Insurance software supplier, The Innovation Group (TIG), has reported widening losses in the six months to April.
In its interim report, TIG revealed that losses in the six months to 31 March grew from £3.5m to £5.2m on a turnover of £31.1m.
The widening losses prompted TIG to reassure investors that it will meet its full-year expectations. The company said that despite the losses it expects to sign a significant portion of expected licence and maintenance contract renewals towards the end of September.
The losses will come as a blow to TIG after it was forced to proceed with a heavily discounted rights issue for £9m in March.
Its cash at the end of March stood at £12.8m, down from £18.2m at the same time last year.
