Joe Hope
CPPGroup PLC said on Thursday it expects income from continuing operations to grow in 2022 as it transitions to an insurtech business, with earnings from continuing operations exceeding market expectations.
The assistance and insurance products provider said it expects income from continuing operations to grow 19% annually, or 15% in constant currency, without providing specific figures. Last year, it reported £143.6 million ($177.3 million) in income from continuing operations.
EBITDA from continuing operations is expected to beat consensus estimates at around £6.9m, although that is down from the 2021 restatement of £7.2m.
The company said it was making good progress with its new strategy, launched in October, to exit from traditional businesses and pivot into an insurtech business led by Blink products and backed by CPP India and CPP Turkey.
The core business performed well in 2022, and CPP Group said it expected further progress in 2023.
The company is expected to report its 2022 results on March 28.
Shares were flat at 110.0 pence by 0949 GMT.
Write to Joe Hoppe at joseph.hoppe@wsj.com