A challenging 2018 that saw CPP Group Plc report an operating loss of £0.2 million, was turned around with style during 2019 – with the global product and services company revealing a profit for the full year of £1.6 million.
The company, which specialises in the insurance markets, saw pre-tax profit of £1.1 million – up from £0.3 million a year earlier – while revenue increased by 26% to stand at £138.4 million. The success saw the company pass the 10 million customer mark worldwide, meaning it has now doubled in size since 2016.
In a release announcing its performance, the firm outlined that the results had given it “a strong platform to withstand tougher trading conditions during 2020 created by the coronavirus outbreak.”
It stated that it anticipates increased customer interest for life assistance services and products, particularly within the travel and health sector – and is also hopeful of growing demand for parametric insurance.
“I am very pleased to report 2019 was another positive year for the group,” said chief executive Jason Walsh (pictured). “We successfully continued our transformation to becoming a truly global business as international revenues increased rapidly, with the strong performance in 2018 being surpassed in 2019.
“Like all companies, we are taking steps to manage the challenges posed by the coronavirus outbreak, including limiting expenditure and working closely with partners to maintain our long-term growth strategy.
“As a multinational operation built on expert local knowledge, we’re attuned to adapting and providing great services for partners and customers whatever the circumstances.
“We are also adept at innovating to meet changing requirements. For example, our operations in China are moving at pace towards delivery of new travel and health-based products for their market just weeks after coming out of lockdown.
“We will draw on these kinds of experiences, the talent of our people and robust financial position to respond to new expectations and opportunities.
It noted that its insurtech company Blink had contributed to the results, alongside strategic growth markets that include the UK, India, Turkey and China, with business partners for the firm leaping by 50%.