CPPGroup has said it expects to announce a modest decline in revenues in its results for the half year to June 30. In a statement to the London Stock Exchange prior to entering its close period, it said that group operating performance continued to be in line with current market expectations while it navigated the short-term challenges in the UK.
The group said it expected a modest decline in revenue year on year for the period, mainly caused by reduced sales of card and identity protection in the UK. Although it said the reduction continued to be partially mitigated by the growth of mobile phone insurance sales.
It also reported decline in Southern Europe where challenging economic conditions continue to impact. North America and Asia Pacific revenue growth was strong, it said.
It said it was still in discussions with the Financial Services Authority on conducting a past business review of direct sales of its card and identity protection products made since 2005, and said it was possible other claims or matters may arise against the group in connection with the FSA's investigations It said: "We continue to proactively shape our culture and operating model alongside developing product and service propositions that will drive our long-term future success."
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