Quindell Portfolio has strong third quarter
Software outsourcer Quindell Portfolio has reported strong third quarter trading, saying it is 'extremely confident that expectations should be exceeded for the full year and at the upper end of guidance for 2013.'
Software outsourcer Quindell Portfolio has reported strong third quarter trading, saying it is 'extremely confident that expectations should be exceeded for the full year and at the upper end of guidance for 2013.'
The group generated good levels of cash from its operations during the three months to September 30th 2012, with an operating cash flow to earnings before interest, tax, depreciation and amortisation (EBITDA) conversion ratio in the region of 65%, and with the group's cash balance at the end of the period being approximately £18.5m (June 30th 2012: £21.4m) together with drawn down working capital facilities relating to acquisitions of circa £31m.
Rob Terry, Chairman and Group Chief Executive of Quindell, said "the board is extremely confident of exceeding market expectations for the full year and beyond and believe the group's ability to do so is clearly demonstrated by the 0.4 pence EPS [earnings per share] achieved in the third quarter."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
For the nine months to September 30th Quindell reported turnover of around £95.7m and adjusted EBITDA of circa £29m.
Consensus expectations for the full year are for revenue of £153.65m and pre-tax profits of £33.90m, delivering earnings per share of 1.02p.
Quindell, has seen its shares rise 400% in the past year.
CM
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published