By Paulo Trevisani
British personal-protection firm CPP Group said Tuesday that currency conversions had a negative impact on its first-half results.
The company, which provides services such as cyber risk management, warranty and mobile phone insurance and payment card protection in several countries, said foreign exchange movements had a negative impact of GBP4.6 million ($6.31 million) on revenue, compared to GBP1.4 million in the first half of 2020, and a GBP500,000 negative impact on earnings before interest, taxes, depreciation and amortization, versus GBP100,000 a year ago.
CPP reported a 10% increase in revenue to GBP66.4 million in the first half versus a year earlier, while EBITDA increased 37% to GBP2.6 million.
The Leeds-based company said the average exchange rate for the Indian rupee in the first half of 2021 was 101.78, for the Turkish lira it was 11.20, for the euro 1.15, for the Mexican peso 28.17 and for the Chinese yuan the average rate was 8.96.
"The average exchange rates in H1 2021 have weakened against sterling compared to H1 2020 which has resulted in adverse exchange movements in the reported results," CPP said.
Write to Paulo Trevisani at firstname.lastname@example.org
(END) Dow Jones Newswires