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Trading statements

Innovation Group sees FY adj. profits in line

01 April 2015 09:42

The Innovation Group said, assuming current forex rates persist for the remainder of its 2015 financial year, directors anticipate adjusted profits for the year to Sept. 30 will be in line with consensus market forecasts.

Whilst positive progress is being made across the Group, the anticipated 2015 financial impact of some slippage in the signing of a small number of significant UK software contracts, together with benign weather conditions which have adversely impacted claims volumes in our UK property business, will largely offset the positive profit impact from the Symbility transaction.

Referring to that transaction, TIG confirmed the sale of the UK customer contracts associated with its UK Innovation Symbility business to Symbility Solutions Ltd for a purchase price of £4.0m.

As part of a separate agreement, closely aligned to the strategic objectives of both parties, the Group has entered into a five year contract with Symbility for the continued use of the Symbility software as part of the Group's Property service offerings.

Separately, TIG said it has secured a new client win with a Tier One European Motor brand.

This contract is the first of a number of expected software contracts over the coming quarter. It commences with immediate effect, and is valued at £3.6m with £2.5m being recognised over the next 12 months.

The contract was agreed following an extensive and competitive selection process and Innovation Group was chosen as the best partner to support the client with this important business transformation.

At 9:42am: (LON:TIG) Innovation Group The PLC share price was -4.87p at 23.38p

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