CPP posts rise in half-year profits

26/08/2010

Yorkshire credit card insurer CPP has reported surge in its half-year profits.
CPP's pre-tax profits rose to £11.8 million during the first-half of 2010, up from £7.8 million recorded during the same period a year ago.
The York-based group's revenue was up by 11% at £156.9 million.
CPP, which also offers identity theft protection, said its underlying operating profit surged by a fifth to £24 million, while the profit margin rose to 15.3%. Operating profit stood 47% higher at £21.8 million.
The firm's net debt has been reduced to £13.2 million at June 30 following the flotation. It has proposed an first interim dividend of 2.42p per share.
Group chief executive Eric Woolley said: "I am very pleased with the performance of CPP in the first half of 2010. We have delivered a good set of results in line with expectations and achieved a successful listing on the London Stock Exchange.
"These results have been driven by an increase in new revenues and a steady renewal rate, evidence of the global demand for our products and the strength of our business model."
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