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CPP First-Half Profit Climbs on Added Accounts, Phone Insurance

Aug. 23 (Bloomberg) -- CPP Group Plc, which provides protection against credit-card and identity theft, said first-half profit increased 35 percent as it sold more packaged accounts and mobile phone insurance.

Net income rose to 15.9 million pounds ($26.2 million), or 9.34 pence per share, during the six months ended June 30, from 11.8 million pounds, or 7.29 pence per share, a year earlier, the York, U.K.-based company said today in a statement on the Regulatory News Service.

It’s unclear when an investigation into the company’s U.K. products by the Financial Services Authority will be completed, CPP said. Revenue increased 10 percent, to 172.1 million pounds, from a year earlier.

“The Group delivered another good revenue performance in the first half of 2011, albeit that costs and lost revenues as a result of the ongoing FSA investigation in the U.K. have impacted profitability,” Chief Executive Officer Eric Woolley said in the statement. “Our international businesses continued to develop well.”

To contact the reporter on this story: Charles Mead in London at cmead11@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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