27th Feb 2015 08:13
LONDON (Alliance News) - Quindell PLC said Friday that PricewaterhouseCoopers LLP's independent review into its accounting policies and cash generation expectations has taken longer than expected, and its now expected to complete in the next few weeks, but it has already decided to offload some non-core businesses.
Quindell said it has looked at an update from PwC, and from consultants and prospective Chairman and Executive Deputy Chairman Richard Rose and Jim Sutcliffe. It said that advice in relation to its main accounting policies, in particular revenue recognition from its professional services unit, is being "further considered and no conclusions have been reached."
It has decided that going forward it will have two operating divisions, its Professional Services division and the Technology division, which means that several businesses and assets are "non-core", and it will thus take action to deliver shareholder value from those assets.
Whilst it has noted the quality of people, operations and prospects in the Professional Services Division, it plans to continue exploring the sale of the division to Slater & Gordon Ltd.
Shares in Quindell are trading down 6.1% at 92.75 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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