International card and identity theft protection firm CPPGroup PLC (CPP.LN) Wednesday reported consistent revenue growth and better margins in the first four months of 2010, and said that underlying group operating profit has grown in line with its expectations.

CPP offers customers assistance with problems such as losing or having a wallet, mobile telephone or keys stolen, as well as support in the event of identity theft.

In an update on trading since Jan. 1, CPP, which listed on the London Stock Exchange in March raising GBP26 million, said that its annual renewal rate has remained in line with earlier years at around 77%.

Following the IPO, CPP's net debt has reduced to GBP14 million at April 30 from GBP49 million at the end of December.

CPP said that as part of its plans to develop its packaged current account business, it has started to provide mobile phone insurance for a range of Royal Bank of Scotland Group PLC (RBS.LN) and NatWest current account customers in the U.K.

It said its Asia Pacific business saw year-on-year revenue growth in the period as card protection sales in India offset the impact of a new credit card tax in Malaysia.

North America revenue is in line with expectations, CPP said.

-By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com
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