Trading Statement (3010Y)
December 21 2010 - 2:00AM
UK Regulatory
TIDMCPP
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: +44 (0)1904 544702
Tulchan Communications
John Sunnucks
David Allchurch
Tel. +44 (0)20 7353 4200
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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