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CPPGroup Plc announced on October 15, 2021, that Non-Executive Directors Mark Hamlin and Timothy Elliott will step down from the Board and leave the company, effective November 30, 2021. The Board plans to appoint two new independent non-executive directors and reported making progress in Q3. The company stated its Indian business recovered following April and May lockdowns, Globiva continued to grow, and UK/European back book businesses maintained renewal performance, providing reducing cash flows, and that it is trading in line with full-year market expectations.
| Date | 15 Oct 2021 |
| Time | 07:00:03 |
| Category | Board changes |
| ID | 1487P |
15 October 2021
CPPGroup Plc
("CPP Group" or the "Company")
Directorate Changes and Trading Update
CPP Group (AIM: CPP), the multinational provider of personal protection and insurance products and services, today announces 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. Updates will be issued, as appropriate, in due course.
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."
Trading update
The Group is pleased to note that it has made good progress in Q3.
The Indian business has recovered strongly during Q3, following the national lockdown in April and May, which is expected to provide momentum for a good trading performance in Q4. 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.
Enquiries:
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CPPGroup plc Jason Walsh, Chief Executive Officer
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Tel: +44 (0)77 6437 8580
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Liberum Capital Limited (Nominated Adviser and Sole Broker) Richard Lindley Lauren Kettle Kane Collings Christopher Whitaker
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Tel: +44 (0)20 3100 2000
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Alma PR (Financial PR Adviser) Josh Royston David Ison Kieran Breheny Faye Calow |
Tel: +44 (0)20 3405 0205 |
About CPP Group:
CPP Group takes away many of the stresses and strains of daily life for millions of people across the globe. In collaboration with selected partners in each country in which the Group operates, it develops, aggregates, offers and supports a range of personal protection and insurance products, which are sold alongside, or packaged with, the core product offerings of the Group's partners. CPP is listed on AIM, operated by the London Stock Exchange.
For more information on CPP visit https://international.cppgroup.com/