21st Oct 2013 07:56
LONDON (Alliance News) - Quindell Portfolio PLC said Monday it was confident of meeting upper-end market expectations for its full year, based on its third-quarter results.
The software consultancy and technology company said it had seen revenue of GBP92.1 million in its third quarter ended September 30. Gross sales were GBP98.1 million.
Quindell said its Services Division had seen a strong quarter, with growth arising from the inclusion of GBP100 million of new business, organic growth, and new contract wins. The company announced a GBP50 million per year contract with Direct Line Group shortly after the end of the quarter.
In its Solutions Division, the company also had seen a positive third quarter, it said, having seen traction in telematics insurance solutions in the UK and North America. Telematics insurance is form of pay-as-you-go car insurance that involves monitoring the way people drive.
AIM-listed Quindell said it is looking to proceed with a full listing on the London Stock Exchange main market when it announces its full year results for the year to December 31, in March 2014, and is considering alternatives including a North American dual listing to ensure it achieves optimum valuation. At the moment, the company said, it is most likely to dual-list on the Canadian stock exchange.
"Taking in to 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 of 2013," said Executive Chairman and Founder Rob Terry in a statement. "The group's run rate performance in Q4, together with the recently announced contract wins, will clearly demonstrate that 2014 market expectations should also be significantly exceeded."
Shares in Quindell were trading flat down 0.14 pence at 16.11 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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