After announcing its biggest ever contract last week, a £40m win with RBS Insurance (see here), insurance focused business process software and services provider The Innovation Group (TIG) confirmed that it is on track to meet its FY11 expectations for the year ending 30 September. This means delivering revenue of c£176m (an 8% increase on FY10), and gross margin, EBITDA margin and adjusted profit margins ‘significantly up’ on last year. Remember CE Andy Roberts' aim is to the get the top line growing in ‘early teens’ percentages and to get each country market/region up to 20% EBITDA (see TIG eys the magic '20%').
Internally, the company is now making progress moving clients on to its Enterprise insurance platform, and recently launched a re-engineered version of its Insurer product set, which it expects to drive new revenue growth in FY12. For now at least, TIG seems to be managing this transition to a platform-based BPS model fairly well.