Stock market listed insurance software company

The Innovation Group (TiG) has reported a fourfold jump in annual profits, thanks to acquisitions and growing demand for its insurance software.

TiG, which provides claims processing management systems to companies such as CGNU, said adjusted profit before tax rose 365% to £17.7m in the year ended 30 September, from £3.8m the previous year.

Adjusted earnings per share rose to 9.08p from 3.06p and turnover was £57.8m versus £9.6m.

The company declared a final dividend of 2.5p against zero last year.

TiG spent much of the year buying up smaller competitors and then integrating them to deliver synergy benefits.

It completed four acquisitions during the year. These were US software firm MTW, privately owned software maker Huon, US insurance software firm Pyramid and UK motor insurance software company Motorcare.