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Software firm calms twitchy investors

Innovation purchases reap small decline for heavy investment...

By Will Sturgeon

Published: 28 November 2001 07:21 GMT

Insurance software group Innovation has moved to reassure investors concerned by a dip in profits following a spate of acquisitions.

Despite sales rising from £9.56m to £57.7m year on year pre-tax profits for the year end in September dropped from £3.18m to £3.07m. A £4m hit relating to redundancies following its purchases, including rival Huon, also hit the results.

Earnings per share fell from 2.44p to 1.3p.

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