REG - CPPGroup Plc - Half-year Report
26/09/2022 07:00
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RNS Number : 5272A CPPGroup Plc 26 September 2022
26 September 2022
CPPGroup Plc
("CPP Group"; "the Group"; or "the Company")
HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2022
CPP Group (AIM: CPP), a provider of assistance and insurance products, which
reduce disruptions to everyday life for millions of customers across the
world, is pleased to announce its half year results for the six months ended
30 June 2022.
Financial Highlights:
· Group revenue from continuing operations increased by 18% to
£77.8 million (H1 2021 restated: £65.7 million)
· Core revenues increased by 26% to £69.5 million (H1 2021: £55.0
million)
· EBITDA from continuing operations increased by 18% to £3.1
million (H1 2021 restated: £2.6 million)
· Central overheads reduced to £4.8 million (H1 2021: £5.5
million)
· Exceptional items of £0.5 million (H1 2021: £1.5 million)
· Profit before tax from continuing operations increased to £1.3
million (H1 2021 restated: £0.5 million loss)
· Loss after tax from continuing operations improves to £0.2
million (H1 2021 restated: £1.6 million loss)
· Cash balance of £19.3 million at 30 June 2022 (H1 2021: £19.6
million)
· Dividends suspended pending completion of the strategy review
(Change Programme)
Operational Highlights:
· Simplified structure focused on four business units
· Simplified the proposition away from "insurance" to "assurance"
services
· Simplified the management and operational structures
· Core business (CPP India, CPP Turkey, Blink and Globiva)
performing well
· Major partner renewals for CPP India, and new partner wins for
both CPP Turkey and Blink
· Legacy Business (UK & European back book) revenues continue
to record year-on-year decline
Simon Pyper, CEO of CPP Group, commented:
"Despite global economic headwinds, the Group has, from a trading perspective,
delivered robust revenue growth, particularly from its Indian and Turkish
operations. Blink, the Group's InsurTech business focused on the Global Travel
Sector, also performed well, albeit from a low base. As international travel
recovers, Blink is starting to see real growth in its new business pipeline
both domestically and internationally. The good performance from our core
markets somewhat masks the structural decline in profitability from our Legacy
Businesses, a decline long understood by the business though never addressed.
On appointment, I found a business which had no adequate plan to address the
decline in its Legacy Business, which had no sense of purpose, and no strategy
for the future. Consequently, much of my time since appointment as CEO has
been focused on simplifying the business, simplifying our proposition, and
simplifying our management and operating structures. Additionally, the
management team and I have been working on a broader Change Programme, the aim
of which is to define what CPP's purpose is, and to set a course ("strategy")
for the business which over time should improve outcomes for our key
stakeholder groups.
It is my expectation that I will be able to share the key outputs from the
Change Programme with shareholders in October of this year.
In spite of the uncertain economic climate, the Board remains confident in the
outlook and growth prospects for our core operations. However, structural
issues pertaining to our Legacy Business and associated IT costs need to be
addressed which will have some impact on overall performance and we will
provide further guidance in due course."
Financial and non-financial highlights - continuing operations
£ millions Six months to 30 June 2022 Six months to 30 June 2021 (Restated(1)) Change
Financial highlights:
Group
Revenue 77.8 65.7 18%
EBITDA(2) 3.1 2.6 18%
Operating profit/(loss) 1.3 (0.3) 529%
Profit/(loss) before tax
- Reported 1.3 (0.5) 363%
- Underlying(3) 1.8 1.0 78%
(Loss)/profit after tax
- Reported (0.2) (1.6) 90%
- Underlying(3) 0.3 (0.3) 223%
Basic loss per share (pence) (4.09) (21.53) 81%
Cash and cash equivalents 19.3 19.6 (1)%
Segmental revenue
Core(4) 69.5 55.0 26%
Legacy(5) 8.3 10.7 (22)%
Non-financial highlights:
Customer numbers (millions) 12.1 11.9 2%
1. Restated to reflect China as a discontinued operation.
2. EBITDA represents earnings before interest, taxation, depreciation,
amortisation and exceptional items.
3. Underlying profit before tax excludes exceptional items of £0.5
million (H1 2021: £1.5 million). The tax effect of the exceptional items is
£nil (H1 2021: £0.1 million). Further detail of exceptional items is
provided in note 4 of the condensed consolidated interim financial statements.
4. Core revenue comprises CPP India, CPP Turkey, Blink and Globiva.
5. Legacy Business primarily comprises the UK and European renewal
books of business, which are principally Card Protection and Identity
Protection policies.
Enquiries:
CPP Group plc
Simon Pyper, Chief Executive Officer Tel: via Alma PR
David Bowling, Chief Financial Officer
Liberum Capital Limited
(Nominated Adviser and Sole Broker) Tel: +44 (0)20 3100 2000
Richard Lindley
Lauren Kettle
Alma PR
(Financial PR Adviser) Tel: +44 (0)20 3405 0205
Josh Royston
David Ison
Kieran Breheny
About CPP Group:
CPP Group is a technology-driven assistance company that creates embedded and
ancillary real-time assistance products and resolution services that reduce
disruption to everyday life for millions of people across the world, at the
time and place they are needed, CPP Group is listed on AIM, operated by
the London Stock Exchange.
For more information on CPP visit https://international.cppgroup.com/
(https://international.cppgroup.com/)
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018.
Chief Executive's Statement
First Half Performance
Despite global economic headwinds, the Group has, from a trading perspective,
delivered robust revenue growth, particularly from its Indian and Turkish
operations. Blink, the Group's InsurTech business focused on the Global Travel
Sector, also performed well, albeit from a low base. As international travel
recovers, Blink is starting to see real growth in its new business pipeline
both domestically and internationally. The good performance from our core
markets somewhat masks the structural decline in profitability from our Legacy
Businesses, a decline long understood by the business though never addressed.
The Group's revenue performance against prior year has also benefited from
favourable comparatives (impact of COVID-19 restrictions on 2021 revenues) and
foreign exchange movements. Of the 18% increase in year-on-year revenues to
£77.8 million (H1 2021 restated: £65.7 million), circa 5% is due to
favourable comparatives from COVID-19 and 2% is due to favourable foreign
exchange movements. Adjusting for these two factors, the Group's underlying
revenue growth for the first half was 11%, which given the prevailing economic
environment is a more than satisfactory outcome.
