Quindell Portfolio on track to meet annual expectations

Quindell Portfolio said on Monday it remains on track to meet full-year expectations as it posted a 350 per cent increase in earnings for the first quarter of this year.

The provider of expertise in software, consultancy and technology reported earnings before interest, tax, depreciation and amortisation (EBITDA) of £25m for the three months ended March 31st, compared to £5.5m the previous year.

Results were driven by new partnerships and contracts during the period. The group said it has continue to focus on contracting new business on terms which minimises its capital requirements.

"Operationally, the integration of our business, including the legal services operations, is ahead of plan," said Chairman and Group Chief Executive Officer Rob Terry.

"Our new management team structure, to be announced shortly, confirms our new integrated and strengthened group business development and back office operations as well as our front office divisional structures that will ensure Quindell is well prepared for completion of its initial integration plans and that the team structure has been optimised to continue to deliver growth whilst still focusing on service excellence for existing and newly announced customers."

RD