Revenue up 10 per cent at Innovation Group

Revenue at international business process services provider Innovation Group rose 10 per cent in the year ending September 30th, according to preliminary results published by the group on Wednesday.

The group's revenue jumped to £193.7m compared to £175.9m in 2011, while pre-tax profit rose 15% to £11.8m from £10.2m in 2011.

Business process service revenue, comprising motor, property and other business process services represented 88% of total revenue at the group.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Revenue growth varied considerably from region to region. In Asia Pacific, revenue doubled as a result of an acquisition which contributed revenue of £8.7m and three software deals. In North America, revenue fell by 5% due to a reduction in software revenues in the first half of the year and revenues fell 27% in the group's Spanish operation although European revenue was up overall at £104.6m, compared to £97.6m in 2011.

Andrew Roberts, Chief Executive Officer at the Innovation Group, said: "This has been a strong and positive year for our group. We have worked hard to deliver significant growth in both revenue and profit and we have continued to execute to our plan, embedding ourselves more deeply with customers, building out our offering via acquisition, and leading the market in terms of innovation."

"This will continue in the year ahead and we remain confident that we have the right strategy to deliver profitable growth at good margins this year and in the years to come," he added.

The FTSE Small Cap company has a market share of £225.96m. Its share price was unchanged at 23p 10:35 on Tuesday following a day high of 23.50p.

MF