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

not quite a usual situation insofar as there must still be a massive short position

True. The trading update earlier in the month provides the overview. Volatile is probably the word still for tomorrow, but rightly or wrongly I'm staying long.

So am I for what it's worth, albeit with a reduced holding.

Interim Results

Highlights
· Gross sales of £364.2 million increased by 118% (H1 2013: £167.3m)
· Revenue of £357.3 million increased by 119% (H1 2013: £163.3m) due primarily to strong organic and synergistic growth; businesses acquired in the last 12 months represented less than 10% of revenue
o Professional Services revenue of £293.3 million increased by 108% (H1 2013: £140.8 m) driven by major organic contract wins announced during H2 2013 and H1 2014
o Digital Solutions revenue of £64.1 million increased by 185% (H1 2013: £22.5 m)
· Adjusted EBITDA1,3 of £156.0 million increased by 189% (H1 2013: £54.0m) due to H1 2014 mix having an increased proportion of Digital Solutions revenue and growth of Legal Services revenue
· Adjusted EBITDA1,3 margin of 44% (FY 2013: 36%) based on Revenue
· Adjusted EBITDA1,3 margin of 43% (FY 2013: 35%) based on Gross Sales
· Profit Before Tax1 of £153.7 million increased by 292% (H1 2013: £39.2m)
· Adjusted Profit Before Tax1,4 of £153.6 million increased by 193% (H1 2013: £52.5m)
· Basic EPS1 of 30.1 pence increased by 155% (H1 2013: 11.8 pence)
· Adjusted EPS1,2 of 29.6 pence increased by 79% (H1 2013: 16.5 pence)
· Unadjusted statutory measures are all ahead of Adjusted KPIs primarily due to £14.5 million statutory gain on re-measurement of acquisitions

Cash flow and Debtor Management
· Adjusted operating cash flow1,5 for the half year significantly ahead of expectations and guidance with £51.2 million outflow compared to original guidance of £60 million outflow during planned significant growth in H1
· Operating cash outflow (post exceptional costs) of £53.3 million
· Cash generation increasing with over £220 million of cash collected in H1 2014 - circa 80% of the value of total trade related receivables (including accrued income, excluding noise induced hearing loss cases which recently commenced in volume) as at December 2013
o Cash generation represents circa £1.8 million of cash received per business day with 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
· Average Group trade receivable days at June 2014 reduced to circa 4.6 months (H1 2013: 4.8 months)
· Cash at 30 June 2014 also significantly ahead of plan at £85.0 million and net funds increased further in July


Outlook: on track to meet 2014 targets
· Board remains confident of meeting all of its KPIs for FY2014 (cash conversion, adjusted EBITDA and adjusted EPS) on FY revenue guidance of £800 to £900m
· Continue to deliver on strategy
o Driving down cost of insurance claims and maintaining or improving cash margins reduces turnover without volume reduction but increasing EBITDA margin
o Control growth and optimise cash flow, through being selective and limiting business volume
o EBITDA margin range guidance increasing to 35% to 45% (from 35% to 40%)
· Track record of consistent cash collection: circa 80% of trade related receivables (including accrued income, excluding noise induced hearing loss cases which recently commenced in volume) collected over each of the last three six month periods combined with Group cash flow turning positive in July
o Underpins H2 operating cash flow guidance of circa £30 to £40 million, and H1 2015 guidance of up to £100 million inflow
· Strategic priorities remain: focus on integration, delivery and cash generation
· Reaffirmed commitment to strengthening management and further enhancing corporate governance
· All core business relationships remain strong
· Certain contracts being restructured to ensure optimum return on cash resource - profit and cash expectations not dependent on any upside from these initiatives

Executive Appointment

Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, is pleased to announce the appointment of Stefan Leon Borson as Group Chief Legal and Communications Officer.

Stefan, a qualified solicitor, has broad experience in law, corporate finance as well as commercial and operational management across a range of sectors.

Stefan joins following a number of years as Chief Executive of Redbus Media Group, a leading out of home media owner providing advertising services to, inter alia, the UK's major supermarket groups and their respective customer insight divisions. Prior to this, Stefan was a Board Director of Clerkenwell Ventures plc, an AIM listed investment fund. Stefan qualified as a solicitor in 2000 with Addleshaw Goddard before joining Investec Investment Bank where he advised AIM and Official List companies on a range of transactions in the technology, telecommunications and consumer sectors.

