Quindell Portfolio says annual results in line with expectations

Quindell Portfolio is expected to report strong results in last year's interim statement, the software, technology and consultancy company said in a trading update Tuesday.

Quindell Portfolio is expected to report strong results in last year's interim statement, the software, technology and consultancy company said in a trading update Tuesday.

The firm pegged revenues at £165m, with an adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of £47m for the year ended December 31st, 2012.

The firm said operating cash flow was also ahead of market expectations. Cash at the end of the year was circa £47m, compared to an estimated £41.5m.

Results were buoyed by new developments and contracts including two technology deals which have reached delivery and financial milestones this year.

The group said last year was a period of significant progress in terms of delivering on its acquisitive growth objectives for the year and for expansion projects.

With a wealth of agreements now in place, the company expects business to increase this year.

The group said it has been approached for more prospective acquisitions, but will be focusing on existing opportunities. Material acquisitions will only be considered where they are significantly earnings enhancing.

Rob Terry, Chairman and Group Chief Executive of Quindell, said: "During 2012 Quindell has demonstrated the value of its unique offering for the UK insurance market.

"We look forward to continuing this throughout 2013 with the confidence that through continuing to deliver we will capitalise on this opportunity to help our existing and prospective clients and generate significant benefits for our shareholders."

Shares jumped 8.11% to 15.00p at 8:58 Tuesday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020