Trading Statement

RNS Number : 3010Y

CPPGroup Plc

21 December 2010

 



CPPGROUP PLC

21 DECEMBER 2010

PRE CLOSE ANNOUNCEMENT

CPPGroup plc today publishes the following statement prior to entering its close period for the year ended 31 December 2010.

Trading remains in line with management expectations outlined in our third quarter Interim Management Statement on 28 October 2010.

Since our third quarter IMS, we have contracted with Deutsche Bank to sell our Card Protection product in Italy and we have now signed a contract for a retail pilot of Card Protection with Guangdong Development Bank in China. This is in addition to our existing wholesale contract with Guangdong and is our second retail contract in China following the previously announced contract with Shenzhen Development Bank.

New Assistance Income has continued the growth trend seen earlier in the year. The Annual Renewal Rate continues to reflect reduced rates in Southern Europe and the mix effect of an increasing renewal base in our newer territories.

The Group continues to be strongly cash generative, with low net debt, and there has been no change in our financial position.

Eric Woolley, Group Chief Executive commented:

"CPP is a cash generative, fast growing business with a proven growth strategy in the UK and internationally, and I am pleased with the progress the business has made this year.

"We are excited by the growth opportunities available to us and are encouraged by the development of our recently launched markets, including China, India and Mexico. We expect Turkey to record full year profits for the first time since launch. CPP is well placed to keep developing attractive business opportunities with new and existing partners around the world.

"Looking forward, whilst economic conditions remain challenging our outlook for the future remains unchanged and we remain on track to deliver another year of strong growth in line with expectations."

CPP will announce its 2010 full year results on 3 March 2011.

For enquiries contact:

Eric Woolley, Group Chief Executive

Shaun Parker, Chief Financial Officer

Tel: [phone]

Tulchan Communications

John Sunnucks

David Allchurch

Tel. [phone]

Cautionary statement:

This trading statement contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of approval of the trading statement but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information. Subject to the requirements of UK Listing Authority's Disclosure and Transparency Rules and Listing Rules, CPPGroup plc undertakes no obligation to update these forward-looking statements and it will not publicly release any revisions it may make to these forward-looking statements that may result from events or circumstances arising after the date of this trading statement.

 

END

 

 

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