Innovation slims down losses

Software firm Innovation said full year losses narrowed on lower administrative costs as it issued a confident outlook for sales growth in 2011 and beyond.The group, which provides software solutions to the insurance, car and property industries, has undergone a year of restructuring which is now mostly complete."All of these transition efforts add up to a leaner, more focused and better equipped business as we start to pursue sustainable and profitable revenue growth in 2011 and beyond," said chief executive officer Andrew Roberts in a company statement. Loss before tax narrowed to £1.7m for the year ended 30 September 2010 from a loss of £19.8m previously. Revenues during the period rose to £162.1m from £155.9m a year before. Administrative costs fell to £65.1m from £79.3m as the company restructured its management. Team Internet