31st Aug 2007 15:40
Innovation Group PLC31 August 2007 31 August 2007 The Innovation Group plc Acquisition of remaining 49% minority interest in Sureplan USA Inc The Innovation Group plc ("the Group"), which provides outsourcing services andsoftware solutions to the world's insurance markets, today announces that it hascompleted the acquisition of the remaining 49% minority interest in Sureplan USAInc ("Sureplan") for a cash consideration of US$4.9m (approximately £2.5m). The Group, which previously announced the acquisition of a 51% controllinginterest in October 2006, has financed the transaction from debt facilities. In the twelve months to 31 December 2006, Sureplan reported audited turnover of$6.0m (approximately £3.0m) and a pre-tax profit of $1.2m (approximately £0.6m).Gross assets were $2.7m (approximately £1.4m) as at 31 December 2006. Enquiries: The Innovation Group plc +44 (0) 1489 898300Hassan Sadiq, Chief Executive OfficerPaul Hemsley, Group Finance Director College Hill Associates Ltd +44 (0) 20 7457 2020Sara Musgrave, PartnerBen Way This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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