Insurance software and business process service (BPS) provider The Innovation Group (TIG) has capped off what CEO Andy Roberts said is their ‘strongest, most successful ever’ with a double-digit increase in profitability and some of its largest ever deals.
For the year to 30 September, pre-tax profits were up 32% in constant currency (ccy) to £14.4m – giving TIG a 7% pre-tax margin vs. 6% last time. Headline revenue was up 8% ccy to £204.4m, and up 3% organically excluding the acquisition of UK-based Gemini Vehicle Solutions in April (see here).
Hot Views readers will know that TIG has been on something of a roll recently, with its largest total contract value (TCV) deal ever signed, with a tier 1 UK insurer (see TIG signs £75m UK subsidence contract), and most recently a handful of new deals in the US (see here). The good news for TIG is these deals were signed after the year end, so it expects these to boost organic growth further next year.
We will be speaking with CE Andy Roberts this morning, and will provide more colour and movement for TechMarketView subscribers in UKHotViewsExtra later.