EBITDA improved by 18% or £0.5 million to £3.1 million (H1 2021 restated:
£2.6 million). The Legacy business, as expected, recorded a decline in EBITDA
for the period of £0.4 million which partially offset the £0.4 million
improvement from the Core business and the £0.4 million benefit of reduced
central costs. Group EBITDA margin for the period remained broadly level with
prior year at 4.0%.
Operating profit has increased to £1.3 million (H1 2021 restated: £0.3
million loss) which includes depreciation charges of £1.3 million (H1 2021
restated: £1.4 million) and exceptional items which have reduced to £0.5
million (H1 2021: £1.5 million). The exceptional items in the period
principally reflect the exit costs of the former CEO. As a result, the Group's
profit before tax has improved to £1.3 million (H1 2021 restated: £0.5
million loss).
Key Performance Metrics:
£ millions REVENUE EBITDA
H1 2022 H1 2021(1) CHANGE H1 2022 H1 2021(1) CHANGE
CPP India 60.7 48.7 25% 3.1 2.8 13%
Globiva 7.1 4.4 61% 1.3 1.1 12%
CPP Turkey 1.5 1.8 (21)% 0.2 0.4 (49)%
Blink 0.2 0.1 58% (0.1) (0.2) 53%
Core Business 69.5 55.0 26% 4.5 4.1 8%
Legacy Business 8.3 10.7 (22)% 0.8 1.2 (31)%
Business Unit Total 77.8 65.7 18% 5.3 5.3 0%
Central Functions - - - (2.2) (2.6) 15%
Share of JV - - - - (0.1) 100%
Group Total 77.8 65.7 18% 3.1 2.6 18%
Attributable to:
CPP Shareholders 2.5 2.1 20%
Non-Controlling Interests 0.6 0.5 12%
1. Restated to reflect China as a discontinued operation.
CPP India: EBITDA of £3.1 million (H1 2021: £2.8 million), EBITDA margin
5.1% (H1 2021: 5.6%)
Revenue has increased by £12.0m or 25% versus prior year, and by 21% on a
constant currency basis, in part due to prior year comparatives being impacted
by COVID-19, with volume growth derived from our My Tech, My Health, and My
Home assistance products. During the period, CPP India secured contract
extensions with its two largest partners, Bajaj Finance Limited (Bajaj), and
SBI Cards. EBITDA margin reduced by 0.5% reflecting a modest change in revenue
mix during the period towards lower margin products (particularly in My
Health), and amortisation of the Bajaj marketing incentive.
Globiva: EBITDA of £1.3 million (H1 2021: £1.1 million), EBITDA margin 17.5%
(H1 2021: 25.2%)
Third party revenue of £7.1 million which is +61% versus prior year, and on a
constant currency basis by +55%. Revenue growth reflects new business wins and
underlying occupancy (number of seats) improvement, noting that prior year
comparatives reflect a business recovering from the impact of COVID-19
restrictions. The EBITDA margin has reduced by 7.7% which is function of new
business growth and occupancy utilisation.
Turkey: EBITDA of £0.2 million (H1 2021: £0.4 million), EBITDA margin 14.7%
(H1 2021: 23.0%)
Revenues have decreased by £0.4 million or -21% versus prior year, this
reduction is all foreign exchange related as on a constant currency basis the
business recorded revenue growth of 27%, reflecting in part, the development
of the Turkiye Insurance relationship established in 2021. The EBITDA margin
reduced by 8.3% reflecting cost inflation brought about by local economic
conditions.
Blink: EBITDA loss of £0.1 million (H1 2021: £0.2 million loss)
There is a dedicated management and operational team now in place to build
capacity and to drive growth. The pipeline for Blink's Travel Disruption
products (Flight Delay and Lost Baggage) is starting to see real growth. Post
period end, the business has started to provide its services to four new
partners.
Legacy Business: EBITDA of £0.8 million (H1 2021: £1.2 million)
There has been a continued decline in both revenue and EBITDA from the UK and
European Back Books (predominantly Card Protection and Identity Protection).
Central costs: £2.2 million (H1 2021: £2.6 million)
Central overheads before appropriate recharge to business units are £4.8
million (H1 2021: £5.5 million) which is a reduction of £0.7 million
primarily reflecting lower Executive and Board costs. The central costs
include £1.8 million (H1 2021: £2.0 million) relating to the cost of the
Group's IT operations which forms the principal element of the costs recharged
to business units.
EBITDA Attributable to Shareholders
The Group holds a 51% majority interest in Globiva, a Business Processes
Management company incorporated in India, with the other 49% of the shares
beneficially owned by the three founders of the business. As the Group
demonstrates control of the business through its majority holding, CPP is
required under accounting standards to consolidate 100% of Globiva's revenues
and earnings into its financial statements. The minority interest, being the
49% held by the founders, is recorded at the foot of the Group's income
statement as "Attributable to non-controlling interests". When our holding in
Globiva falls below the 51% threshold the Group will relinquish control and
will no longer consolidate Globiva's revenues and earnings. In the normal
course of business, this is expected to occur in 2026.
Taxation
The Group's tax charge from continuing operations is £1.4 million (H1 2021:
£1.1 million) which reflects an effective tax rate (ETR) of 113% (H1 2021
restated: negative 232%). The tax charge mainly comprises tax payable in
India, along with smaller charges from our European and Turkish markets.
The Group's ETR is expected to remain high and variable over the medium term,
as the Group executes its Change Programme. The programme once complete is
expected to lead to a stabilisation in the ETR at a much lower level. However,
it is still expected to remain notably higher than the UK statutory rate of
19% as we make most of our taxable profit in India, provide for withholding
taxes on overseas distributions and continue to generate losses in certain
markets against which we are not able to recognise deferred tax assets.
