Pre Close Statement (3716J)
June 30 2011 - 2:00AM
UK Regulatory
TIDMCPP
RNS Number : 3716J
CPPGroup Plc
30 June 2011
CPPGROUP PLC
30 JUNE 2011
PRE CLOSE ANNOUNCEMENT
CPPGroup Plc ("CPP" or the "Group") today publishes the
following statement prior to entering its close period for the half
year ended 30 June 2011.
As outlined in our Interim Management Statement on 19 May 2011,
we anticipate continued year on year Group revenue growth for the
period, driven by sustained growth in Northern Europe, North
America and Asia Pacific, but offset by a reduction in Southern
Europe.
The rate of revenue growth for the half year will be lower than
in the four months to 30 April 2011, being negatively impacted by
our decision to suspend sales of Identity Protection through our UK
voice channels announced on 28 March 2011 in response to
discussions with the FSA and the subsequent request from
Barclaycard to suspend sales to their customers through our call to
confirm channel. These lost sales will negatively impact on Group
margin for the half year. We continue to work closely with the FSA
in relation to its ongoing investigation, however the timeframe to
the conclusion of such discussions remains unclear.
The Board continues to believe in the ongoing relevance and
consumer appeal of our products and services and we remain focused
on developing our business in the UK and internationally. In the UK
we continue to grow our Packaged Accounts channel and to work
closely with our partners towards launching our non-insured
Identity Protection product, Identity Safe. Overseas we are making
continued progress in development of our new and existing
markets.
There has been no significant change in CPP's financial
position, with continued low net debt.
CPP will announce its half year results on 23 August 2011.
A conference call for analysts will be held on 30 June 2011 at
8:00 a.m., dial in details for which are as follows:
Dial in: +44 (0)20 3140 0668
Participant ID: 547453#
For enquiries contact:
Eric Woolley, Chief Executive Officer
Shaun Parker, Chief Financial Officer
Tel. +44 (0)1904 544702
Tulchan Communications
John Sunnucks
David Allchurch
Tel. +44 (0)20 7353 4200
Notes to editors
CPPGroup Plc (CPP) is a fast-growing and leading international
Life Assistance business with operations in 15 geographical markets
in both developed and developing countries. Card protection was the
first product the Group introduced 30 years ago. Since then CPP has
launched mobile phone insurance, legal assistance and identity
theft protection. CPP is also prominent in the provision of
Packaged Accounts where we source products and services to create a
tailored 'package' for bank account customers. We also provide a
range of travel support services such as translation and
lost-and-found luggage services as well as access to airport
lounges worldwide. Our joint venture with Mapfre Asistencia
provides assistance for plumbing, drainage, gas, electrical and
other home-related emergencies.
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 the 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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