The Innovation Group (TIG) has made nearly twice as much profit in the first six months of trading than it made in the whole of 2005, according to figures published this week.
The insurance outsourcing and software company has reported an adjusted profit of £5.2m for the first half of 2006, compared to just £1.6m in the same period last year and an overall profit of £2.9m for 2005.
Analysts expect the company's profit to reach £10m by year end.
Hassan Sadiq, chief executive of TIG, said: "Outsourcing continues to grow organically and software has performed well with five new software contracts secured during the period.
"These have underpinned our first half growth and confirm that our leading edge software provides compelling value to the international insurance market."
Revenue increased by 34% to £38.5m, with outsourcing representing 40% of that increase and software 26%. TIG said it intended to continue its development through additional products and services to its existing client base, new products to existing regions and an increased presence in acquisitions.
