15 January 2025
CPPGroup
plc
(the
"Group" or the "Company")
Trading Update for Financial
Year 2024
Ahead of its full-year results, CPP
Group (AIM: CPP), a provider of real-time assistance services which
reduce disruptions to everyday life for millions of people across
the world, is pleased to provide a trading update for the year
ended 31 December 2024.
The Board expects revenues and
EBITDA from continuing operations1 to be in line with
market estimates2 at circa £156 million (2023 restated:
£173.4 million) and £1.4 million (2023 restated: £1.3 million)
respectively. The Group's trading performance for the year was
solid given the adverse currency headwinds, the partial transfer of
Bajaj's LivCare business to locally based (Indian) insurers and the
continued investment in Blink Parametric ("Blink"), the Group's
digitally focused parametric business.
The Group, post the completion of
the Change Management Programme, is now what it set out to be some
two years ago, a digitally focused business led by Blink and
supported by CPP India and CPP Turkey.
The Group's focus has and will
continue to be to grow Blink. During 2024, Blink made considerable
progress and is now providing travel disruption and cyber solutions
to 28 partners (2023: 17) across 22 geographies (2023: 12). Blink's
solutions, which are digitally delivered, are now included in over
1.5 million customer policies, with some 615,000 flights tracked
and 8,000 automated claims resolutions processed during 2024. In
addition, Blink ended the year with 100% renewal rate of existing
contracts and increased its annual recurring revenue ("ARR") by 62%
to £1.6 million (2023: £1.0 million), which is testament to both
the quality of service and growing demand for Blinks
solutions.
Blink's growth strategy is to
provide innovative parametric solutions to a growing roster of
large global and regional insurance companies who, in partnership,
deploy Blink's solutions across multiple geographies, multiple
platforms and multiple customer audiences (consumers, banks,
airlines etc). Blink's key contract highlights for 2024:
· Travel: Partnership with AXA Partners (part of the AXA Group
and one of the largest travel insurers) to provide Blink's flight
delay solution, initially in nine markets, to Hong Kong Express (a
leading airline in Asia).
· Travel: Contract extensions with Zurich in Asia Pacific and
MAWDY (part of the Mapfre Group) in Europe and Africa.
· Cyber:
Global framework agreement signed with a leading Global Credit
Bureau and Cyber Security providers to distribute "Blink CyberScan"
into its suite of cyber services.
The Group's results for the year
ended 31 December 2024 are due to be published on 25 March
2025.
Simon Pyper, CEO of CPP Group, commented:
"We made good progress in 2024,
delivering solid results despite challenging conditions and
successfully completing the Change Management Programme initiated
in October 2022. The Group is now what it set out to be two years
ago; a digitally focused business led by Blink and supported by CPP
India and CPP Turkey.
Blink continues to make real
progress, partnering with some the world's leading global and
regional insurers and has a healthy pipeline of new opportunities.
Blink now provides travel disruption and cyber solutions to 28
partners across 22 geographies. With a solid foundation in place
and momentum continuing to build, the Board is confident Blink is
poised for long-term success."
1
Continuing
operations include the results for Blink, CPP India, CPP Turkey and
the UK Legacy business which is in run-off. The results for Globiva
and the Group's legacy Spanish, Portuguese and Italian businesses
are, due to sale or closure, reported separately as discontinued
operations.
2
Market estimates
for revenue at £157.1 million and EBITDA at £1.3 million for the
2024 financial year.
Enquiries:
CPPGroup Plc
Simon Pyper, Chief Executive
Officer
via Alma Strategic Communications
David Bowling, Chief Financial
Officer
Panmure Liberum
(Nominated Adviser and Sole
Broker)
Tel: +44 (0)20 3100 2000
Richard Lindley
Will King
Alma Strategic Communications
CPP@almastrategic.com
Josh
Royston
Tel: +44 (0)20 3405 0205
Andrew Jaques
David Ison
Kieran Breheny
About CPP Group:
CPP Group is a technology-driven
assistance company that creates embedded and ancillary real-time
assistance products and resolution services that reduce disruption
to everyday life for millions of people across the world, at the
time and place they are needed. CPP Group is listed on AIM,
operated by the London Stock Exchange.
For more information on CPP visit
https://corporate.cppgroup.com/