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

Continuing to look good!

An exceptional Q3.........Good times for sp heading further North!

Embargoed for release 7.01 am 15 October 2012



Quindell Portfolio Plc

("Quindell" or the "Group")



Q3 Trading Statement and Advisory Board Appointment





Quindell Portfolio Plc (AIM: QPP.L), the provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their Related Sectors, is pleased to report that turnover for the nine months ended 30 September 2012 is circa £95.7 million, with Adjusted EBITDA (1) of circa £29 million.



Highlights



· The Group has had an exceptionally strong third quarter of 2012, continuing the positive developments achieved in the first half of 2012, setting a record for profit, cash and EPS



· Results for the nine month period to 30 September 2012 are significantly above market expectations with adjusted EPS (2) of circa 0.86 pence



· Operating cash flow to EBITDA ratio in region of 65%, remaining ahead of market expectations, and cash at the end of the period of circa £18.5 million (30 June 2012: £21.4 million), after circa £7 million of acquisition costs



· The software and consultancy Solutions Division

o Division delivered circa £16.4 million (circa 17%) of revenue year to date

o Finished Q3 2012 with new record level license pipelines

o Agreed multiple new contracts in key markets and geographies

o Technology recognised as market leading by industry bodies and publications



· The technology enabled outsourcing Services Division

o Signing new contracts at a record rate to due regulatory change

o Major new contract valued at circa £120 million over next three years underway and volumes growing

o Silverbeck Rymer agreement contributing to P&L from 1st July 2012

o Significant new volume of business from initial agreements and pilots during Q3

o Verbal agreements reached on more 'major contracts' with final terms under negotiation



· Corporate

o Headroom in working capital to support growth plan for 2p EPS

o Progress on debt reorganisation to support growth above plan

o Strategy and Integration Advisory Board strengthened with appointment of Steve Broughton, Alternate Chairman of Tesco Underwriting Limited and Non-Executive Director of Ageas UK



· The Board is extremely confident that expectations should be exceeded for the full year and at the upper end of guidance for 2013



Notes:

1. Adjusted EBITDA is Profit before interest, tax, depreciation, amortisation and exceptional costs relating to acquisitions and their integration

2. Adjusted EPS is Profit after tax, excluding exceptional costs and amortisation, divided by the weighted average number of shares in issue



Q3 2012 Trading Statement





The first nine months of 2012 have continued to be a period of significant progress for the Group.



During Q3 the Group's softwareand consulting Solutions Division has continued to build a strong pipeline of opportunities for the full range of its software offerings. Building on the pipeline generated during the first half, the Division has agreed multiple new contracts, and extensions to existing client contracts, across our key markets and geographies. This includes the signing of a major new contract in South Africa, in conjunction with its recent acquisition Quintica, with a leading multi-national telecoms group, for Quindell's Challenger OSS technology.



Third Quarter revenues including initial licence fees, other success or milestone based fees and other software and consulting revenues in combination exceeded £5.4 million, resulting in the Software and Consulting business delivering circa £16.4 million (circa 17%) revenue year to date. These new contracts, together with our new business pipelines help to further underpin market expectations for this division for the full year 2012 and beyond.



In May 2012 we announced that we had won a contract worth circa £120 million over a three year period that uses a combination of one or more of our insurance outsourcing service offerings. This is now well underway and has contributed to our strong performance in the third quarter. In addition our legal services, accident management and credit hire outsourcing businesses have continued to sign significant new business, increasing run rate volumes that will further strengthen their performance going forward. The pipeline of contracts has strengthened further with a number of new pilot projects progressing successfully and active contract discussions underway with a number of top tier insurers. We are at verbal stages with a number of major contracts with final terms under negotiation, at a similar scale or larger than the previous £120 million contract announced.



Following the completion of the agreement with Silverbeck Rymer on 27th June 2012, our revenues and profits have benefitted considerably from 1st July 2012, however the acquisition and full integration into our balance sheet is awaiting ABS approval from the Solicitors Regulation Authority.



Overall, the Group benefited from a combination of organic growth, growth from the newly acquired businesses, cross selling across the Group's subsidiaries and further integration savings. Year to date, Adjusted EBITDA1 is circa £29 million, an EBITDA margin of approximately 30%.



The Group has continued to generate good levels of cash from its operations during the three months to 30 September 2012, with an operating cash flow to EBITDA conversion ratio in the region of 65% and with the Group's cash balance at the end of the period being approximately £18.5 million (30 June 2012: £21.4 million) together with drawn down working capital facilities relating to acquisitions of circa £31 million, which have ample headroom for the potential growth to 2p EPS.



We have continued working with our existing and other major banks on potential debt reorganisation both as part of our integration process and due to the size of the overall market opportunity currently presenting itself to us to support growth above plan. Even in the current economic environment, we have seen plenty of appetite from current and alternative banking providers to give this level of support.



The Board is extremely confident that expectations should be exceeded for the full year and at the upper end of guidance for 2013.





Advisory Board Appointment



We are pleased to announce that Quindell has appointed Stephen Broughton (Steve) to its Strategy and Integration Advisory Board. Steve has over 30 years experience within the insurance industry and is Alternate Chairman of Tesco Underwriting Limited and a Non-Executive Director of Ageas UK. Steve is also Chairman of ingenie, the leading telematics digital brand for young drivers.