Adjusted ETR
The adjusted ETR (which excludes the impact of exceptional items) at 81% (H1
2021 restated: 127%) demonstrates the progressive improvement in the Group's
tax position as the Group addresses its loss-making operations and overall
cost-base. The adjusted ETR reflects a more normalised tax charge for the
Group.
The adjusted ETR is summarised as follows:
H1 2022 H1 2021
Continuing operations Reported Exceptional items(1) Adjusted Reported Exceptional items(1) Adjusted
Profit before tax 1.3 0.5 1.8 (0.5) 1.5 1.0
Tax charge 1.4 - 1.4 1.1 0.2 1.3
ETR 113% n/a 81% (232)% 9% 127%
1. Refer to note 4 of the condensed consolidated interim
financial statements.
Overall, we expect a progressive reduction in our ETR as our loss-making
operations reduce, distributions from overseas markets stabilise and
volatility arising from one-off charges declines.
Financial Position
The Group had cash balances at 30 June 2022 of £19.3 million (H1 2021: £19.6
million; 31 December 2021: £22.3 million). The extension of the Bajaj
contract included payment of upfront fees, which along with costs to develop
the IT platform in India, restructuring costs in the UK and payment of the
dividend have led to the £3.1 million reduction in cash since the year end.
Although the Group's cash cycle is naturally weighted to H2 this benefit will
be reduced this year as development work on the India platform accelerates.
Whilst the Group has previously and continues to report healthy cash balances,
it should be noted that not all cash is available for distribution or able to
be used on demand for working capital purposes in all parts of the Group. At
present, approximately 40% of the Group's cash balances are "restricted" due
to either tax, legal, or regulatory requirements.
Operational Highlights
Simplified Structure
The business is now organised around four business units being CPP India, CPP
Turkey, Blink and the Legacy Business (UK & European back book) along with
Central Functions. Each business unit is managed by a dedicated CEO who has
full accountability for delivering agreed financial and non-financial
objectives. This simplified structure will allow for local decisions to be
made more quickly and moreover, allow each business to more effectively react
to changing business partner needs.
Globiva is managed independently of the Group and save for CPP holding three
Board seats (including the Chairman) and having the majority voting rights
there is minimal management and operational interaction between the two
companies.
Simplified Proposition
There is a move to providing a suite of technology-enabled assistance products
and services focused around six themes: My Travel; My Tech; My Health; My
Digital Life; My Home; and My Finances. Our simplified proposition reflects
and supports our purpose, one of being a "technology-driven assistance company
that creates embedded and ancillary real-time assistance products and
resolution services that reduce disruption to everyday life for millions of
people across the world, at the time and place they are needed".
Simplified Management and Operational Structure
The Executive Management Committee ("EMC"), is chaired by me and comprises the
four Business Unit CEOs, the Group Chief Financial Officer, the Chief Risk and
Operating Officer, the Group HR Director, and the Group Legal Counsel. The EMC
is the key decision-making committee of the business focused on delivering the
Group's strategic, operational, and financial objectives. The committee meets
weekly.
The Operational Board, which reports to the EMC, reviews, implements, and
monitors actions agreed at the EMC. In simple terms the Operational Board is
focused on the "doing" whilst the EMC is focused on the "management" of the
business. The Operational Board meets weekly, is chaired by me, and comprises
several EMC members and other senior executives and managers of the Group.
Dividend
Due to the costs and uncertainties associated with the Change Programme, the
Board has taken the decision to suspend dividend payment until further notice.
If circumstances change, the Board will review and update shareholders when
appropriate to do so.
Outlook
We are confident about the outlook and growth prospects for our core
operations for the second half of the year. However, we do expect some
softening in reported margin in the second half reflecting a modest mix change
towards lower margin products, the impact of the new commercial terms agreed
with Bajaj when extending the contract in May and revised incentive costs for
our CPP India team. However, structural issues pertaining to our Legacy
Business and associated IT costs need to be addressed which will have some
impact on overall performance and we will provide further guidance in due
course. Our expectations are that we will be able to provide the key outputs
of the Change Programme in October.
Simon Pyper
Chief Executive Officer
23 September 2022
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
6 months ended 6 months ended 30 June 2021 (Restated*) Year ended
30 June 2022 31 December 2021
£'000 £'000 £'000
Note (Unaudited) (Unaudited) (Audited)
Continuing operations
Revenue 3 77,768 65,670 143,625
Cost of sales (62,173) (50,230) (110,708)
Gross profit 15,595 15,440 32,917
Administrative expenses (14,256) (15,633) (29,827)
Share of loss in joint venture - (119) (189)
Operating profit/(loss) 1,339 (312) 2,901
Analysed as:
EBITDA 3 3,100 2,619 7,524
Depreciation and amortisation (1,264) (1,442) (2,995)
Exceptional items 4 (497) (1,489) (1,628)
Investment revenues 176 112 223
Finance costs (228) (289) (358)
Other gains and losses - - 1,459
Profit/(loss) before taxation 1,287 (489) 4,225
Taxation 5 (1,449) (1,136) (3,707)
(Loss)/profit for the period from continuing operations (162) (1,625) 518
Discontinued operations
Profit for the period from discontinued operations 8 2,490
616 2,901
Profit for the period 454 1,276 3,008
Attributable to:
Equity holders of the Company 254 1,013 2,565
Non-controlling interests 200 263 443
454 1,276 3,008
(Loss)/earnings per share
Basic Pence Pence (Restated*) Pence
Continuing operations 7 (4.09) (21.53) 0.85
Continuing and discontinued operations 7 2.87 11.55 29.16
Diluted Pence Pence (Restated*) Pence
Continuing operations 7 (4.09) (21.53) 0.83
Continuing and discontinued operations 7 2.87 11.55 28.43
