CPPGroup, the London-listed provider of assistance and insurance products, announced on Tuesday that its revenue for the first half of the year increased by approximately 22% compared to the same period last year. Despite facing recent currency headwinds, the company experienced strong revenue growth in its key markets in India and Turkey.
The company also stated that its earnings before interest, taxes, depreciation, and amortization are expected to remain flat, matching the restated figure of GBP2.9 million from the previous year.
CPPGroup’s InsurTech business, Blink Parametric, focused on the travel sector, successfully acquired several new clients in the United Kingdom, Europe, and North America. Additionally, the company achieved a 100% renewal rate from existing customers.
According to CPPGroup, these positive results indicate that their strategy and approach are effective. However, they acknowledged that the outcomes are being delivered at a somewhat slower pace than initially anticipated.
In line with its change management program, CPPGroup plans to exit its legacy businesses and concentrate on expanding Blink’s operations in India and Turkey. The closure of legacy activities is expected to result in exceptional provisions that will impact both interim and full-year results.