Steve was formerly Managing Director of Royal & Sun Alliance Insurance UK (RSA) where he served as the Chairman of the Board of Polaris UK Ltd and was previously RSA's representative Director on the Board of the Motor Insurers Bureau (MIB). Steve was also appointed by RSA as Chairman of Swinton Insurance Ltd. Steve's expertise will supplement the skills of the other leading insurance industry experts who are members of Quindell's Strategy and Integration Advisory Board.



Rob Terry, Chairman and Group Chief Executive of Quindell, said: "As we continue to approach April next year and the banning of referral fees with respect to Personal Injury, our combined offerings are generating a great deal of interest in the insurance market, which continues to surpass even our own expectations.

The team and I are looking forward with confidence to the remainder of 2012 and the opportunity of continuing to help our existing and prospective clients maintain or improve historic income levels whilst operating in a manner which is both ethical and drives down the cost of claims for the industry as a whole.

As a result, 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 achieved in Q3.

In addition to the financial results we have achieved in the last quarter, we judge our success through the recruitment and retention of core technology and industry talent as the knowledge of our people in combination with that of our Advisory Board allows us to deliver unique and compelling solutions to the industry. We plan to launch our Company share option scheme in the final quarter of the year and in combination with other various targets, the exercise of options will be tied to achieving 2p EPS in 2013.

Finally, I am delighted to welcome Steve Broughton to our Advisory Board. Steve has been invaluable in helping create Quindell's vision and philosophy and I am sure his skills, contacts and influence in the marketplace will continue to prove invaluable as an advisory board member in the future."



Steve Broughton, Alternate Chairman of Tesco Underwriting, commented: "Having contributed to Quindell's Advisory Board for the previous two meetings and working alongside the Quindell team over many years, it is clear that Quindell's proposition for the market is unique and market leading in technology, consultancy and outsourcing. I look forward to working more closely with the team over the next year as the Company goes through an exciting phase of growth and continues to demonstrate that services can be provided profitably but also cost effectively and ethically for the benefit of the industry as a whole."

Looking good!

Updated GECR Note Out

October 17th 2012

Quindell Portfolio, the leading supplier of software, consulting and outsourcing services within the insurance and telecoms sectors, announced a Q3 trading update and new partnership agreement on 15th October 2012. The group confirmed exceptionally strong performance in the 9 months to 30th September 2012, generating revenues of £95.7 million, adjusted EBITDA of c.£29.0 million and adjusted EPS of c.0.86p. Further, the software & consultancy and the technology enabled outsourcing divisions have significant contracts under negotiation, totalling c.£500 million.

Recent Developments

Quindell’s operating cash flow to EBITDA ratio was c.65% in Q3, while the cash balance at the period end was £18.5 million. The Software and Consulting division delivered revenues of c.£16.4 million in 2012 to-date. It has a strong new business pipeline, and as we have commented on previously, it has won numerous contracts this year. The group’s legal services, accident management and credit hire outsourcing businesses have signed new contracts and conducted a number of pilot schemes with major insurers. The £120 million contract won in May 2012 is now active and contributing to results. Quindell is now at verbal negotiation stages with major contracts that are a similar size or larger than the existing £120 million contract. Lastly, Stephen Broughton, the Chairman of Ingenie with over 30 years experience in the insurance industry, has been appointed to Quindell’s Strategy and Integration Advisory Board.

Agreement/Acquisition of Pinto Potts Solicitors

Quindell has entered a partnering agreement with Pinto Potts Solicitors to provide joint outsourcing services to the UK insurance claim market, principally within personal injury – Pinto Potts are litigation specialist in this area. Quindell has agreed to acquire Pinto Potts, subject to regulatory approval. It will then work alongside Silverbeck Rymer within Quindell’s Legal Services division.

Valuation

We feel the Q3 update underpins our forecasts and valuation, and we take comfort in the fact that the board is “extremely confident that expectations should be exceeded for the full year”. We upgraded our 2013E revenues, however EPS has remained flat. We believe our peer-based valuation still stands – indicating value per share of 31p – although our target price remains below this as our model is based on 2012E numbers. Our stance remains buy at 13.375p with a 25p target price.


Just wait until their target price is based on 2013E....what TP then?

I don't hold any of these, but thought this link might be of interest;

http://www.telegraph.co.uk/finance/markets/questor/9610020/Questor-share-tip-Time-for-investors-to-grab-a-slice-of-Quindells-cost-cutting-expertise.html

Taking some shifting again.
2517

Took profits at 13 and got back in at 13.
Also looking for a good rise to 25p?

A bit of consolidation after the recent rise would be useful.

Thats it. Get rid of the sellers.

What both of them?
2517

I think you're right George. More buys than sells but the share dose not move.

parrisf---There may be more earlier (delayed time) sells to come, a couple of 250,000 have gone through so possible more to come which would explain the static sp.
I believe QPP will be a good deal higher over the coming months, just pleased I got in nice and early. Good luck.
2517

I would have thought with 12mil+ buys and only 1mil+ sells the share price should have gone up.

I wouldn't give much credence to the alleged buy/sell ratio.

skinny----That's something I have banged on about at various times, delayed trades can distort the true picture, however with QPP today the ratio 12 to 1 is not too far wrong imo.
2517

The share price seems to respond to sellers more readily than buyers. A bit unfair I think.

Another strange day for QPP.
2517

maybe its peaked.

That's always a possibility halifax, perhaps just some consolidation as skinny touched on, however with 2p EPS for 2013 the PE is miserly at current sp. It's probably a pause for breath after the strong run, again as suggested by skinny. IMO this is still cheap.
2517

Won't hurt to wait and see before jumping in.,.
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def not peaked...tons of good news /profits still to come! (imho)