Tuesday, 18 August 2009

Hatches firmly battened down at TIG

(By Philip Carnelley, 18 Aug 2009 9:20) “Cautiously in line” is probably the best phrase for the trading statement from The Innovation Group (TIG) this morning (see here) as things seem to be stabilising after a fairly bumpy period (see TIG – first half ups and downs). The insurance software, services and BPO company reports that despite challenging conditions, revenue and adjusted PBT have “held up”. Activity is down in the insurance industry, hitting BPO volumes (over 80% of TIG’s business is generated from outsourcing). Management (now under the watchful eye of chairman Andy Roberts – see Andy Roberts takes chair at Innovation Group) announced restructuring measures which will cost £2m cash this year with the hope of saving £6m next. TIG managed to turn profitability around in first-half – let’s hope it really can keep it up in second-half.

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