CPP Group reports strong recovery in Indian business over third quarter

CPP Group, the provider of personal protection and insurance products and services, today said it had made good progress in the third quarter of the financial year.

Friday, 15th October 2021, 7:41 am
Updated Friday, 15th October 2021, 7:42 am

The group also announced that Mark Hamlin and Timothy Elliott will be stepping down from the board and their positions as Non-Executive Directors and leaving the company with effect from 30 November 2021.

The board plans to appoint two new independent non-executive directors as soon as possible and will commence the search immediately.

Chairman, David Morrison, commented: "I would like to thank Mark and Tim for their significant contributions to the progress that has been made by the company over the last few years. I wish both of them all the best for their future endeavours."

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In a trading update, CPP said its Indian business had recovered strongly during the third quarter, following the national lockdown in April and May, which is expected to provide momentum for a good trading performance in the fourth quarter.

In a trading update, CPP said its Indian business had recovered strongly during the third quarter, following the national lockdown in April and May, which is expected to provide momentum for a good trading performance in the fourth quarter.

The statement added: "Globiva, our business process management company, has continued to grow during the period.

"The renewal performance in our UK and European back book businesses has remained robust which continues to provide the group with reliable, albeit reducing, cash flows.

"The group's performance in Q3 and positive outlook gives the board confidence that the company is trading in line with market expectations for the full year."