Last checked at 17 Aug 2012 07:00
17 August 2012
The Innovation Group plc
("Innovation" or the "Group")
Interim Management Statement
The Innovation Group plc (LSE: TIG.L), a global provider of business process services and software solutions to the insurance, fleet, automotive and property industries, today publishes its Interim Management Statement for the period from 1 April 2012 to date, in accordance with DTR 4.3 of the FSA Handbook.
The Board is pleased to report that, despite current economic and unfavourable weather conditions trading has continued positively in the period under review, building on the strong performance delivered by the Group in the first half of the financial year. The Group continues to generate good levels of cash from its operations, and the conversion rate of EBITDA to operating cash flow remains strong.
Progress with our Insurer software suite during the year has been good, with orders received in the UK, Australia and USA for the Insurer suite and individual products. Insurer version 7.2 has been successfully implemented with Real Insurance, an Australian based mid tier insurer and part of the Hollard Group. This is the first implementation of the new version of Insurer in Australia, utilising the Group's capabilities for motor and property.
The Board is pleased to announce that Innovation has signed a full and final settlement, at no further cash cost to the Group, with Allstate Insurance Company of Canada ('Allstate') in respect of all outstanding litigation by Allstate against Innovation and Innovation Canada.
The Board is confident that the Group's performance remains on track to meet its expectations for the current financial year.
Enquiries:
The Innovation Group | Tel: +44 (0) 1489 898300 |
Andrew Roberts, Chief Executive Officer | |
Jane Hall, Group Finance Director | |
FTI Consulting, LLP | Tel: +44 (0) 20 7831 3113 |
Ed Bridges / Matt Dixon / Tracey Bowditch |
Notes to Editors:
The Innovation Group plc (LSE: TIG.L) is a global provider of business process services and software solutions to the insurance, fleet, automotive and property industries. Innovation Group provides contact centres, repair networks, process management, supply chain and technology operations and decision support analytics to support accident management, repair and estimation and claims management services. Innovation Group has over 800 global clients including AXA, RSA, American Modern Insurance Group, LeasePlan, The Ford Motor Company, Aviva, Toyota and Zurich. The Group processes more than 4 million claims per year with 20 per cent direct claims cost saving achieved. Innovation's 2,400 people are located in the United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, India, Pakistan, South Africa, Spain and United States. www.innovation-group.com