Quindell Portfolio's annual revenues and profits surge
Quindell Portfolio´s 2012 revenues and pre-tax profits were 10 times higher than the previous year as the company focused on earnings enhancing acquisitions.
Quindell Portfolios 2012 revenues and pre-tax profits were 10 times higher than the previous year as the company focused on earnings enhancing acquisitions.
The group, which provides expertise in software, consultancy and technology enabled outsourcing to insurance and telecommunications sectors, reported revenue of £137.6m, a 904% increase compared to £13.7m a year earlier.
Pre-tax profit rose 915% to £41.2m from £41.2m and earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 681% to £52.2m from £6.7m.
During the year, the company kept its emphasis on organic growth and profitable acquisitions in legal, health and claims.
Quindell's results were also boosted by technology enabled outsourcing services which rocketed to £107.5m from £6.9m. Software and consultancy also increased to £30.1m from £6.8m.
"This is the second year that the group has delivered strong results, exceeding market expectations in every key performance indicator," Chief Executive and Chairman, Rob Terry, said.
"Just as importantly, we have delivered on our high level strategy to focus on earning enhancing acquisitions which have been identified and prepared for integration over a significant period within our two core markets, insurance and telecoms. This strategy provided a platform to deliver disruptive business transformation solutions that improve efficiency and effectiveness in our core markets, whilst driving down costs."
The group achieved strong cash flows from operations, outperforming market expectations in the final stages of 2012. Adjusted operating cash inflow for the year came to £38.8m, up from £5.5m the prior year, before exceptional costs of £2.1m.
Terry said the company is on track for continued growth this year as it looks to add new clients and services along with value-enhancing acquisitions.
Shares fell 5.66% to 12.50p at 11:10 Tuesday.