty caused by the
pandemic in the second half, we continued to deliver consistently
high levels of service and grow our business. Our ability to
respond quickly and effectively to the evolving needs of our
customers and partners meant we were able to strengthen existing
relationships and forge new ones, which will further benefit the
Group in 2021 and beyond."
*Market consensus expectations are an average of forecasts
published in November 2020 by the two equity analysts that
currently cover CPP
Enquiries:
CPP Group Plc via Alma PR
Jason Walsh, CEO
Oliver Laird, CFO
Sarah Atherton, Group Company Secretary
Investec Bank plc (Nominated Adviser & Corporate Broker) +44 (0)20 7597 5970
Sara Hale
Carlton Nelson
Alma PR (Financial PR Adviser) +44 (0)20 3405 0205
Josh Royston cpp @almapr.co.uk
Caroline Forde
David Ison
About CPP Group:
CPP Group makes millions of lives easier and better protected.
We partner with large scale companies across the globe to
understand their customers' needs and meet them through a range of
popular ancillary products and services which add value to their
core business. Specialising in the financial services and insurance
sectors, we achieve long-term, sustainable growth through
innovation, specialist digital capability and a culture that brings
out the best in our people. We are listed on AIM, operated by the
London Stock Exchange.
You can find out more about us at our website .
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