Leeds-based financial assistance product provider CPP Group is celebrating a 17 per cent rise in revenue in its half-year results, partly as a result of strong growth in India.
Reporting revenue of £60.2m for the six months ending 30 June 2019, the listed company saw turnover grow from £51.3m in the same period last year.
CPP Group attributed the increase to significant international growth led by India which contributed a 44 per cent constant currency increase in sales to £40.9m. CPP's business process management company in India, Globiva, also performed ahead of expectations as it expanded to two locations in Delhi and one in Kolkata, employing over 1,400 people.
The group also saw its global partner base broadening, including American Express, Tata Capital and Chinese giant Bank of Communications or BoCom.
CPP Group had EBITDA growth of 44 per cent on a constant currency basis, increasing to £2.3m, and investments in business growth projects exceeded £1.3m, resulting in an increased adjusted EBITDA of £3.6m. The company’s profit before tax reduced to £900,000, falling from £1.3m in the first six months of 2018, resulting from the EBITDA growth being offset by higher depreciation charges.
Customer numbers had increased by 800,000 to nine million in the first six months of 2019.
Jason Walsh, chief executive at CPP Group, said: "Ultimately, our success is built on our business partner relationships which we continue to deepen. Importantly we are also forming new partnerships with major global brands in our strategically important markets. These new and existing relationships will develop further over time and fuel the continued growth in our business.
"We continue to grow our international revenues, with the strong performance that we saw in 2018 being continued through the first half of 2019. Our Indian market has once again been the star performer significantly growing its revenue, profitability and customer numbers."