* Restated to reflect China as a discontinued operation. See note 2.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended 30 June 2022 6 months ended 30 June 2021 Year ended
31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Profit for the period 454 1,276 3,008
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 196 (451) (695)
Exchange differences reclassified on disposal of foreign operations (1,081) (4) (4)
Other comprehensive expense for the period net of taxation (885) (455) (699)
Total comprehensive (expense)/income for the period (431) 821 2,309
Attributable to:
Equity holders of the Company (704) 588 1,867
Non-controlling interests 273 233 442
(431) 821 2,309
CONSOLIDATED BALANCE SHEET
30 June 2022 30 June 2021 31 December 2021
£'000 £'000 £'000
Note (Unaudited) (Unaudited) (Audited)
Non-current assets
Goodwill 567 528 540
Other intangible assets 4,453 3,845 3,603
Property, plant and equipment 1,360 1,357 1,335
Right-of-use assets 4,101 5,577 5,109
Equity investment 1,889 - 1,889
Investment in joint venture - 331 -
Deferred tax assets 341 245 396
Contract assets 448 593 564
13,159 12,476 13,436
Current assets
Inventories 115 146 102
Contract assets 4,538 3,689 4,020
Trade and other receivables 15,776 13,150 13,605
Cash and cash equivalents 19,321 19,592 22,319
39,750 36,577 40,046
Assets classified as held for sale - - 478
39,750 36,577 40,524
Total assets 52,909 49,053 53,960
Current liabilities
Income tax liabilities (808) (1,047) (1,362)
Trade and other payables (21,732) (17,483) (19,544)
Lease liabilities (869) (910) (937)
Contract liabilities (9,909) (8,405) (9,190)
(33,318) (27,845) (31,033)
Liabilities classified as held for sale - - (550)
(33,318) (27,845) (31,583)
Net current assets 6,432 8,732 8,941
Non-current liabilities
Borrowings 42 77 58
Deferred tax liabilities (626) (104) (927)
Lease liabilities (4,008) (5,304) (4,936)
Contract liabilities (898) (1,333) (1,200)
(5,490) (6,664) (7,005)
Total liabilities (38,808) (34,509) (38,588)
Net assets 14,101 14,544 15,372
Equity
Share capital 9 24,254 24,232 24,243
Share premium account 45,225 45,225 45,225
Merger reserve (100,399) (100,399) (100,399)
Translation reserve (822) 409 136
ESOP reserve 17,192 17,656 17,418
Retained earnings 26,831 26,083 27,202
Equity attributable to equity holders of the Company 13,206 13,825
12,281
Non-controlling interests 1,820 1,338 1,547
Total equity 14,101 14,544 15,372
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium account Merger reserve Translation reserve ESOP reserve Retained earnings Total Non-controlling interests Total equity
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
6 months ended
30 June 2022
(Unaudited)
At 1 January 2022 24,243 45,225 (100,399) 136 17,418 27,202 13,825 1,547 15,372
Profit for the period - - - - - 254 254 200 454
Other comprehensive expense for the period - - - (958) - - (958) 73 (885)
Total comprehensive expense for the period - - - (958) - 254 (704) 273 (431)
Effects of hyperinflation - - - - - 43 43 - 43
Equity-settled share-based payment credit - - - - (226) - (226) - (226)
Exercise of share options 9 11 - - - - (5) 6 - 6
Dividends 6 - - - - - (663) (663) - (663)
At 30 June 2022 24,254 45,225 (100,399) (822) 17,192 26,831 12,281 1,820 14,101
6 months ended
30 June 2021
(Unaudited)
At 1 January 2021 24,153 45,225 (100,399) 834 17,490 27,327 14,630 1,105 15,735
Profit for the period - - - - - 1,013 1,013 263 1,276
Other comprehensive expense for the period - - - (425) - - (425) (30) (455)
Total comprehensive income for the period - - - (425) - 1,013 588 233 821
Equity-settled share-based payment charge - - - - 166 - 166 - 166
Exercise of share options 79 - - - - (69) 10 - 10
Dividends 6 - - - - - (2,188) (2,188) - (2,188)
At 30 June 2021 24,232 45,225 (100,399) 409 17,656 26,083 13,206 1,338 14,544
Year ended
31 December 2021 (Audited)
At 1 January 2021 24,153 45,225 (100,399) 834 17,490 27,327 14,630 1,105 15,735
Profit for the year - - - - - 2,565 2,565 443 3,008
Other comprehensive expense for the year - - - (698) - - (698) (1) (699)
Total comprehensive income for the period - - - (698) - 2,565 1,867 442 2,309
Equity-settled share-based payment credit - - - - (72) - (72) - (72)
Exercise of share options 90 - - - - (70) 20 - 20
Deferred tax on share options - - - - - 9 9 - 9
Dividends 6 - - - - - (2,629) (2,629) - (2,629)
At 31 December 2021 24,243 45,225 (100,399) 136 17,418 27,202 13,825 1,547 15,372
CONSOLIDATED CASH FLOW STATEMENT
Note 6 months ended 6 months ended Year ended
30 June 2022 30 June 2021 31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Net cash (used in)/from operating activities 10 (327) (302) 4,562
Investing activities
Interest received 176 112 224
Purchases of property, plant and equipment (200) (136) (525)
Purchases of intangible assets 3 (1,153) (756) (1,370)
Cash consideration in respect of sale of discontinued operations 8 - 2,353 2,366
Costs associated with disposal of discontinued operations 8 (72) - -
Cash disposed of with discontinued operations (518) (112) (112)
Net cash (used in)/from investing activities (1,767) 1,461 583
Financing activities
Dividends paid 6 (663) (2,188) (2,629)
Repayment of the lease liabilities (713) (775) (1,507)
Interest paid (37) (37) (76)
Issue of ordinary share capital 9 6 10 20
Net cash used in financing activities (1,407) (2,990) (4,192)
Net (decrease)/increase in cash and cash equivalents (3,501) (1,831) 953
Effect of foreign exchange rate changes 413 (433) (400)
Cash and cash equivalents at start of period 22,409 21,856 21,856
Cash and cash equivalents at end of period 19,321 19,592 22,409
Analysed as:
Continuing operations 19,321 19,592 22,319
Discontinued operations - - 90
19,321 19,592 22,409
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1 General information
The condensed consolidated interim financial statements for the six months
ended 30 June 2022 do not constitute statutory accounts as defined under
Section 434 of the Companies Act 2006. The Annual Report and Financial
Statements (the 'Financial Statements') for the year ended 31 December 2021
were approved by the Board on 28 March 2022 and have been delivered to the
Registrar of Companies. The Auditor, PKF Littlejohn LLP, reported on these
financial statements; their report was unqualified, did not contain an
emphasis of matter paragraph and did not contain statements under s498 (2) or
(3) of the Companies Act 2006.
