15th Feb 2008 07:00
Innovation Group PLC15 February 2008 15 February 2008 The Innovation Group plc Interim Management Statement The Innovation Group plc ("Innovation" or "the Company" or "the Group"), theleading technology-led Business Process Outsourcing ("BPO") provider for theinsurance sector, today publishes its first Interim Management Statement inaccordance with DTR 4.3 of the FSA Handbook. The Board is pleased to announce that the Group pipeline is excellent, salesconversion is high, the order book remains strong and the business continues togrow. The rapid integration of Nobilas is progressing well and the acquisitionhas been well received by customers and employees, leading to an increase incustomer enquiries. The Board is pleased to note that recurring revenue as a proportion of totalrevenue continues to rise. The IBM relationship continues to increase customers and prospects. Inaddition, the IBM-Innovation Insurance Competency Centre has now opened in Indiawhich expands our capacity and enables scale to support future growth. All of the costs associated with the acquisition of Nobilas and its integrationinto the Group are expected to be taken in the first half of the currentfinancial year. This, together with the investment we have made to turn theincreasing order book into second half revenue, will reduce the contribution ofthe first half. Nevertheless, our expectations for the full year outcome remainunchanged. Market conditions remain favourable and we retain a solid balance sheet and cashflow. The Innovation Group Tel: +44 (0) 1489 898300Hassan SadiqPaul Hemsley Financial Dynamics Tel: +44 (0) 20 7831 3113Ed Bridges / Juliet Clarke / Matt Dixon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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