9th Oct 2013 08:43
LONDON (Alliance News) - Quindell Portfolio PLC Wednesday said it has won over GBP200 million of new business per annum in recent weeks after it announced a three-year contract worth over GBP150 million with Direct Line Insurance Group PLC and secured over GBP150 million per annum in revenues from other key brands.
Quindell said it expects to start pulling in around GBP150 million of the new revenue in the fourth quarter of 2013, with approximately GBP50 million expected to commence in the first quarter of 2014.
"Beyond these key agreements announced today our pipeline for new business and the opportunity for extending our relationships with existing customers has reached an all time record level. It is quite clear that the benefits of generating our customers significant ancillary income whilst driving down the costs of claims in the industry by using new settlement approaches, such as our collaboration model with at fault insurers, is driving rapid organic expansion of our business model," Executive Chairman Rob Terry said in a statement.
Terry also noted his pleasure at working with the largest retail general insurer in the UK, Direct Line.
The new revenues come on top of previously announced new business of GBP100 million earlier this year, and Quindell said it is confident of its ability to "provide the necessary visibility to the market of its outsourcing revenues to meet market expectations for 2014 and beyond."
The insurance outsourcing company said its October 21 trading statement will provide further detail confirming that the third quarter has been a record quarter in terms of revenue, its key measures of profitability and earnings per share.
Quindell said it is delivering organic growth in excess of GBP300 million per annum, with most of that starting in the current financial year.
Quindell shares were Wednesday quoted at 15.65 pence, up 1.15 pence, or 7.9%.
By Samuel Agini; [email protected]; @samuelagini
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