2 Accounting policies
Basis of preparation
The unaudited condensed consolidated interim financial statements for the six
months ended 30 June 2022 have been prepared in accordance with IAS 34 Interim
Financial Reporting. They do not include all the information required for full
annual financial statements and should be read in conjunction with the Group's
consolidated financial statements for the year ended 31 December 2021 which
were prepared in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006 and UK-adopted
International Accounting Standards (UK IASs).
The condensed consolidated interim financial statements were approved for
release on 23 September 2022.
The accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those followed
in the preparation of the Group's consolidated financial statements for the
year ended 31 December 2021.
Discontinued operations
On 27 January 2022, the Group completed the sale of its 100% shareholding in
CPP Asia Limited and its wholly owned subsidiary CPP Technology Services
(Shanghai) Co. Ltd (together "China"). As a result, in accordance with IFRS 5
Non-current assets held for sale and discontinued operations, the 30 June 2021
comparative information has been restated to recognise the China operation as
discontinued. Discontinued operations also include Germany, which was sold on
17 May 2021 (refer to note 8). The adjustments relating to the restatement
have not been audited.
Segmental reporting
The Group has revised its segmental reporting from 1 January 2022. In
accordance with IFRS 8 the operating segments have been changed to reflect the
way in which the Group is now managed and how resources are allocated. The
Group's operating segments are identified as India, Turkey, Blink, UK &
Rest of the World (UK & ROW) and Central Functions. These segments replace
the 'Ongoing Operations', 'Restricted Operations' and 'Central Functions'
basis that was previously in place. The prior period segmental information has
been restated to reflect the change. Further detail is included in note 3. The
adjustments relating to the restatement have not been audited.
Hyperinflation
The Group has operations in Turkey, which has now met the criteria to be
classified as a hyperinflationary economy. This is based on the Turkish
Statistical Institute published consumer price index, which has cumulative
inflation of 109.4% over a three year period as at March 2022. IAS 29
Financial Reporting in Hyperinflationary Economies requires that inflation
accounting is applied to the financial statements of entities where the
cumulative inflation rate in three years approximates or exceeds 100%.
Inflation accounting aims to restate the value of the assets, liabilities and
P&L items of an entity in terms of the monetary values as at the reporting
period end date, to better represent their true and fair value.
This is performed by applying a conversion factor calculated using the
reporting date inflation index over the inflation index at the date of
recognition or revaluation of non-monetary or profit and loss financial
statement line items. The CPI inflation index published by the Turkish
Statistical Institute has been used for this calculation.
In Turkey's case, this has impacted other intangible assets, property, plant
and equipment, right-of-use assets, prepayments, contract liabilities,
deferred tax, share capital and all income statement items. Monetary items are
not restated as they are already recognised in terms of the monetary unit
current at the balance sheet date. The exchange rate then used to retranslate
all financial statement line items (including income statement items) is the
period end exchange rate, which as at 30 June 2022 was 20.33.
On initial adoption in the period ending 30 June 2022, the impact of inflation
to the start of the period is recognised as a movement in retained earnings.
Comparative balances are not restated. Inflation for the current period has
been recognised within finance costs. The inflation index has moved by 42.35%
from 31 December 2021 to 30 June 2022.
The overall impact of inflation accounting in Turkey in the period has been as
follows;
6 months ended 30 June 2022
£'000
(Unaudited)
Net Assets 106
Profit before Tax 59
Taxation (10)
Profit after Tax 49
Retained earnings 43
Translation reserve 14
Insurance balances
The comparative balance sheet information as at 30 June 2021 and 31 December
2021 has been re-presented to recognise insurance assets and liabilities
within 'trade and other receivables' and 'trade and other payables'
respectively. This change reflects the immaterial nature of both the balances
and the Group's insurance operations. The presentational changes have no
impact on the EBITDA, operating profit, profit before tax or net assets of
either the 30 June 2021 or 31 December 2021 comparatives.
Going concern
In reaching their view on the preparation of the condensed consolidated
interim financial statements on a going concern basis, the Directors are
required to consider whether the Group can continue in operational existence
for a period of at least 12 months from the date of this report.
The Group has a formalised process of budgeting, reporting and review along
with procedures to forecast its profitability and cash flows. The plans
provide information to the Directors which are used to ensure the adequacy of
resources available for the Group to meet its business objectives, both in the
short-term and in relation to its strategic priorities. The Group's revenue,
profit and cash flow forecasts are subject to robust downside stress testing
which involves modelling the impact of a combination of plausible adverse
scenarios focused on crystallisation of the Group's key operational risks,
taking into consideration the changing economic back drop. This is done to
identify risks to liquidity and covenant compliance and enable management to
formulate appropriate and timely mitigation strategies.
Taking the analysis into consideration, the Directors are satisfied that the
Group has the necessary resources to continue in operational existence for a
period of at least 12 months from the date of this report. Accordingly, they
continue to adopt the going concern basis in preparing the condensed
consolidated interim financial statements.
3 Segmental analysis
IFRS 8 Operating segments requires operating segments to be identified on the
basis of internal reports about components of the Group that are regularly
reviewed by the Board of Directors to allocate resources to the segments and
to assess their performance. The Group's operating segments have changed in
the current year and the comparatives have been restated accordingly.
The Group is now managed on the basis of five broad business units:
· India (CPP India and Globiva);
· Turkey;
· Blink;
· UK & Rest of World (UK MGA business, UK legacy business
(previously categorised as restricted operations), Spain, Portugal, Italy and
Mexico); and
· Central Functions - central cost base required to provide
expertise and operate a listed group. Central Functions is stated after the
recharge of certain central costs that are appropriate to transfer to the
relevant geographies for statutory purposes.
