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Company CPPGroup Plc
TIDM CPP
Headline

Re Contract

Released 11:00 06-Feb-2013
Number 2418X11

RNS Number : 2418X
CPPGroup Plc
06 February 2013
 



CPPGroup Plc

06 February 2013

Re Contract

 

CPPGroup Plc ("CPP" or the "Group") announces that, as expected and noted in the Group's announcement on 15 November 2012, RBS has now confirmed that it will not be renewing the Group's contract from March 2013 for the provision of Mobile Phone Insurance in the UK. 

The Group continues to make important progress as it significantly adjusts its UK business and effects the required actions to reduce its cost base to mitigate some of the adverse profit impact from lower revenue. Nonetheless, as previously indicated, the combination of the expected increase in FSA-associated costs, the anticipated decline of the UK business as a result of the restrictions imposed by the FSA, and lost business due to the decision by RBS not to renew its contract will have a substantial adverse impact on the business in 2013 and beyond.

 

For enquiries contact:

 

CPPGroup Plc

Helen Spivey, Head of Corporate & Investor Communications

Tel. +44 (0)1904 544387

 

Tulchan Communications

John Sunnucks

Martin Robinson

Tel. +44 (0)20 7353 4200


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Re Contract - RNS