The Innovation Group (TiG) has announced its first half results showing a fall in turnover compared with the company's 2003 performance.
For the group, turnover fell to £27.4m, down from £31.2m for the first half of 2003. Turnover for TiG's specialised business process outsourcing division was £12.9m, up from £11.5m in 2003.
But turnover for the technology solutions division fell from £19.7m in 2003 to £14.5m for 2004.
Adjusted pretax profit increased by 115%, up from £1.4m in the first half of 2003, to £3.0m.
The group said it had also reduced its losses, down from £5.2m in 2003 to £3.5m for the first half of 2004. This included a £7.4m amortisation charge, a profit of disposal of operations of £1m, and £0.1m written off on investments.
TiG chief executive Hassan Sadiq said: “We have measurably improved the shape of the group by renewing our concentration on the core business and strengthening our relationships with our existing clients.
“Against a background of an improving business environment and a strengthening pipeline, our outlook for the full year remains one of cautious optimism.”
Commenting on the fall in turnover for the technology solutions division, Sadiq said the company had seen three major contract wins since the start of the financial year, including a three-year contract with RAC worth a minimum of £3m.
The company said it expected to see at least half of this revenue within the current financial year.