Segment revenue and performance for the current and comparative periods are
presented below:
India Turkey Central Functions Total
Blink
UK & Rest of World
Six months ended 30 June 2022 (Unaudited) £'000 £'000 £'000 £'000 £'000 £'000
Continuing operations
Revenue - external sales 67,836 1,453 216 8,263 - 77,768
Segmental EBITDA 4,330 213 (2,207) 3,100
(57) 821
Share of loss in joint venture -
EBITDA 3,100
Depreciation and amortisation (1,264)
Exceptional items (497)
Operating profit 1,339
Investment revenues 176
Finance costs (228)
Profit before taxation 1,287
Taxation (1,449)
Loss for the period from continuing operations (162)
Discontinued operations
Profit for the period from discontinued operations 616
Profit for the period 454
India Turkey Central Functions Total
Blink
UK & Rest of World
Six months ended 30 June 2021 (Unaudited) £'000 £'000 £'000 £'000 £'000 £'000
Continuing operations (Restated*(,) **)
Revenue - external sales 53,044 1,833 - 65,670
137 10,656
Segmental EBITDA 3,835 421 (120) (2,584) 2,738
1,186
Share of loss in joint venture (119)
EBITDA 2,619
Depreciation and amortisation (1,442)
Exceptional items (1,489)
Operating loss (312)
Investment revenues 112
Finance costs (289)
Loss before taxation (489)
Taxation (1,136)
Loss for the period from continuing operations (1,625)
Discontinued operations
Profit for the period from discontinued operations 2,901
Profit for the period 1,276
* Restated to reflect China as a discontinued operation. See note 2. **
Restated to reflect new operating segments. See note 2.
India Turkey Central Functions Total
Blink
UK & Rest of World
Year ended 31 December 2021 (Audited) £'000 £'000 £'000 £'000 £'000 £'000
Continuing operations (Restated**)
Revenue - external sales 119,273 3,568 - 143,625
319 20,465
Segmental EBITDA 7,830 849 (4,192) 7,713
(254) 3,480
Share of loss in joint venture (189)
EBITDA 7,524
Depreciation and amortisation (2,995)
Exceptional items (1,628)
Operating profit 2,901
Investment revenues 223
Finance costs (358)
Other gains and losses 1,459
Profit before taxation 4,225
Taxation (3,707)
Profit for the period from continuing operations 518
Discontinued operations
Profit for the period from discontinued operations 2,490
Profit for the period 3,008
** Restated to reflect new operating segments. See note 2.
Segmental assets (Restated**)
30 June 2022 30 June 2021 (Restated*) 31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
India 31,098 29,731 29,252
Turkey 1,849 1,871 1,754
Blink 360 472 406
UK & Rest of World 13,012 13,619 12,927
Central Functions 3,793 1,539 6,318
Total segment assets 50,112 47,232 50,657
Assets relating to discontinued operations - 717 478
Unallocated assets 2,797 1,104 2,825
Consolidated total assets 52,909 49,053 53,960
* Restated to reflect China as a discontinued operation. See note 2. **
Restated to reflect new operating segments. See note 2.
Goodwill, deferred tax assets, equity investment and investment in joint
venture are not allocated to segments.
Capital expenditure (Restated**)
Other intangible assets
6 months ended 30 June 2022 6 months ended 30 June 2021 Year ended
31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Continuing operations
India 949 267 712
Turkey - 1 -
Blink 72 99 151
UK & Rest of World 127 102 460
Central Functions 5 287 47
Total additions 1,153 756 1,370
** Restated to reflect new operating segments. See note 2.
In the period to 30 June 2022 £985,000 (30 June 2021: £636,000, 31 December
2021: £1,192,000) of the total other intangible asset additions related to
internally generated software assets in development. These reflect the
capitalisation of staff and contractor costs in IT development projects.
Timing of revenue recognition
The Group derives revenue from the transfer of goods and services over time
and at a point in time as follows:
6 months ended 30 June 2022 6 months ended 30 June 2021
(Restated*) Year ended 31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Continuing operations
At a point in time 68,739 56,421 126,606
Over time 9,029 9,249 17,019
Revenue from continuing operations 77,768 65,670 143,625
Discontinued operations 114 1,785 2,464
Total revenue 77,882 67,455 146,089
* Restated to reflect China as a discontinued operation. See note 2.
Information about major customers
Revenue from customers of one business partner in our India segment
represented approximately £49,825,000 (H1 2021: £36,156,000; year ended 31
December 2021: £84,159,000) of the Group's total revenue.
4 Exceptional items
6 months ended 30 June 2022 6 months ended 30 June 2021 Year ended 31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Restructuring costs 497 1,489 1,628
Exceptional charge included in operating profit 497 1,489 1,628
Other gains and losses - gain on reclassification of investment - - (1,459)
Total exceptional charge included in profit before tax 497 1,489 169
Tax on exceptional items - (137) (171)
Total exceptional charge/(gain) after tax 497 1,352 (2)
Restructuring costs of £497,000 primarily relate to settlement costs in
exiting the former CEO and redundancy costs in the UK MGA as the business
moves to closure. The prior year restructuring costs relates to wide-scale
operational changes or closure activities in Spain, Mexico, Malaysia, Blink
and Head Office, as well as closure of the Malaysian operations. The charges
recognised are primarily settlement or redundancy costs.
5 Taxation
The tax charge is calculated by aggregating the tax arising in each
jurisdiction based on estimated profits chargeable to corporation tax and
withholding taxes arising in H1 2022 at the local statutory rate of tax. This
leads to a tax charge on continuing operations of £1.4 million (H1 2021
restated: £1.1 million; year ended 31 December 2021: £3.7 million)
reflecting the charges arising in India, Turkey and our European markets.
These tax charges result in an effective tax rate (ETR) at the half year of
113% (H1 2021 restated: negative 232%; year ended 31 December 2021: 88%).
The corporate income tax in our profitable overseas jurisdictions is higher
than the current UK corporate income tax rate of 19% and, in addition, there
are withholding taxes applied to funds repatriated from our overseas
operations which further increases the ETR. Profits generated from our UK
operations are expected to be covered by group relief from losses arising in
other UK entities.
