CPP continuing on recovery strategy
Updated 9:50am Thursday 3rd July 2014 in Business news
YORK credit card insurer CPP Group has said it is looking at the possibility of future funding and stock market status.
Ahead of releasing its six month results to June 30, the Holgate-based company issued a pre close announcement confirming how CPP is continuing to recover from being fined £10.5 million for mis-selling, and being ordered to pay £65.8 million in compensation.
The statement said the group's trading performance "reflects the ongoing challenges of the group's environment", and that the compensation scheme has seen claims continue to track within expectations.
CPP said: "The immediate focus is to complete the scheme, manage costs tightly and return the Group to a position of stability."
Bosses said they are exploring the possibility for future funding and looking at the group's position on the London Stock Exchange, saying they are "considering the appropriate UK listing for the group that provides the most suitable and efficient platform to execute the board's future plans".
The group said: "A number of positive changes have taken place as part of the group's on-going review of its existing activities, including the continued focus on the required improvements to the operating environment and IT infrastructure, which will contribute to providing a sustainable business proposition for the long term.
"As previously outlined, material uncertainties remain, particularly in relation to the Scheme, liquidity and the execution and delivery of the Group's longer-term plans."
CPP will announced its completed interim results in August.