Team Internet Share News (TIG)

The Innovation Group, the specialist global provider of software and outsourcing solutions to insurers and the associated fleet, automotive and property sectors, said the conversion rate of earnings into cash in the new financial year is currently ahead of management's expectation.Trading since the end of September has been encouraging, with year on year revenue growth in line with the group's budget. Revenue from business process outsourcing (BPO) remains at 87% of total turnover.Customer retention remains good and during the period the group secured several wins in the UK, US and Australia as well as renewing a contract with its largest client in Spain.The group's development programmes for Insurer Claims, Policy, Analytics and BPO (Enterprise) remain on track with the new version of its claims software product, Insurer 7.0, having been launched internally, on time and to budget, in January. "We are pleased by the initial feedback from industry analysts and are encouraged with the pipeline which is now starting to emerge in the US, UK and Australia. Although the sales cycle for product sales remains long, over time, we expect revenue for this product to build in 2012 and beyond," the company said.