Quindell expects revenues to jump 300%

Quindell has announced expected revenues of £410m for 2013, up 298% from the £137.6m reported for 2012.

The outsourcing specialist also anticipates earnings before interest, taxation, depreciation and amortisation of £131m, up from £52.2m in 2012.

It also expects to meet its upper end of market expectations for profit before tax of £115m (2012: £41.2m).

Founder and executive chairman Rob Terry said: “Q4 has seen the group deliver record revenue and profitability within its services division, with revenues exceeding £100m in a quarter for the first time, as well as a record performance by its solutions division in terms of revenue, profitability and cash generation.

“This level of performance in Q4 2013, along with business already contracted to begin in Q1 2014 and our record-level pipelines, underpins the board’s confidence in its ability to meet and, subject to completion of ongoing contractual negotiations in Q1 2014, even exceed, market expectations for 2014.”

He said that 2014 would also see Quindell approach £600m of gross sales per annum.

In Q3 2013 Quindell confirmed more than £100m of new business since its mid-November £200m fundraising and is currently in late-stage negotiations for more new contracts and the extension or expansion of existing deals. These negotiations could be worth as much as £300m to the outsourcing specialist.

The company has also announced its strongest end of year balance sheet, with cash balances at the end of the year of £200m and borrowings of £54m.