In the 12 months to the end of September, Innovation secured total sales of GBP110.5m ($227.6m), up from GBP79.7m ($164.1m) the previous year. Outsourcing revenue was up 56% to GBP75.4m ($155.3m), equivalent to over 68% of the company’s total sales. During fiscal 2007, Innovation secured a number significant outsourcing deals, including one with Royal & Sun Alliance valued at more than 25m pounds ($51.5m) over five years.
Innovation’s net profit for the fiscal year was GBP8.1m ($16.6m), up from GBP6.8m ($14.1m) in the previous 12 months. At an operating level, profit was up 17% at GBP8.6m ($17.7m).
Looking ahead, Innovation said an encouraging pipeline of prospects and higher than expected levels of future recurring revenue had caused it to raise its expectations for fiscal 2008, although no detailed guidance was given.
