Insurance software provider, The Innovation Group (TiG), has reported a sharp drop in turnover in the nine months to 30 June.
Despite the fall the company said its operating cash flow was improving.
Turnover dropped from £83.9m to £45m. However, losses narrowed compared with 2002. Pre-tax losses fell from £375.3m in 2002 to £8.76m.
A company statement said: "The Group remains committed to delivering profit and process improvement solutions for the insurance industry with proven products.
"Our BPO division has grown well over recent quarters and, despite the short term UK revenue consolidation, we expect to continue to see significant growth in Germany, South Africa and Australia."
