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

Ensign Group: profiting from US private care
Trading

Ensign Group: profiting from US private care

Nursing and care-home specialist Ensign Group should thrive as Americans age. Matthew Partridge picks the best way to play it.
28 Sep 2021
How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021