Updates

Innovation Group - Â£21m fundraising at 10p

January 2010

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Innovation has reported its results for the year to 30 September, a placing to raise Â£21m and the departure of its chief executive. Results were OK, showing sales were up 10% organically to Â£155m and adjusted pretax profit was Â£11.3m (eps 1.1p). In the last few years there has been a significant shift in strategy from being a software vendor to a software-led BPO where it transfers an insurer's entire claims function (most of the work being motor claims) over to itself and takes a transaction fee for managing each claim on behalf of the insurer. This transaction income, or â€œoutsourcing servicesâ€ as it is reported in the accounts, now stands at Â£125m or 80% of sales. Software sales are now Â£30m or 20 ...

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Scott Wilson

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