CPP returns to the black

CPP said positive results reflect a new beginning for the company
CPP said positive results reflect a new beginning for the company

Credit card protection firm CPP said it made ​"significant progress​"​ in 2015​ as it returned to the black.

The York-based firm, which is in the middle of a board room tussle with shareholders, said it made a £20.8m profit in 2015, up from a loss of £6.7m in 2014.

CEO Stephen Callaghan​ said:​ ​"We have made​​ significant progress in 2015, highlighted by our strong overall performance, including a substantial uplift in our profitability over the prior year.

​"​These results reflect a new beginning for CPP. We now have the right leadership team in place, supported by over 700 great colleagues and a similar number of dedicated customer service agents.​"

The firm was fined £10.5​m in 2012 for misleading customers into buying worthless insurance for credit​ cards.

​Following discussions with the FCA, the ​c​ompany ​has been told it ​must demonstrate that management practices and shareholder influence of the past no longer exist, before reinstatement of regulatory permissions in the UK will be considered.

​CPP said reinstatement of regulatory permissions ​is a key part of the ​g​roup's plans.​

​Earlier this week CPP said it was surprised by demands from shareholders for an overhaul of the board "given that the company’s overall performance has been strong".