Quindell Portfolio Exceeds Expectations
May 7th 2013 3:40PM
Updated May 7th 2013 4:35PM
LONDON -- Quindell Portfolio -- a provider of software, consultancy and technology outsourcing expertise in the insurance, telecommunications and related sectors -- released its annual report for the year ending Dec. 31, 2012, this morning.
The headline figures are certainly very impressive -- revenue increased 904% to 137.6 million pounds, up from 2011's 13.7 million pounds; gross sales grew 1,154% to 171.9 million pounds; pre-tax profit is up 915%, at 41.2 million pounds; and there was a 148% rise in basic earnings per share, to 1.17 pence.
The impressive growth has come from a strategy of partnership followed by acquisition in its core markets -- in 2012 Quindell bought or achieved a controlling interest in a number of companies, including Silverbeck Rymer, Pinto Potts and The Compensation Lawyers (all legal services firms specializing in personal injury claims), Ai Claims Solutions (a leading outsourcer of motor insurance claims management), IT-Freedom (an insurance sector software solutions company), Quintica (a technology specialist in the telecommunications sector in Africa and the Middle East), Overland Health (a provider of physiotherapy, psychological counselling and injury case management), and Quindell Property Services, which the company says will enable it to provide "disruptive outsourcing and technology solutions to the property insurance market place".
So far, the strategy has paid off handsomely. In the two years since Quindell Portfolio's IPO, its share price has increased over 400%, compared to the FTSE's 10.4%. In that context, the drop in its share price of almost 7.5% so far today should be easier for shareholders to bear.
Commenting on the results, Rob Terry, chairman and group chief executive of Quindell said:
This is the second year that the Group has delivered strong results, exceeding market expectations in every key performance indicator. 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, while driving down costs.
We plan to continue on the same path, looking to grow organically with new clients, to add more services to existing ones and actively seeking out value-enhancing acquisitions that are focused on our target market. The Board is confident that we are very well positioned for continued growth in 2013, expects to rapidly progress our move toward a full listing. It is the Board's current intention to pay a maiden dividend to shareholders in early 2014 in respect of the Group's performance for year ended December 2013.
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