CPPGroup Plc
("CPP
Group"; "the Group"; or "the Company")
Disposal of Italian Legacy
Business
CPP Group (AIM: CPP), a provider
of real-time, digitally delivered assistance products which reduce
disruptions to everyday life for millions of people, announces that
it has disposed of its legacy operations in Italy through the sale
of its wholly owned subsidiary, CPP Italia Srl ("CPP Italy") to IGS
EMEA SL for a cash consideration of €0.5 million (the
"Disposal").
CPP Italy is non-core to the Group
following the announcement in October 2022 of its revised strategy
to withdraw from its legacy operations and to transform the Group
to a digitally focused parametric business led by Blink Parametric
and supported by CPP India and CPP Turkey.
For the 2023 Financial Year, CPP Italy
contributed EBITDA of £0.2 million to the Group's overall EBITDA of
£4.8 million and recorded a profit before tax of £0.1 million.
As at 31 December 2023, CPP Italy had net assets of
£0.1 million. The impact of the Disposal will, therefore, not be
material to the Group.
The Disposal marks the final step in
the Group's withdrawal plans from its legacy operations, with Spain
and Portugal closed, Italy and Mexico sold, and the UK in active
run-off.
Simon Pyper, Group CEO, commented:
"The disposal of CPP Italy is
consistent with our stated strategy and is another positive step as
we simplify the Group and transform to a digitally led parametric
business."
The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as amended by The Market
Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Enquiries:
CPP
Group plc
Simon Pyper, Chief Executive
Officer
Tel: +44 (0)7917 795601
David Bowling, Chief Financial
Officer
Liberum Capital Limited
(Nominated Adviser and Sole
Broker)
Tel: +44 (0)20 3100 2000
Richard Lindley
Will King
About CPP Group:
CPP Group is a technology-driven
assistance company that creates embedded and ancillary real-time
assistance products and resolution services that reduce disruption
to everyday life for millions of people across the world, at the
time and place they are needed, CPP Group is listed on AIM,
operated by the London Stock Exchange.
For more information on CPP
visit https://corporate.cppgroup.com/