16th Apr 2014 11:03
LONDON (Alliance News) - Quindell PLC Wednesday said it is confident of meeting the upper end of market expectations in 2014, as it said first-quarter profit before interest, tax, depreciation, share based payments, amortisation and exceptional costs increased by GBP11.9 million on the entirety of the company's first-half in 2013.
In a statement, Quindell said first-quarter adjusted EBITDA increased to GBP65.9 million, from GBP54.0 million in the comparative half. Gross sales in the first-quarter totalled GBP162.9 million, which Quindell compared against the GBP167.3 million the first-half a year prior.
"Taking into consideration that volumes are subject to roll out, execution and industry claims frequencies, the board is confident that the upper end of market expectations should be achieved for the full year for 2014 and that current expectations for cash generation shall be exceeded in 2014," Rob Terry, Founder and Executive Chairman, said in a statement.
"It is now clear that in due course, the opportunity to deliver a multi billion pound business generating significant profits with associated positive cash flows is within our grasp, subject to leveraging the significant market lead available to Quindell," Terry added.
Quindell also said it has has reached agreement in principle on two significant contracts via its subsidiary 360Globalnet for the implementation of digital video and crowdsourcing to improve the claims process initially for property claims but with applicability for all claim types.
Quindell said it is anticipated that the two contracts over an initial five-year term represent a value of about GBP20.0 million, with additional contracts being discussed which could easily double these revenues.
Quindell said the contract agreements have been made with one of the UK's largest direct insurers.
Quindell shares were Wednesday quoted at 37.50 pence, up 1.4%.
By Samuel Agini; [email protected]; @samuelagini
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