But EBITDA grew by 5%

Insurance software and business service provider The Innovation Group (TIG) has reported a 31% fall in profits over the six months to 31 March 2015.

TIG reported profit before tax of £3.3m in H1 2015, compared with £4.8m for the same period in 2014.

Despite this dip in profit, group chief executive Andy Roberts was able to announce a 13% improvement in the adjusted profit before tax of £11.3m.

Revenue at the service provider also grew by 11% to £112.8m, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 5% to £15.6m.

The acquisition of motor service plan provider EMaC and the “positive” progress being made in building out wet peril capability in the UK, America, Australia and France are among the commercial highlights for the company this year.

Roberts said: “Following the recent contract wins, underlying momentum in the business is strong.

“The past six months have seen us deliver double-digit increases in revenue and adjusted profit and, at the same time, our newly separated Software and Business Services divisions are now tightly aligned to their target markets.

”Both teams are fully focused on the opportunities ahead and it is particularly encouraging to see our Software business begin to gain traction.”