CPPGroup set to meet half-year expectations

Insurance and assistance products provider CPPGroup said in a trading update on Friday that it expected to report first-half results in line with its expectations.

The AIM-traded firm said that, despite global economic headwinds, it was still recording “good growth” in its key markets of India and Turkey.

Its technology platform Blink, which serves the global travel sector, was starting to build a “credible proposition” around its travel disruption services.

Operationally, CPPGroup said it was focussed on a change management programme, which it described as a “substantial undertaking” which would include the exit from or closure of certain legacy businesses, management of its legacy renewal books, the delivery of a new IT platform for its Indian business, and platform capacity for Blink.

The board said it would be a “complex, multi-year programme” that was not expected to complete until early 2025.

It said it would provide a more detailed update on the programme alongside its interim results.

“We are at the start of a journey, which once completed will see us transform from a complex to a simplified business focused on providing innovative, embedded and tech-based products and solutions to our growing partner base,” said chief executive officer Simon Pyper.

“Whilst there is much to be done, I am confident that we are travelling in the right direction and at an appropriate speed.”

CPPGroup said it would announce its interim results for the six months ended 30 June on 26 September.

At 1003 BST, shares in CPPGroup were flat at 185p.

Reporting by Josh White at Sharecast.com.