StockMarketWire.com - Insurance products and services company CPP swung to a loss in the first half of the year as the second wave of the COVID-19 in India weighed on performance.

For the six months ended 30 June 2021, pre-tax losses were £0.7 million compared with a profit of £0.5 million year-on-year even as revenue increased 10% to £66.4 million.

'The first half of 2021 was a similar story to that of 2020, with a strong first quarter tempered by the negative effects of COVID-19 in the second, particularly in our main market of India,' the company said.

'Strong' progress was made since the end of the June amid a recovery in trading in India, with the company forecasting a 'positive' outlook for the remainder of the year.

'Whilst uncertainty remains from COVID-19, the Board believes the company is trading broadly in line with market expectations for the full year with the outlook being positive for the remainder of the year.'




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