The Mini-Budget on 23 September 2022, announced a reversal of the planned
increase in April 2023 to 25% of the corporate income tax rate in the UK. The
rate will now remain at its current level of 19%. This change has not been
substantively enacted at the balance sheet date, and as a result deferred tax
balances continue to be measured at 25%. The reversal is not expected to have
a material impact on the financial statements.
The Group's forecast ETR for the full year is notably higher than the UK
corporate income tax rate due to losses principally in Blink and the UK, which
coupled with the one-time exceptional restructuring charges will reduce the
overall Group profit before tax to a level that is lower than the tax charges
recognised in our profitable markets. The strategic refocus and restructuring
activity undertaken in 2022 is expected to alleviate this position and enable
a progressive reduction in the Group's ETR over the longer-term.
6 Dividends
6 months ended 30 June 2022 6 months ended 30 June 2021 Year ended 31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Interim dividend for the year ended 31 December 2021 of 5 pence - - 441
Final dividend for the year ended 31 December 2021 of 7.5 pence (2020: 25 663 2,188 2,188
pence)
663 2,188 2,629
The Directors have not proposed an interim dividend for 2022.
7 (Loss)/earnings per share
Basic and diluted (loss)/earnings per share (EPS) has been calculated in
accordance with IAS 33 Earnings per share. Underlying (loss)/earnings per
share, which excludes exceptional items, has also been presented in order to
give a better understanding of the performance of the business. In accordance
with IAS 33, potential ordinary shares are only considered dilutive when their
conversion would decrease the EPS or increase the loss per share attributable
to equity holders. Consequently, options are not dilutive on continuing
operations in the period and therefore, in accordance with IAS 33, have not
been treated as dilutive on discontinued operations or total EPS. The diluted
(loss)/earnings per share is therefore equal to the basic (loss)/earnings per
share in the six months ended 30 June 2022.
Continuing operations Discontinued operations Total
Six months ended 30 June 2022 (Unaudited)
(Loss)/earnings £'000 £'000 £'000
(Loss)/earnings for the purposes of basic and diluted (loss)/earnings per (362) 616 254
share
Exceptional items (net of tax) 497 (657) (160)
Earnings/(loss) for the purposes of underlying basic and diluted 135 (41) 94
earnings/(loss) per share
Number of shares Number
(thousands)
Weighted average number of ordinary shares for the purposes of basic and 8,843
diluted (loss)/earnings per share and basic underlying earnings/(loss) per
share
Effect of dilutive ordinary shares: share options 57
Weighted average number of ordinary shares for the purposes of diluted 8,900
underlying earnings/(loss) per share
(Loss)/earnings per share Continuing operations Discontinued operations Total
Pence Pence Pence
Basic and diluted (loss)/earnings per share (4.09) 6.96 2.87
Basic and diluted underlying earnings/(loss) per share 1.53 (0.46) 1.07
Continuing operations Discontinued operations Total
Six months ended 30 June 2021 (Unaudited) (Restated*)
(Loss)/earnings £'000 £'000 £'000
(Loss)/earnings for the purposes of basic and diluted (loss)/earnings per (1,888) 2,901 1,013
share
Exceptional items (net of tax) 1,352 (2,641) (1,289)
(Loss)/earnings for the purposes of underlying basic and diluted (536) 260 (276)
(loss)/earnings per share
Number of shares Number
(thousands)
Weighted average number of ordinary shares for the purposes of basic and 8,770
diluted (loss)/earnings per share and underlying (loss)/earnings per share
(Loss)/earnings per share Continuing operations Discontinued operations Total
Pence Pence Pence
Basic and diluted (loss)/earnings per share (21.53) 33.08 11.55
Basic and diluted underlying (loss)/earnings per share (6.11) 2.96 (3.15)
* Restated to reflect China as a discontinued operation. Continuing operations Discontinued operations Total
Year ended 31 December 2021 (Audited)
Earnings £'000 £'000 £'000
Profit for the purposes of basic and diluted earnings per share 75 2,490 2,565
Exceptional items (net of tax) (2) (2,399) (2,401)
Profit for the purposes of underlying basic and diluted earnings per share 73 91 164
Number of shares Number
(thousands)
Weighted average number of ordinary shares for the purposes of basic earnings 8,796
per share and basic underlying earnings per share
Effect of dilutive ordinary shares: share options 225
Weighted average number of ordinary shares for the purposes of diluted 9,021
earnings per share and diluted underlying earnings per share
Earnings per share Continuing operations Discontinued operations Total
Pence Pence Pence
Basic earnings per share 0.85 28.31 29.16
Diluted earnings per share 0.83 27.60 28.43
Basic underlying earnings per share 0.83 1.03 1.86
Diluted underlying earnings per share 0.81 1.01 1.82
8 Discontinued operations
On 27 January 2022, the Group completed the sale of its 100% shareholding in
CPP Asia Limited and its wholly owned subsidiary CPP Technology Services
(Shanghai) Co. Ltd (together "China"). Consideration on disposal was HKD 1.
In the prior period, on 17 May 2021, the Group completed the sale of its 100%
shareholding in CPP Creating Profitable Partnerships GmbH ("Germany"). The
final consideration on disposal was £2,366,000 (€2,752,000).
In accordance with IFRS 5 Non-current assets held for sale and discontinued
operations this operation has been presented as a discontinued operation.
Profit from discontinued operations comprises the following:
Six months ended 30 June 2022 China
£'000
(Unaudited)
Revenue 114
Cost of sales (33)
Gross profit 81
Administrative expenses (114)
EBITDA and operating profit (33)
Finance costs (8)
Loss before taxation (41)
Taxation -
Loss after taxation (41)
Profit on disposal 657
Total profit 616
Six months ended 30 June 2021 Germany China Total
£'000 £'000 £'000
(Unaudited) (Unaudited) (Unaudited)
Revenue 1,062 723 1,785
Cost of sales (430) (306) (736)
Gross profit 632 417 1,049
Administrative expenses (4) (796) (800)
EBITDA and operating profit 628 (379) 249
Finance costs 33 8 41
Profit/(loss) before taxation 661 (371) 290
Taxation (30) - (30)
Profit/(loss) after taxation 631 (371) 260
Profit on disposal 2,641 - 2,641
Total profit 3,272 (371) 2,901
Year ended 31 December 2021 Germany China Total
£'000 £'000 £'000
(Audited) (Audited) (Audited)
Revenue 1,062 1,402 2,464
Cost of sales (430) (547) (977)
Gross profit 632 855 1,487
Administrative expenses - (1,649) (1,649)
EBITDA and operating profit 632 (794) (162)
Finance costs 33 67 100
Profit/(loss) before taxation 665 (727) (62)
Taxation (30) - (30)
Profit/(loss) after taxation 635 (727) (92)
Profit/(loss) on disposal 2,654 (72) 2,582
Total profit/(loss) 3,289 (799) 2,490
Operating results for the six months ended 30 June 2022 reflect the trading
performance of China up to the date of disposal, being 27 January 2022.
