As expected following its upbeat statement in October, (see Innovation Group in line), UK-based insurance BPS provider The Innovation Group (TIG) has hit the numbers for FY11.
Revenue for the year to 30 September grew 8.5% to £175.9m, and pre-tax profits hit £10.2m (5.8% operating margin) vs. a £1.7m loss the previous year. The adjusted profit margin (which TIG refers to) i.e. before all the nasty bits, was 8.6%, indeed ‘significantly up’ on last year’s 6%. TIG has also splashed out £13.1m in cash on Claims Services Australia Pty Ltd, a motor and property claims management BPO provider in Australia.
We are speaking with TIG’s management this morning and will provide a full analysis for TechMarketView’s Foundation Service subscribers later.