That should settle a few nerves and jangle a few others!

Canaccord restates buy rating today tp 362

Quindell silence Gotham City critics following revenue increase and likely rise in share price

.Tweet Share Share Share by Joe Hallnew August 21, 2014, 7:57am. London stock exchange.London stock exchange (Source: Getty) Quindell has reported an 119 per cent increase in half-year revenue for the six months ended 30 June, news that will boost their defamation charge against analyst Gotham City Research.

Quindell's share price bombed in April when Gotham City published a harsh report which described the company as "a country club built on sand", but today's results will help to restore investor's confidence and silence the critics.

Half-year revenue of £357m marked a notable increase on revenue of £163.3m a year earlier, while cash generation rose to around £1.8m per business day. Profit-before-tax also rose a mammoth 292 per cent to £153.7m.

The Gotham City report alleged that "42 - 80 per cent of Quindell's profits are suspect", and similar allegations were made by blogger Tom Winnifrith of ShareProphets earlier this month.

The board of Quindell reacted angrily to both accusations, taking legal action against Gotham City, and describing the ShareProphets blog as a regurgitation of the same claims but "in an even less professional and even more defamatory manner".

Winnifrith has since received a letter from Quindell's lawyers, details of which were published to a blog headlined "I shall see you in Court Bitchez".

Quindell has put their strong half-year results down to "strong organic and synergistic growth", with businesses acquired in the past year accounting for less than 10 per cent of revenue, and remains confident of meeting its target of full-year revenue of £900m.

Robert Terry, chairman of Quindell said:

We have performed well against all of our KPIs [key performance indicators] and have delivered the expected growth, as evidenced by the Group turning cash flow positive in July.

As part of Quindell's continued growth and confidence in future prospects, a maiden dividend of 0.15p was paid in May, as part of our progressive dividend policy, which the Board remains committed to

a surprisingly muted start all things considered

Good to see new chief legal/comms person.

Cenkos: buy - don't see target price

sp is all over the place in seconds

well the euphoria didn't last long at all ..... indeed, though i have yet to read it properly, i think FT was pretty scathing about their accounting methods ..... a "buy" this is NOT!

Don't like the look of this today.

personally, i think QPP are pissing against the wind ..... this edited little snippet from reuters yesterday was quite interesting ....

Quindell Plc said it is exploring a U.S. stock listing and will not immediately re-apply for a premium listing in London.

"Even though we may not look to list in the UK in the near future, that doesn't mean we wont look at the U.S. We are looking at all options," Chairman Robert Terry told Reuters.

The company said in June that its application for a premium listing on the London Stock Exchange had been turned down. ...

Quindell, which has a market value of about 920 million pounds ($1.5 billion), said it did not meet a rule that its business should not have undergone significant change in scale or operations over the previous three years.

Quindell has started legal proceedings against Gotham City Research and a blogger who it says made defamatory statements about the company.

Terry said that Quindell was seeking unspecified monetary compensation from the short-seller.

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i don't think QPP has a hope in hell of making any charge stick, and nor would it surprise me if NY turned down an application for listing on any meaningful exchange

from today's FT to support the above .... the whole is quite long so i just post an essence

=================

Revenues increased 119 per cent to £357m in the first half of 2014 year-on-year, with acquisitions representing less than 10 per cent of the total, the company said. Profit before tax tripled to £153.7m.
However, those financials are doubted by some fund managers, who note that sales are recognised months before payment is received.
........................
“Quindell looks cheap on conventional valuation metrics,” said analysts at its broker Canaccord, who estimate its share price is equivalent to four times this year’s expected earnings and its enterprise value is less than three times earnings.
“For the market to seriously consider these numbers, we believe Quindell will need to deliver on its quarterly cash forecasts” for the remainder of 2014.

quite a day! blue Tuesday ahead me thinks
have a great weekend all

interesting day ahead

qpp / rac deal confirmed - extract:

'RAC is set to launch its own insurance programme later this year based on telematics, like the black box in an aircraft. Customers will be able to reduce their premiums if the telematics box proves they are a careful driver. '

Read more: http://www.thisismoney.co.uk/money/markets/article-2734122/RAC-revs-stock-market-float.html#ixzz3BTg81Y76

recovery play