Innovation’s profits slip on deals

Innovation Group, the business software and processes firm, yesterday reported like-for-like revenues that rose two per cent to £101.7m during the six months to 31 March. Innovation’s profits fell 29 per cent to £4.8m due to the cost of acquisitions during the period and the amortisation of certain assets. “We made two material acquisitions in the period which I am pleased to say are on track, from both an integration and financial performance perspective,” said chief Andy Roberts. The firm also introduced an interim dividend of 0.1p.