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.'

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."

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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