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Trading statements

TIG trades in line, looks to close contracts

25 September 2015 09:49

The Innovation Group said trading is in line with directors' expectations, despite the significant headwinds that have continued (such as benign weather conditions reducing claims volumes in the UK property business and adverse currency fluctuations) and a requirement to close a small number of significant contracts before the year end.

"If Innovation does not close all of these contracts prior to 30 September 2015, profits for the financial year ending 30 September 2015 will be negatively affected," the company said.

"While the financial year has not yet closed and therefore full year results are not yet known, the small number of significant contracts identified remain in advanced discussions, but partly as a consequence of time and effort committed by management to the Offer, are in the Boards view, likely to close after the end of September.

"Primarily as a consequence of this, but also due to the UK property business not having recovered in the second half, sales and profits for the financial year will be negatively impacted and the Directors now believe that Adjusted Profit for the year ending 30 September 2015 will be significantly lower than their previous expectations."

At 9:49am: (LON:TIG) Innovation Group The PLC share price was -0.62p at 39.13p

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