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.

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.

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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