Outsourcing firm has main stock exchange in its sights following previous share price turbulence
Insurance outsourcing firm Quindell has appointed Canaccord Genuity to help in its transition from the Alternative Investment Market to the main London Stock Exchange.
Canaccord will act as joint broker and financial adviser, working with existing adviser Cenkos Securities.
The market has witnessed Quindell hit big highs and lows in the past few months. On 7 May, it announced a 915% rise in pre-tax profits in 2012, to £41.2m.
But, later that week, its share price tumbled by 45% after questions were raised over a derivatives deal used to fund a company buyout. In a statement, Quindell said the share price turbulence was “not related in any way to the performance of the underlying business”.
The Canaccord appointment follows news earlier this week that Quindell has bought accident rehabilitation and medical reporting firm React and Recover for £625,000 in cash and shares worth more than £12m.
The company also revealed in a strategy update that its growth through acquisitions will slow down in 2014.
Quindell founder and executive chairman Rob Terry (pictured) said: “The group has already delivered a significant amount of organic growth, and we expect this to continue throughout 2013 and beyond.”
Quindell provides software, consulting and outsourcing services to the insurance, telecoms and other related markets.
Today, it announced that Ageas has successfully implemented Quindell’s Napier rating and underwriting engine. This provides Ageas’s staff with an automated premium calculator for the Ageas 50 motor product, which includes RIAS and Castle Cover. Plans are under way to extend the technology to Ageas’s household products.
No comments yet