Bought in today... have missed out on the impressive gains so far but solid progress is being made here and a good story developing so it looks good for more gains in the near future (imho)....

Quindell Portfolio, the brand extension company, says trading has continued positively in the period under review, building on the strong performance delivered by the Group in the first half.

The company expects to be significantly ahead of market expectations for the 15 month period ending 31 December 2011.

The Group announced back in October that it had won contracts with six established brands and one exciting new digital brand within the insurance, telecoms and utilities sectors, including for the first time, solar energy; and that revenues for 2011 were expected to be ahead of market expectations.

Since then, the Group has won further major contracts with established brands within the telecoms, utilities, on-line education and insurance sectors for both its technology enabled business process outsourcing division and software solutions division.

In aggregate, these contract wins could contribute over £6 million of annualised revenues. In addition, the Group has acquired two further businesses, Maine Finance and, most recently, Mobile Doctors Group Plc.

Margin performance has also been strong and, for 2011, margins are expected to be between 35 and 40 per cent. within its technology enabled business process outsourcing operations

I sold out a month or two ago at 22p (old sp level) so got out with a 3.5bag having gone in originally a few years ago at 5.5/6pish

keeping an eye on this and may go in again soon (dyor, etc)

Pre-Close Statement and Trading Update

Highlights
· Revenue of circa £355 million up 117% (H1 2013: £163.3 m) due primarily to strong organic and synergistic growth; businesses acquired in the last 12 months represented less than 10% of revenue
o Solutions revenue of circa £62 million up 176% (H1 2013: £22.5 m)
o Services revenue of circa £293 million up 108% (H1 2013: £140.8 m) driven by major organic contract wins announced during H2 2013 and H1 2014
· Adjusted EBITDA1,2 of circa £155 million up 187% (H1 2013: £54.0 m) due to H1 2014 mix having an increased proportion of Solutions revenue and growth of Legal Services revenue
· Adjusted EBITDA1,2 margin of circa 43% up over 10 percentage points (H1 2013: 32.3%)
· Adjusted Profit Before Tax1,3 of circa £154 million up 193% (H1 2013: £52.5 m)
· Adjusted EPS1,4 of circa 30 pence up 82% (H1 2013: 16.5 pence)
· Basic EPS, EBITDA and Profit Before Tax are all expected to be ahead of their respective adjusted numbers

Cash Flow and Debtor Management
· Adjusted operating cash flow5 for the half year ahead of expectations and guidance with circa £51 million outflow compared to original guidance of £60 million outflow during planned significant growth in H1
· Cash generation increasing with over £220 million of cash collected in H1 2014 - circa 67% of the value of total trade related receivables (including accrued income) as at December 2013
o Cash generation represents circa £1.8 million of cash received per business day
o Legal Services on track collecting circa £0.5 million per business day by the end of the period, targeted to rise to £0.75 million and £1 million by Q3 and Q4 respectively underpinning H2 cash guidance
o Legal Services cash collection targets viable due to circa 110,000 cases in progress as at 30 June 2014
· Collaboration model success in Hire and Repair continues to drive improvements in trade debtors with aging reducing to 4.6 months (H1 2013: 4.8 months) - year end target to be approaching circa 4 months
· Cash at 30 June 2014 also ahead of plan at circa £84 million; Bank borrowings and other trade finance was circa £60 million

Integration of Group's Telematics Businesses
· Himex and ingenie acquisitions completed with Group ownership now at 99.9% and 100% respectively
· Both acquisitions anticipated to be earnings enhancing in 2015 and beyond

Outlook
· The Board is confident of meeting all its key performance indicators for full year market expectations (cash conversion, adjusted EBITDA and adjusted EPS) on full year revenue guidance of £800-900 million
o Quindell's success in driving down the cost of insurance claims and maintaining or improving its cash margin reduces turnover without claims volume reduction whilst increasing EBITDA margin %
o The Board continues to be selective, turning away business to control growth and optimising cash flow £800 - £900 million of revenue provides the opportunity to exceed prior cash guidance in H2 2014
· All of the above results in the Board's future EBITDA margin guidance increasing to 35 to 40%
· The Board guides, given anticipated scenarios for H2, breakeven or better Adjusted operating cash flow in Q3 and a significant Adjusted operating cash inflow in Q4 and confirms that with the cash resources available there is no need to raise further funds to support market expectations in 2014 and beyond
· The strategic priority for the Group is to continue to focus on integration, delivery of strategy and cash generation whilst strengthening management and enhancing corporate governance as appropriate for the scale of the business, therefore the Board has budgeted to constrain growth as detailed above

NON-EXECUTIVE DIRECTOR APPOINTMENT

Cenkos up EPS 62p FY14 100p FY15

H1/14 update – reaffirming cash guidance
The H1 trading update showed strong P&L delivery and an operating cash flow performance c£9m ahead of guidance. The outlook statement reaffirms the operating cash flow expectations for Q3 and Q4. We have updated our model to reflect a shift in services mix towards industrial litigation and have increased our FY14 and FY15 EPS forecasts by 4% and 12% respectively. The encouraging comments on the balance sheet should support a re-rating back towards 400p in the short-term but we maintain a medium-term valuation of £13 as the growth strategy translates more fully into cash and dividends into next year.

