IT provider The Innovation Group (TIG) reported an operating loss of £10.2m in the nine months to 30 June.

At the same point last year the group lost £376m. It underwent significant restructuring at the end of last year.

Saddled with the legacy of complex acquisitions, it reported a goodwill amortisation charge of £12.3m . Excluding amortisation, TIG made a profit before tax of £1.9m against £14.5m in the prior period.

Turnover in the period was £45m, down from £84m in the prior period. Basic loss per share was 3.12p, against a loss of 168.18p.