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LONDON (Alliance News) - Innovation Group PLC Monday said it has made good progress across its businesses in the third quarter, with several contract renewals for its business process services division and some milestones hit by its software arm, though it sounded a note of caution about the potential impact of currency fluctuations.
The BPS arm of the company secured a range of contract renewals in the third quarter to June 30, including one with a leading motor manufacturer valued at GBP10 million in revenue over three years, it said. Elsewhere, the group's new initiatives underway in the BPS business will support its full-year 2015 expectations and said the pipeline across all regions of the unit remain strong, said the company.
In its software arm, The Innovation Group said it completed its first implementation of the Insurer Claims V7 solution in the US and expects further US and UK implementations to take place before the end of the calendar year. It said demand in end markets is increasing and its pipeline remains strong in the US, UK and Australia, though it said the procurement process amongst its clients is taking a longer time to complete than in the past.
The firm said, however, that its results could be hit by the weakness of the euro against sterling. Innovation's revenue and profit are denominated in euros and it warned any further fluctuations could impact on its full-year results.
It reiterated, though, that it expects to meet expectations for the year on the back of its current trading performance and pipeline.
Innovation Group shares were up 1.6% to 32.25 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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