Quindell Portfolio expects improved fourth-quarter earnings

Quindell Portfolio reported Tuesday it expects fourth-quarter results will be 'significantly ahead' of market expectations.

Quindell Portfolio reported Tuesday it expects fourth-quarter results will be 'significantly ahead' of market expectations.

The board of the company - a provider of expertise in software, consultancy and technology enabled outsourcing in insurance and telecommunications - announced that earnings per share will be higher than anticipated for the year ending December 31st 2012.

"This is a result of both increasing volumes being transacted by the group's services division, as pilots have continued to be converted into contracts, and new sales made by its solutions division," the company explained in a statement.

The firm added that it had entered into additional long-term agreements and pilot volumes had more than doubled.

Quindell's group services division has converted further outsourcing and partnerships during the past week and expects the trend to continue through to next April.

The company has also received approval from the Solicitors Regulation Authority in relation to its application for a licence to operate as an alternative business structure for legal services. This will be effective from December 21st.

Quindell said it welcomed the UK government's proposal for fast-tracked fixed fees structure for road traffic accident portal claims.

The company is set to expand over the next year with the creation of more than 300 new jobs in its legal services.

The board believes it is well placed to operate following the government's recent announcement to enter a period of consultation regarding whiplash injuries and to raise the small-claims track threshold from £1,000 up to £5,000.

Rob Terry, Chairman and Chief Executive of Quindell said: "With the changes to legislation within the UK insurance industry now fast approaching, our solutions and services based proposition of maintaining income and competitive advantage for our insurance clients and reducing costs for the overall insurance market is proving to be highly attractive.

"Quindell welcomes any proposals that protect consumer rights and champion industry change. Above all else, the market needs clarity. Our combined model and diversified offering means we can still operate profitably within the scope of the new proposals whilst supporting lowering the cost of claims for the industry as a whole."

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021