CPP Group shares have surged almost 54% on Monday after the group shared a trading for the year ended 31 December 2020.

The group said that trading in India had recovered well, which was “supported by the steady performance of our renewal portfolios in the UK and EU and a resilient performance in our Turkish operation.”

CPP Group expects full-year revenue to come in at around £140m – this is higher than previous forecasts of £133m. Underlying earnings (EBITDA)  are also expected to come in higher than previous forecasts of £6.4m and are expected to be in the range of £7.1m to £7.3m.

The company’s financial cash position remains strong at £21.9m thanks to “a notably conservative plan for managing its cash resources.”

The group will publish full-year results on 24 March 2021.

Jason Walsh, Chief Executive, said: “Despite the ongoing disruption and uncertainty caused by the pandemic in the second half, we continued to deliver consistently high levels of service and grow our business. Our ability to respond quickly and effectively to the evolving needs of our customers and partners meant we were able to strengthen existing relationships and forge new ones, which will further benefit the Group in 2021 and beyond.”

CPP shares are trading 53.96% at 505,00 (1215GMT).

BT shares fell over 2% on Monday morning after it was hit by a £600m compensation claim.

Ofcom said that the telecoms operator had failed to compensate elderly customers who had been overcharged for their landlines for the past eight years.

When Ofcom said that customers who only had landlines were being overcharged, BT reduced the cost by £7 a month. However, those “loyal” customers who have stayed with BT have not been compensated.

The Collective Action on Land Lines (CALL) has filed a £589m claim with the Competition Appeal Tribunal, which is made up of £500 for each of 2.3m BT customers.

Justin Le Patourel, founder of consumer group CALL, said: “Ofcom made it very clear that BT had spent years overcharging landline customers, but did not order it to repay the money it made from this.”

“We think millions of BT’s most loyal landline customers could be entitled to compensation of up to £500 each, and the filing of this claim starts that process.”

In response to the claim, BT said that it disagreed with the claim that it had engaged in anti-competitive behaviour.

A spokesperson said: “We take our responsibilities to older and more vulnerable customers very seriously and will defend ourselves against any claim that suggests otherwise.

“For many years we’ve offered discounted landline and broadband packages in what is a competitive market with competing options available, and we take pride in our work with elderly and vulnerable groups, as well as our work on the Customer Fairness agenda.”

Ian Grant is an independent telecoms analyst. He said: “Earlier in 2017, Ofcom fined BT £42m because it was late providing high-speed Ethernet lines, and forced BT to make good the losses of firms like Vodafone and TalkTalk.

“Ofcom, which has a statutory duty to stop consumer abuses, could have done the same for these customers. Instead, it allowed BT to get away with a 37% price cut, at a time when the difference between its costs and what it charged customers had risen between 50-74%.”

“It is especially poor that BT was overcharging customers who were mostly over 65, more than three-quarters of whom had never used a different provider, and for whom the telephone was their only communications link.”

BT shares are trading -2.07% at 137,93 (1159GMT).

The FTSE 100 opened lower this morning, down 0.2% to 6,725 points.

Among the biggest fallers on the FTSE 100 were oil companies and airlines as oil prices fell and travel restrictions heightened.

The new travel measures were announced by Boris Johnson last week, in an attempt to control the spread of the virus. The Covid test must be taken three days before travel or travellers could risk a £500 fine. The new rules kicked in at 4am on Monday.

“Friday capped off an already turbulent 2^nd week of 2021 with a severely bumpy landing. The markets, then, are in dire need of a pick-me-up, which might be hard to come by during the most fraught inauguration week in living memory,” said Connor Campbell from SpreadEx, commenting on the FTSE 100.

“The overnight data out of China failed to provide the propulsion needed to reverse last week’s losses. For while fourth quarter GDP smashed estimates to come in at 6.5% – essentially back to pre-pandemic levels, and well past Q3’s 4.9% – Chinese retail sales went in the wrong direction, slipping from 5.0% to 4.6%, almost a whole percentage point below the 5.5% forecast. Essentially the Chinese economy might be bouncing back – industrial production was also up, from 7.0% to 7.3% – but not in the way Western investors want.

“This meant the European markets softly edged out of the gate, unsure of which direction to take thanks to the mixed signals from one superpower, and the wholesale absence of the other. The FTSE crossed its arms and refused to move after the bell, instead sitting unchanged around 6,730. The DAX and CAC were hardly any more energetic, dipping 0.1% and 0.2% respectively,” he added.

Top risers this morning on the FTSE 100 included Just Eat Takeaway.com and Polymetal International.