CPP shares jump 45% as it shifts to exclusive focus on Blink Parametric
By Henry Gale
June 18 - (The Insurer) - Shares in Blink Parametric parent CPP Group surged on Wednesday after it said it would divest all its legacy assistance businesses to focus solely on the parametric-focused technology platform.
London-listed CPP Group's closing share price on Tuesday was 81.75 pounds. On Wednesday morning, after the company announced its revised strategy, its stock reached 125 pounds, and at the time of writing was 119 pounds, more than 45% higher than Tuesday's close.
The firm said it had completed the sale of CPP Turkey for a total cash consideration of 4.6 million pounds and is in advanced discussions to sell its larger business in India.
It plans to invest the proceeds into Blink's commercial and technology operations, a move it said was required "to scale Blink meaningfully". The funds will also be used to support the group's working capital requirements and a restructure to reduce central costs.
Blink is best known for travel disruption solutions, including products that pay travellers automatically after their flight is delayed or cancelled, or provide access to airport lounges. Its annual recurring revenue increased by 62% to 1.6 million pounds in 2024, with its automated travel disruption and cyber solutions now included in more than 1.5 million policies across 28 insurance partners.
CPP said Blink is currently on track to deliver growth in annual recurring revenue "well ahead of that achieved in 2024". It announced Brian Barter as its new CEO earlier this month, with previous CEO Sid Mouncey moving to the role of chief commercial officer.
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