CPPGROUP PLC

Earnings Release • Jul 2, 2014

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RNS Number : 1635L

CPPGroup Plc

02 July 2014

CPPGROUP PLC

02 July 2014

Pre Close Announcement

CPPGroup Plc (CPP or the Group) is an international assistance business operating in the UK and overseas within the financial services, telecommunications and travel sectors.

CPP today publishes the following pre-close statement ahead of its interim results for the six months ended 30 June 2014.

As expected, trading performance reflects the on-going challenges of the Group's environment.  Scheme of Arrangement (Scheme) claims continue to track within expectations and the total cost provided to date remains unchanged from the year-end.

As previously announced, the Group has a clear short term plan and objectives. The immediate focus is to complete the Scheme, manage costs tightly and return the Group to a position of stability. A number of positive changes have taken place as part of the Group's on-going review of its existing activities, including the continued focus on the required improvements to the operating environment and IT infrastructure, which will contribute to providing a sustainable business proposition for the long term.

In conjunction with the Group's key stakeholders, the Board continues to develop plans to restructure the Group's balance sheet and provide the foundations that will support the longer term direction of the business. This includes exploring the possible requirement for future funding and considering the appropriate UK listing for the Group that provides the most suitable and efficient platform to execute the Board's future plans.  

As previously outlined, material uncertainties remain, particularly in relation to the Scheme, liquidity and the execution and delivery of the Group's longer-term plans.

CPP will announce its interim results for the six months ended 30 June 2014 in August 2014.

Enquiries

Investor Relations

CPPGroup Plc

Brent Escott, Chief Executive Officer

Craig Parsons, Chief Financial Officer

Tel: +44 (0)1904 544702

Helen Spivey, Head of Corporate and Investor Communications

Tel: +44 (0)1904 544387

Media

Tulchan Communications: Martin Robinson; David Allchurch

Tel: +44 (0)20 7353 4200

Cautionary statement  

This trading statement contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the time of approval of the trading statement but such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information. Subject to the requirements of the UK Listing Authority's Disclosure and Transparency Rules and Listing Rules, CPPGroup Plc undertakes no obligation to update these forward-looking statements and it will not publicly release any revisions it may make to these forward-looking statements that may result from events or circumstances arising after the date of this trading statement.

This information is provided by RNS

The company news service from the London Stock Exchange

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