Asian growth makes up for woe in Europe at Innovation Group

INNOVATION GROUP, the business software and processes firm, reported a 10 per cent rise in annual revenues yesterday, as it said growth in Asia had made up for tough conditions in southern Europe and the US.

The company, which provides outsourcing services to the insurance, automotive and property industries, has expanded its reach via multiple acquisitions.

Innovation Group saw revenues double in the Asia Pacific region, while North American sales fell by five per cent. The company found Spain a particularly harsh climate, with revenues there falling by 27 per cent.

Group turnover was up from £175.9m to £193.7m, while pre-tax profits jumped 15 per cent to £11.8m. The Hampshire-based business’s clients include Ford, Aviva and Zurich.

Chief executive Andrew Roberts said: “We have worked hard to deliver significant growth in both revenue and profit and we have continued to execute to our plan, embedding ourselves more deeply with customers, building out our offering via acquisition, and leading the market in terms of innovation. This will continue in the year ahead.”