25th Sep 2015 08:50
LONDON (Alliance News) - Insurance software provider Innovation Group PLC on Friday said its adjusted profit for the full year will be significantly lower than its expectations due to contract delays and a sluggish recovery for its UK property business.
The company, which is being acquired by US private equity house Carlyle Group for around GBP499.0 million, said that while its financial year to the end of September is not yet closed, a small number of significant contracts remain in advanced talks and are likely to close after September.
As a result, and due to a weaker-than-anticipated recovery in its UK property software business, the company said its adjusted profit for the year to the end of September will be "significantly" below its expectations.
Shares in Innovation were down 1.9% to 39.00 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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