REG - CPPGroup Plc - Disposal of Italian Legacy Business

CPPGroupAnnouncement

14/06/2024 07:00

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RNS Number : 4688S  CPPGroup Plc  14 June 2024

CPPGroup Plc

("CPP Group"; "the Group"; or "the Company")

Disposal of Italian Legacy Business

 

CPP Group (AIM: CPP), a provider of real-time, digitally delivered assistance
products which reduce disruptions to everyday life for millions of people,
announces that it has disposed of its legacy operations in Italy through the
sale of its wholly owned subsidiary, CPP Italia Srl ("CPP Italy") to IGS EMEA
SL for a cash consideration of €0.5 million (the "Disposal").

CPP Italy is non-core to the Group following the announcement in October 2022
of its revised strategy to withdraw from its legacy operations and to
transform the Group to a digitally focused parametric business led by Blink
Parametric and supported by CPP India and CPP Turkey.

For the 2023 Financial Year, CPP Italy contributed EBITDA of £0.2 million to
the Group's overall EBITDA of £4.8 million and recorded a profit before tax
of £0.1 million. As at 31 December 2023, CPP Italy had net assets of £0.1
million. The impact of the Disposal will, therefore, not be material to the
Group.

The Disposal marks the final step in the Group's withdrawal plans from its
legacy operations, with Spain and Portugal closed, Italy and Mexico sold, and
the UK in active run-off.

Simon Pyper, Group CEO, commented:

"The disposal of CPP Italy is consistent with our stated strategy and is
another positive step as we simplify the Group and transform to a digitally
led parametric business."

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.

Enquiries:

 

CPP Group plc

Simon Pyper, Chief Executive Officer              Tel: +44
(0)7917 795601

David Bowling, Chief Financial Officer

 

Liberum Capital Limited

(Nominated Adviser and Sole Broker)             Tel: +44 (0)20
3100 2000

Richard Lindley

Will King

 

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://corporate.cppgroup.com/
(https://corporate.cppgroup.com/)

 

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