YORK-BASED assistance business CPP says its full-year results for 2016 show it has “laid the foundations for our future growth”.

The group revenue of £73.6 million from continuing operations last year compares with £76.8 million in 2015, but CPP said this represented “a significantly reduced rate of decline of four per cent compared to previous years”, with the 2015 figure being 20 per cent.

Revenue in its international markets had grown by 33 per cent to £44.9 million, from £33.8 million in 2015. This included revenue from India, which had more than doubled to £15.2 million, compared with £6.3 million the year before.

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The group, which has its headquarters in Holgate Park, said its live policy base had returned to growth at 4.3 million compared with 3.8 million in 2015, representing a growth in customer numbers for the first time in five years.

Underlying operating profit from continuing operations was up 22 per cent at £8.4 million, against £6.9 million the year before, while underlying profit after tax from continuing operations increased to £8.9 million from £4.4 million in 2015.

Profit for the year from continuing and discontinued operations was at break even (£20.8 million in 2015). “The break-even performance is significant considering the impact of exceptional charges in the year of £9.2 million (2015: £17.8 million credit),” the group said.

It said its net funds position was at £26.9 million, compared with £37.6 million in 2015.

“The group is focused on its strategic priorities, which support its existing revenue, new revenue generation and growth ambitions. The current year has started well, and while the group anticipates growing revenues in 2017, further investment will be made in the current year in order to provide a sustainable performance in the medium to long term. The board remains confident in the direction the business is heading and the progress it is making.”

Chief executive Jason Walsh said: “Since my return to the business last May, I have undertaken a review of the business and made a number of significant operational improvements.

“2016 was a year where we laid the foundations for our future growth. We have started to see encouraging signs of customer growth although there is still work to be done. The strength of our international business is particularly encouraging, most notably in India.

“New product development is key for our business as we continue to provide assistance products to our customers. We will grow our business both organically, through product development such as OwlDetect, and through acquisitions where complementary.

“Following the year end, we acquired Blink Innovation Limited, an Ireland-based business that will provide us with leading product development capability for our global markets.”

CPP also announced that chief financial officer Michael Corcoran had advised the board that he intended to stand down from the business with effect from April 30. “Michael has made an invaluable contribution to the stability of the group and provided continuity during a period of potential risk to the business, and the board wishes him well in his future roles,” it said.