Team Internet Share News (TIG)

Software firm Innovation said it continued to trade positively and is confident of meeting company expectations for the current financial year despite prevailing economic conditions.The group, which supplies software solutions to the insurance, fleet, automotive and property industries, said trading from 1 April to date has built on the strong performance in the first half of the financial year.Innovation continued to generate good levels of cash from its operations, and the conversion rate of EBITDA to operating cash flow remains strong, it said in a statement. Margins are tracking to plan and, as expected, gross margin, EBITDA margin and adjusted profit margins are all significantly improved from last year.The group has also won several new contracts with Tier 1 insurers as well as a number of smaller contracts and contract renewals. It continues to pursue other large pipeline opportunities. Innovation said it has also maintained good momentum in developing its software capabilities.As previously stated, whilst the sales cycle can be lengthy, the board continues to believe that revenue for these software products will start to build in FY 2012, it said.---CJ