By Elena Vardon
CPPGroup swung to a pretax loss for the first half of 2032 despite a rise in revenue as the closure of its legacy business led it to booking hefty provisions.
The provider of assistance and insurance products on Tuesday posted a pretax loss of 3.7 million pounds ($4.6 million) for the six months ended June 30 compared with a pretax profit of GBP1.3 million a year prior.
The company booked a GBP5.8 million exceptional charge from the legacy activity closure in the period, it said.
On an underlying basis, pretax profit rose to GBP2.0 million from GBP1.6 million, CPPGroup said.
Revenue was GBP93.5 million compared with GBP77.8 million, boosted by growth in its key Indian and Turkish markets, it said.
The London-listed group said earnings before interest, taxes, depreciation and amortization was GBP2.9 million, broadly flat on year as expected, given its planned investment in its insurance technology business Blink, a change in its product sales mix in India and currency headwinds.
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