CPP EBITDA from continuing operations falls in H1

18th Jul 2024 11:02

(Sharecast News) - Insurance and financial services company CPP Group warned on Thursday that interim underlying earnings from continuing operations were expected to be lower year-on-year.

CPP said EBITDA from continuing operations had sunk to approximately £1.1m, down from £2.1m a year earlier, while reported revenues from continuing operations had slipped 2% on H123 to £89.1m in H124

The AIM-listed group said its core business units reported revenues of £88.2m and EBITDA of approximately £4.0m, which it said was "satisfactory" given currency headwinds.

Operationally, during the first half of the year, CPP completed its Change Management Programme and, save for the UK legacy business which was in run-off, all of its legacy operations have now ceased.

Chief executive Simon Pyper said: " Generally, our first half trading performance was satisfactory and is in line with expectations.

"I expect the progress made during the first half of 2024 to continue during the remainder of this year and into next."

As of 1100 BST, CPP shares were down 4.59% at 156.0p.

Reporting by Iain Gilbert at Sharecast.com