YORK credit-card insurer CPP Group has announced its chairman is stepping down as the firm breaks even on operating performance.
Holgate-based CPP has turned a £3.3 million loss, recorded from underlying operating performance in continuing operations in the first six months of 2013, into a breakeven point for the same period this year.
However In its half year results to June 30, the Group, which employs 550 people in York, reported a slump in turnover to £58.7 million, compared to £99.7 million the previous year.
Loss for the period from continuing and discontinued operations was £2.7 million.
The results come as CPP nears the end of a redress scheme in which it was due to pay out an estimated £65.8 million in compensation to customers for the miss-selling of protection, which saw the company fined £10.5 million in 2012 by the Financial Conduct Authority.
The group said the scheme had "significantly reduced its financial resources and liquidity".
It said that further action is required to rebuild the business and uncertainty remains due to liquidity, the execution and delivery of the group's longer term plans and trading performance.
Brent Escott, chief executive, said: "We have continued to move forward on our journey to 'rebuild, improve, modernise and evolve' the group.
"As a result of the prudent steps that we are taking and on-going focus on costs, we have continued to stabilise the business.
"The impact of the scheme has been considerable and our priority remains to ensure that the group is in a stable position.
"We are focused on future value creation whilst evolving our longer term business plan in order for us to succeed as an effective and efficient customer-led business."
Alongside reporting its results CPP announced chairman Duncan McIntyre, who took on the role in January 2014 after joining the CPP board in 2011, will step down in the near future.
CPP said Mr McIntyre had made a significant contribution during his tenure and provided immense support.
A process has commenced to identify a new non-executive chairman for the group.