First half trading. H1 sales were up c120% reflecting momentum in the solutions businesses (+175%) and contract wins in services. Higher margins contributed to EPS of c30p (half of our previous FY14 forecast) up 82% (adjusting for a higher share count). Importantly, the operating cash outflow was £51m (versus £60m guidance) and the Board reaffirms “breakeven or better adjusted operating cash flow in Q3 and a significant adjusted operating cash inflow in Q4” and that “with the cash resources available there is no need to raise further funds to support market expectations in 2014”. David Currie is appointed as a non-exec director.

Growth in NIHL. At the investor teach-in, management outlined the substantial growth in industrial noise induced hearing loss claims for the overall UK legal sector and specifically Quindell. The attractions are obvious (c£7000 average legal billings/case versus c£2500 for existing RTA) and management expect to process c6000 cases a month from H2. That adds up to £500m+ at 40%+ margins (although a longer cash collection cycle).

Impact on forecasts and valuation. Within our model we have reduced (by around half) our forecast of RTA revenues (which reflects a number of factors including the sub outsourcing of up to 6000 cases to a panel of lawyers) but balancing that is the growth in NIHL from H2/14. The net result is that our Legal Services revenues increases to £450m (was £326m) in FY14 and to £761m (was £484m) in FY15. We have also reduced our RTA driven medical and claims processing revenues. Running this through our Group model we now forecasts EPS of 62p and 100p in FY14 and FY15 respectively (P/E under 2x and 3%+ yield). In the short-term, as investors re-appraise perceived balance sheet risk we believe the stock should re-rate back up to a P/E of over 5x but our medium-term sum of the parts based fair value remains c£13. Interim results planned for 21 August.

VERY STRONG II BO BUYING......
Quindell in SURGE

StockMarketWire.com

Outsourcing firm Quindell expects revenue of circa £355m for the half-year to end-June, up 117% from £163.3m in the prior year period.

o Solutions revenue of circa £62 million up 176% (H1 2013: £22.5 m)

o Services revenue of circa £293 million up 108% (H1 2013: £140.8 m) driven by major organic contract wins announced during H2 2013 and H1 2014

· Adjusted EBITDA of circa £155 million up 187% (H1 2013: £54.0 m) due to H1 2014 mix having an increased proportion of Solutions revenue and growth of Legal Services revenue

· Adjusted EBITDA margin of circa 43% up over 10 percentage points (H1 2013: 32.3%)

· Adjusted Profit Before Tax of circa £154 million up 193% (H1 2013: £52.5 m)

· Adjusted EPS of circa 30 pence up 82% (H1 2013: 16.5 pence)

· Basic EPS, EBITDA and Profit Before Tax are all expected to be ahead of their respective adjusted numbers

Cash Flow and Debtor Management

· Adjusted operating cash flow5 for the half year ahead of expectations and guidance with circa £51 million outflow compared to original guidance of £60 million outflow during planned significant growth in H1

· Cash generation increasing with over £220 million of cash collected in H1 2014 - circa 67% of the value of total trade related receivables (including accrued income) as at December 2013

o Cash generation represents circa £1.8 million of cash received per business day

o Legal Services on track collecting circa £0.5 million per business day by the end of the period, targeted to rise to £0.75 million and £1 million by Q3 and Q4 respectively underpinning H2 cash guidance

o Legal Services cash collection targets viable due to circa 110,000 cases in progress as at 30 June 2014

· Collaboration model success in Hire and Repair continues to drive improvements in trade debtors with aging reducing to 4.6 months (H1 2013: 4.8 months) - year end target to be approaching circa 4 months

· Cash at 30 June 2014 also ahead of plan at circa £84 million; Bank borrowings and other trade finance was circa £60 million

Integration of Group's Telematics Businesses

· Himex and ingenie acquisitions completed with Group ownership now at 99.9% and 100% respectively

· Both acquisitions anticipated to be earnings enhancing in 2015 and beyond

Outlook

· The Board is confident of meeting all its key performance indicators for full year market expectations (cash conversion, adjusted EBITDA and adjusted EPS) on full year revenue guidance of £800-900 million

o Quindell's success in driving down the cost of insurance claims and maintaining or improving its cash margin reduces turnover without claims volume reduction whilst increasing EBITDA margin %

o The Board continues to be selective, turning away business to control growth an

Presumably Gotham City are now gong to pick holes in those figures?

Should hopefully see some more short scrambles to close positons. Fightback with those numbers.

massive squeeze - onwards and upwards
rerate unfolding I front of your eyes
gla

Well done to all holders..

Hopefully Canaccord's "under review" stance will change shortly too.

In auction +21.6%.

Expect Gotham & co to point to the Delaware court case before they give up!

Whichever way, momentum and value will out in the end.

Daniel Stewart & Co reiterate buy - stock trades on 3.1x FY14 earnings, "undemanding".

I'm half expecting something nasty to crawl out of the woodwork but nevertheless QPP is back on my buy list for now.

kim no need to worry - onwards an upwards - bots set to algorithmic buy trading - shorts being squeezed - onwards and upwards - don't be surprised to see a min + 50% before cob

It doesn't look too bad gibby, glad I'm not shorting this. Don't do shorts anyway, except for the clothing variety and then it gets scary! :o)

Cenkos reiterates buy today, tp 1350p

How much??????!!!!!

typo - they meant 135!