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LONDON - CPP Group (AIM:CPP) announced Wednesday a strategic pivot to focus exclusively on its Blink parametric insurance technology platform while divesting its legacy businesses.
The company has completed the sale of its Turkish operations for £4.6 million to Germany-based Mehrwerk GmbH. The deal includes a three-year licensing agreement worth £1.5 million for Blink’s cyber security product, bringing the total transaction value to £6.1 million to be paid over three years.
CPP Group also disclosed it has entered into a non-binding letter of intent with a preferred bidder for its Indian operations, though the company noted there is no certainty a transaction will be completed.
The strategic shift comes three years after CPP installed new management and implemented a five-year plan to streamline operations. Despite meeting strategic objectives, the company stated its share price "remains materially below its intrinsic value" and doesn’t reflect Blink’s commercial potential.
Blink reported 62% growth in annual recurring revenue to £1.6 million in 2024, with 28 insurance partners across 22 markets and over 1.5 million policies sold using its technology.
Brian Barter has been appointed CEO of Blink to lead its next growth phase. The company plans to implement a restructuring program in September 2025 to reduce central costs.
Proceeds from the divestments will fund investment in Blink, support working capital requirements, and repay the company’s revolving credit facility with Barclays (LON:BARC), which is being withdrawn in September 2025.
As of May 30, CPP Group reported net funds of £6.5 million.
The announcement was based on a press release statement from the company.
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