Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
CPPGroup PLC on Monday said that its revenue and earnings outperformed market estimates for 2023 as it aimed at building a business which would deliver long-term value for shareholders.
The Leeds, England-based technology-driven assistance and insurance provider said revenue was £193 million in 2023, up 14% from £169.8 million a year prior and 9.0% higher than what it said was a market estimate of £177.0 million.
Earnings before interest, tax, depreciation and amortisation from continuing operations fell 30% to £4.8 million from £6.9 million but outperformed market estimate of £4.2 million by 14%.
The company noted currency headwinds, but highlighted that its legacy business performed better than forecast, emphasising robust renewals.
Chief Executive Officer Simon Pyper said: ‘We remain committed to our strategy of focusing on our core businesses and exiting from those businesses and activities, such as Globiva, which are considered to be non-core. Although there is much to be pleased about and we look forward with confidence to 2024, there remains much to do as we build a business which delivers long-term value for shareholders.’
CPPGroup shares rose 7.9% to 150.00 pence each on Monday morning in London.
Copyright 2024 Alliance News Ltd. All Rights Reserved.