The Innovation Group plc ('Innovation' or 'the Group'), the leading technology-led Business Process Outsourcing ('BPO') provider for the insurance sector, today announces its preliminary results for the 12 months ended 30 September 2007.
Financial Highlights
| | 2007 | Change | 2006 |
|
| Revenues | £110.5m | +39% | £79.7m |
| Adjusted profit before tax * | £16.1m | +47% | £10.9m |
| Profit before tax | £10.4m | +23% | £8.5m |
| Adjusted earnings per share | 1.93p | +18% | 1.64p |
| Earnings per share | 1.17p | -9% | 1.28p |
| Dividend per share | 0.3p | - | - |
| Revenues at constant currency | £110.5m | +51% | £73.2m |
| Adjusted profit before tax at constant currency * | £16.1m | +63% | £9.9m |
*Adjusted profit before tax is profit before tax after adding back the amortisation charge of £2.9m, impairment charge of £1.1m, a share based payments charge of £1.5m and utilisation of pre-acquisition brought forward tax losses of £0.2m as analysed on the face of the income statement.
Performance Indicators
| | 2007 | 2006 |
|
| Outsourcing revenues | 68% | 61% |
| Recurring revenues | 77% | 70% |
| Operating cash flow | £15.2m | £10.0m |
Milestones
- Winning major BPO business
- Progress with acquisition strategy
- Synergies
- Cross-selling
- Effect on product range
- Integration
- Progress with IBM relationship
Corporate Highlights
- Successful rights issue for £37.9m
- BEE credentials secured in South Africa
- Board strengthened with key appointments
- Paul Hemsley as CFO
- Kurt Lauk and James Morley appointed as Non-Executive Directors
- Proposed final dividend of 0.3 pence per share
- Nobilas acquisition completed post year end
Hassan Sadiq, Chief Executive Officer, commented, "We are very pleased with the company's performance over the year. Our acquisition strategy continues to broaden our capability a and add to our product portfolio, and we are confident in the cross-selling opportunities which lie ahead. In addition, the increased weighting of outsourcing promotes a high level of recurring revenues. This, combined with the very strong pipeline, gives the Board confidence in the significant future growth of the business."
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