CPP Group Plc is pleased to announce its half year results for the six months ended 30 June 2024.
Financial Highlights:
• Group revenue decreased by 2% to £89.1 million (H1 2023 restated: £90.6 million).
• Group EBITDA at £1.1 million (H1 2023 restated: £2.1 million).
• Core business units (CPP India, CPP Turkey and Blink Parametric) revenues increased by 1% to £88.2 million (H1 2023: £87.0 million).
• EBITDA from Core business units4 at £4.0 million (H1 2023: £3.9 million)
• Loss before tax of £0.7 million (H1 2023 restated: £3.0 million loss).
• Cash balance of £11.6 million at 30 June 2024 (H1 2023: £16.0 million; 31 December 2023: £19.0 million).
Operational Highlights:
• Group focused on three Core businesses (Blink Parametric (“Blink”); CPP India, and CPP Turkey).
• Core businesses:
o Blink secured five new contracts and maintained its 100% partner renewal rate.
o CPP India and CPP Turkey performed in line with expectations, despite currency headwinds.
• Change Management Programme (“CMP”) completed ahead of schedule.
• Exit from Legacy businesses complete, with UK back book in active run-off.
• Disposal of minority interest in KYND Limited (“KYND”) completed for £2.6 million.
Post period end:
• Subsequent to the reporting date:
o Blink has signed another two contracts, for its parametric flight disruption services.
o CPP India has secured an extension of the Bajaj Finance Limited (“Bajaj”) contract to 31 December 2027.
o The Group has completed the accelerated disposal of its 51% interest in Globiva Services Private Ltd (“Globiva”) for a total consideration of approximately £3.8 million of which, £1.1 million was received in January 2024.
Simon Pyper, CEO of CPP Group, commented:
“Our businesses in India and Turkey performed very much as expected during the first half of the year despite currency headwinds and the transfer of part of the LivCare book to locally based insurers in India. However, our primary focus continues to be growing Blink – a global product – and we have made good progress during 2024. Blink now provides travel disruption solutions to 19 partners across 12 geographies.
Following the completion of the CMP and exit from our Legacy operations, the Group is now the business that it set out to become some two years ago, namely an InsurTech business led by Blink.”