CPPGroup, a provider of assistance and insurance products, has announced a pretax loss of £3.7 million ($4.6 million) for the first half of 2032. Despite the loss, the company saw a rise in revenue due to growth in its key Indian and Turkish markets.
Legacy Business Closure Leads to Hefty Provisions
The closure of CPPGroup’s legacy business resulted in a hefty exceptional charge of £5.8 million during this period. However, on an underlying basis, the company reported a pretax profit of £2.0 million, compared to £1.6 million in the previous year.
Revenue Growth Driven by Indian and Turkish Markets
CPPGroup’s revenue for the six months ended June 30 was £93.5 million, up from £77.8 million. The growth in revenue was primarily driven by the company’s success in its key markets in India and Turkey.
Earnings Remain Stable Despite Challenges
The London-listed group reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of £2.9 million, which remained relatively flat compared to the previous year. This stability was expected, considering CPPGroup’s planned investment in its insurance technology business Blink, changes in its product sales mix in India, and currency headwinds.