Personal protection and insurance products and services provider CPP Group Plc has published its financial results for the six months ended June 30, and the numbers are something of a mixed bag.
Here’s how CPP Group performed in the first half, based on the company’s continuing operations:
|
Metric |
H1 2021 result |
H1 2020 result |
|
Revenue |
£66.4 million |
£60.3 million |
|
EBITDA (earnings before interest, taxes, depreciation, and amortisation) |
£2.6 million |
£1.9 million |
|
Operating profit/(loss) |
£(0.5) million |
£0.5 million |
|
Reported profit/(loss) before tax |
£(0.7) million |
£0.5 million |
|
Underlying profit/(loss) before tax |
£0.8 million |
£0.6 million |
|
Reported profit/(loss) after tax |
£(1.8) million |
£(1.2) million |
|
Underlying profit/(loss) after tax |
£(0.4) million |
£(1.1) million |
If discontinued operations were included, CPP Group’s profit for the period would be at £1.3 million. In the same half-year span last year, the corresponding figure was a £0.7 million loss.
“The first half of 2021 was a similar story to that of 2020, with a strong first quarter tempered by the negative effects of COVID-19 in the second, particularly in our main market of India,” said chief executive Jason Walsh (pictured).
“Nonetheless, we have adapted well across our markets and delivered a solid overall performance on the corresponding period last year while making progress in restructuring elements of the group to further strengthen its position for long-term, sustainable, and profitable growth.”
Read more: CPP Group provides trading update
Walsh added that the business continues to make progress elsewhere in its key markets.
The CEO noted: “Our performance in Turkey at a local level was particularly pleasing, driven in large part by our expanded network of partners in the territory. However, the continuing devaluation of the lira has largely negated this performance at a group level.
“In the UK and EU (European Union) we continued to build on strong foundations to develop an innovative, differentiated, and integrated business with compelling prospects.”
According to Walsh, the board believes CPP Group is trading broadly in line with market expectations for the full year, with the outlook being positive for the rest of 2021.
Meanwhile, following recommencement of dividends, CPP Group board directors have approved an interim dividend of five pence per share payable on September 24.
