International growth boosts CCP profits

Yorkshire-based credit card insurer CPP has increased its half-year profits to £11.8 million, it has revealed.

The company, which is based in York, said international demand for its products had helped increase pre-tax profits from £7.8 million in the same six-month period last year.

Eric Woolley, Chief Executive of CCP, said much of the growth was due to a strong performance abroad, particularly in Turkey, India and Mexico.

The group also signed its first contract in China in the six month period, as well as piloting a new scheme in Spain.

CCP, which offers protection against lost wallets, mobile phones, keys and credit cards, saw revenue grow by 11 per cent to £156.9 million in the six months to the end of June.

According to the latest figures released by the company, underlying profit was up 15.3 per cent to £24 million, which operating profit increased 47 per cent to £21.8 million.

Mr Woolley added: “CPP is a fast growing business with strong cash generation and a robust balance sheet.

“We are well positioned to build on this first set of results as a public company as we continue to execute on our proven growth strategy in the UK and internationally and so deliver sustainable profitable growth.”

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