Innovation raising £21m after write-offs send losses soaring

Innovation Group, a software house with a roster of big name clients that include Legal & General, Apple and Ann Summers, is today raising £21 million through a share offer.

Innovation is placing shares in the market today at 10p each, a 15% discount to the closing price last night.

The share offer comes as the group unveils annual results which show revenue rising, but impairments and other write-offs sending it into the red.

The loss before tax for the year to end-September was £19.8 million, even worse than the £3.8 million loss of last year.

Innovation is particularly active in the insurance industry, developing software that helps the processing of claims from millions of insurance customers.

The share placing is being handled by Investec.
Its fees for the work have not been disclosed.