Comparative information reflects a complete six months and 12 months
respectively. Prior to disposal China was part of the UK & ROW segment. In
the prior periods, Germany is included up to the date of disposal on 17 May
2021.
The Group has recognised a profit on disposal as follows:
6 months ended 30 June 2022 6 months ended 30 June 2021 Year ended 31 December 2021
(China)
(Germany)
(Germany and China)
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Proceeds - 2,353 2,366
Net (assets)/liabilities sold (424) 284 284
Costs associated with disposal - - (72)
Currency translation differences on disposal 1,081 4 4
Profit on disposal 657 2,641 2,582
9 Share capital
Share capital at 30 June 2022 is £24,254,000 (30 June 2021: £24,232,000; 31
December 2021: £24,243,000). To satisfy share option exercises in the six
month period to 30 June 2022 the Company has issued 11,069 £1 ordinary shares
for a total equity value of £11,000 and cash consideration of £6,000.
The total number of ordinary shares in issue at 30 June 2022 is 8,844,267 of
which 8,839,268 are fully paid and 4,999 are partly paid.
10 Reconciliation of operating cash flows
6 months ended 30 June 2022 6 months ended Year ended
30 June 2021 31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Profit for the period 454 1,276 3,008
Adjustments for:
Depreciation and amortisation 1,260 1,584 3,111
Share-based payment (credit)/charge (248) 226 (64)
Impairment loss on right-of-use assets - - 48
Impairment loss on intangible assets - - 176
Impairment loss on property, plant and equipment - - 3
Loss on disposal of intangible assets 175 - -
Loss on disposal of property, plant and equipment 42 4 26
Profit on disposal of discontinued operations (657) (2,641) (2,582)
Share of loss of joint venture - 119 189
Effects of hyperinflation (69) - -
Investment revenues (176) (112) (224)
Finance costs 281 247 259
Other gains and losses - - (1,459)
Income tax charge 1,449 1,166 3,737
Operating cash flows before movement in working capital 2,511 1,869 6,228
(Increase)/decrease in inventories (13) (4) 40
(Increase)/decrease in contract assets (148) 569 354
(Increase)/decrease in receivables (1,810) 2,099 1,672
Increase/(decrease) in payables 1,404 (3,061) (636)
Decrease in contract liabilities (30) (867) (276)
Cash from operations 1,914 605 7,382
Income taxes paid (2,241) (907) (2,820)
Net cash (used in)/from operating activities (327) (302) 4,562
11 Related party transactions
Transactions with associated undertakings
In the six months to 30 June 2022, the Group incurred fees of £8,000 plus VAT
(30 June 2020: £4,000 and year ended 31 December 2020: £8,000) for services
rendered from KYND, which was payable under 14 day credit terms. The creditor
balance at 30 June 2022 was £nil (30 June 2021: £nil, 31 December 2021:
£1,000).
Transactions with related parties
On 27 January 2022, the Group completed the sale of China to T-Link Holdings
Limited ("T-Link") for nominal cash consideration of HK$1. As part of the
Disposal, the Group made a working capital cash injection into China
of £0.5 million.
The majority shareholder of T-Link is Wilson Chan, the CEO of China. The
terms of the Disposal reflect the ongoing cash losses and investment
requirements of China. The Board concluded that sale of the business to T-Link
rather than a closure was both the least costly for the Group and the right
option for all stakeholders, enabling the Group to focus on its core markets
while ensuring in China the smooth transition of colleagues and continuity
of service to partners and their customers.
As Wilson Chan is CEO of China and a majority shareholder in T-Link, the
Disposal constitutes a related party transaction. The Directors consider,
having consulted with the Company's nominated adviser, Liberum Capital
Limited, that the terms of the Disposal are fair and reasonable insofar as the
Company's shareholders are concerned.
Remuneration of key management personnel
The remuneration of the Directors and Senior Management Team, who are the key
management personnel of the Group, is set out below:
6 months ended 6 months ended Year ended
30 June 2022 30 June 2021 31 December 2021
£'000 £'000 £'000
(Unaudited) (Unaudited) (Audited)
Short-term employee benefits 858 1,024 1,788
Post-employment benefits 25 41 74
Termination benefits 300 203 203
Share-based payments (195) 108 (65)
988 1,376 2,000
12 Events after the balance sheet date
Transactions with related parties
In July 2022, the Group agreed to amend the Globiva Shareholder Agreement
(SHA) and certain other arrangements. The Group holds a 51% majority interest
in Globiva, with the other 49% of share beneficially owned by the three
founders. CPP agreed to provide additional funding of £0.5 million through an
existing repayable interest-bearing loan which was utilised to make a one-time
compensation payment to the Globiva founders. The SHA further entitled, upon
achievement of certain performance targets, the Globiva founders to either a
cash payment or to buyback of 10% of the ordinary shares in Globiva from CPP.
Under the amended arrangements, the Globiva founders will, on meeting
performance targets, buyback 10% of the ordinary shares, however in the normal
course of business, this cannot be triggered until 1 January 2026 at the
earliest.
The compensation payment to the Globiva founders, who are also Directors of
Globiva, along with the other arrangements constitute a related party
transaction under AIM Rule 13. The Directors of CPP Group consider, having
consulted with the Company's nominated adviser, Liberum Capital Limited, that
the terms of the transaction are fair and reasonable insofar as the Company's
shareholders are concerned.
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