Aug 18th 2010 - Edison Investment Research today published a report on Innovation (TIG.L, LSE:TIG, LON:TIG) entitled "Bump On The Road". In summary, the report says:
Innovation's IMS flags good progress in outsourcing and the restructuring is now largely complete, but a shortfall in licensing plus a £750k bad debt provision results in a 14% cut to 2010 PBT. Nevertheless, the core outsourcing operations look well placed to move forward with some large deals in the pipeline and enterprise rollout ongoing. Estimates for 2011 are largely unchanged. With an EV/sales ratio of 0.4x and EV/EBITDA of 2.9x, the company remains an interesting turnaround.
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