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06 February 2013
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.
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