CREDIT insurer CPP has announced its return to growth for the first time in more than five years as international success props up an 18 per cent rise in revenues.

Group turnover, for the six months ending June 30, 2017, grew to £41.8 million, up from £35.4 million the year before.

The group, which is in the process of moving its headquarters from York to Leeds, was bolstered by a 52 per cent rise in international revenues, which increased from £20 million in 2016 to £30.3 million.

The UK division of the business, which remains in Holgate, reported a drop in revenues of 26 per cent to £11.4 million, down from £15.3 million in 2016, which in turn represented a 30 per cent fall from 2015.

The group described the UK performance as a “managed decline”, while indicating it expected to see “continued significant growth” in international business, led by India.

Profit after tax for the period increased 15 per cent to £2.6 million.

Jason Walsh, chief executive officer, said: “I am pleased with the performance of the business during the first half of this year, which has seen a return to revenue growth for the first time in five years.

“This was the result of growth in a number of our key international markets, but particularly India, where our consumer-led products and Business Partner relationships have gone from strength to strength.

“During the half, we simplified our operating structure by devolving greater responsibility to our country leaders.

“These factors, along with our improved free capital position, will enable us to maximise the significant opportunities for sustainable growth that are available across the Group.

“We are continuing to deliver on our strategic plan and as we enter the second half of the year, we expect to continue this revenue growth momentum and remain confident with the outlook for the full year.”

In the six month period CPP significantly boosted its cash position from £7.8 million in 2016 to £29.6 million, aided by the sale of its York head office in Holgate to Gear4Music for £5.3 million, as well as approval from the Prudential Regulatory Authority to lift the capital and asset restrictions on the group’s Homecare Insurance Limited division.

CPP said it has also “refocused” its product development, moving away from the historic UK based in-house strategy. As a first step it have acquired Blink Innovation Limited (Blink),a product and systems developer based in Cork, which CPP took over in March this year.