Company estimating revenues of between £750m and £800m for the full year
Revenue at Quindell has more than doubled to £198m for the third quarter of 2014, up from £92.1m on the same period last year.
This helped drive adjusted earnings before interest, tax, depreciation and amortisation up to £83m, an increase of 141% compared to Q3 2013.
Over the third quarter, Quindell generated £177m of sales from professional services, up from £79m on the previous year, and £23m from digital solutions – up 20%.
The insurance service provider said that it expects to hit all of its targets for the end of the year and estimates that revenues for the year will grow to between £750m and £800m.
Quindell chairman Rob Terry said: “The board is pleased to announce another successive quarter meeting or exceeding market expectations in all key performance indicators including over £9m of operating cash inflow when the market expected breakeven. Taking in to consideration that volumes are subject to roll out, execution and industry claims frequencies, the board is confident that the upper end of market expectations can be achieved for the full year for 2014 on revenues of between £750m to £800m by repeating the same run rate performance delivered by the business in Q3 and taking into consideration seasonal fluctuations in Q4.
“It is clear that in due course, the opportunity to deliver a business with over a billion pounds of revenue, generating significant profits with associated positive cash flows, is within our grasp.”
Quindell is also conducting an internal review into its settlement timings for noise induced hearing loss (NIHL) claims as settlements for Q3 2013 have been agreed ahead of plan and at amounts higher than current policy income.
It has received a total of 44,500 claims for NIHL but is currently repudiating 95% of cases through a two stage vetting process.
The results of the review are expected by the time it announces its full-year results.
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