Edison Investment Research - Innovation Group (TIG) Update: Transitional H1, set to move forwards in H2

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Edison Investment Research

Update: Transitional H1, set to move forwards in H2

While benign weather and slippage of software licensing deals will affect profitability in H1, we expect a bounce back in H2 continuing into FY16, supported by the recently announced Â£3.6m software deal and the closure of others, which are in advanced negotiations. Further software deal flow should provide reassurance over momentum in the Software business, while the forthcoming change in segmental reporting should shine a light on the strengths of the Business Services operation.

09/04/2015 7 EN

Underlying

Innovation Group

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United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Software business building momentum

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Update: Â£46m software deal

Innovationâ€™s Â£46m deal with a major UK insurer is the companyâ€™s largest software win to date. With Â£12m revenues expected to be recognised over the next 12 months, our FY15 estimates now look well underpinned. The rating remains very undemanding. A sum of the parts suggests a 34p per share valuation for the BPS business alone, while this deal significantly strengthens the prospects for the software business to generate substantial incremental value beyond this.

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Update: Transitional H1, set to move forwards in H2

Update: Termination of coverage

Update: Software business building momentum

Update: Â£46m software deal

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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