Advertisement

Innovation re-signs contract with South African insurer

Innovation Group, a global provider of business process services and software solutions to the insurance and property industries has announced the re-signing of a contract in South Africa with the insurer of one of South Africa's top four banks.

Innovation Group, a global provider of business process services and software solutions to the insurance and property industries has announced the re-signing of a contract in South Africa with the insurer of one of South Africa's top four banks.

Innovation Group said that the contract had been re-signed to conform with newly implemented Binder Regulations for the insurance industry in South Africa.

Advertisement - Article continues below

The original contract was signed and announced in April 2010 with an expected value of £25m over a five year period.

The company said that due to market volume improvements and significant growth in penetration of products co-developed with this client the new forecast for the contract was £37m.

The contract is expected to continue to run until 2015 with expected revenues of approximately £8.5m for this financial year escalating to £10m per annum over the next two years, the company added.

Andy Roberts, Chief Executive Officer of the Innovation Group, commented: "This is an example of how working very closely with our clients enables us to build books of business to mutual benefit. We look forward to continued robust growth of our South African business through the use of our strong, market relevant technology suite."

Innovation Group's share price was up 0.96% to 26.25p at 11:29 on Thursday.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

BP has slashed its dividend – and markets love it
Income investing

BP has slashed its dividend – and markets love it

BP has bowed to the inevitable and cut its dividend in half – and its share price promptly rose. John Stepek explains what it means for shareholders …
4 Aug 2020
Listed companies are dying out, and that could have serious consequences
Stockmarkets

Listed companies are dying out, and that could have serious consequences

Private equity is taking over from public stockmarkets as the biggest provider of capital to companies. That’s bad for investors and bad for society a…
3 Aug 2020
Can the recent rally in sterling continue?
Sponsored

Can the recent rally in sterling continue?

A "double top"  – a very recognisable pattern – is forming in in the US dollar. Dominic Frisby explains what it is, and what it could tell us about st…
3 Aug 2020