Last checked at 9 May 2013 07:00
9 May 2013
The Innovation Group plc
('Innovation Group' or the 'Group')
South African Contract Re-signing Due To Volume Improvement
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 is pleased to announce the re-signing of a contract in South Africa with the insurer and vehicle finance house of one of South Africa's top four banks. The contract has been re-signed to conform with the newly implemented Binder Regulations for the insurance industry in South Africa.
The original contract was signed and announced in April 2010 with an expected value of £25 million (R350 million) over a five year period. Due to market volume improvements and significant growth in penetration of products co-developed with this client, the new forecast for the contract is £37 million (R520 million). The contract will continue to run until 2015 with expected revenues of approximately £8.5 million (R120 million) for this financial year escalating to £10 million (R140 million) per annum over the next two years.
Andy Roberts, Chief Executive Officer of The Innovation Group, commented:
"We are delighted by the re-signing of this contract with one of South Africa's top banks. This is an example of how working very closely with our clients enables us to build books of business to mutual benefit. We look forward to continued robust growth of our South African business through the use of our strong, market relevant technology suite."
Enquiries:
The Innovation Group plc | Tel: +44 (0) 1489 898 300 |
Andy Roberts, Chief Executive Officer | |
Jane Hall, Group Finance Director Louise Fisk, Head of Global Communications | |
FTI Consulting LLP | Tel: +44 (0) 20 7831 3113 |
Edward Bridges / Matt Dixon / Tracey Bowditch / Elodie Castagna |
About The Innovation Group plc:
Innovation Group (LSE: TIG) is a global provider of insurance software solutions and business process services. With revenues of £193m (US$ 302m) in 2012, it employs over 2,400 people across North America, Europe, Asia Pacific and South Africa and works with 15 of the top 20 global insurance markets, 16 of the top 20 global insurance companies and 3 of the world's top 5 fleet and lease management companies.
www.innovation-group.com