Team Internet Share News (TIG)

Innovation Group, which provides business process services and software solutions to the insurance, fleet, automotive and property industries, has said that despite current economic and unfavourable weather conditions, trading since April 1st has continued positively. Good cash levels have been generated from operations, while the conversion rate of earnings before interest, tax, despreciation and amortisation (EBITDA) to operating cash flow remains strong."Progress with our Insurer software suite during the year has been good, with orders received in the UK, Australia and USA for the Insurer suite and individual products," the firm said.Innovation has successful implemented its Insurer version 7.2 product with Real Insurance, an Australian based mid-tier insurer, marking the first implementation of the new version of Insurer in Australia. The company also announced that it has signed a full and final settlement, at no further cash cost to the group, with Allstate Insurance Company of Canada for all the outstanding litigation by Allstate against Innovation and Innovation Canada. In all, Innovation is on track to meet its expectations for the current financial year.The share price rose 1.3% to 19.50p by 11:18.NR