Quindell has announced its results for the year ended 31 December 2012 and Q1 2013.
- Revenues of £137.6m (2011: £13.7m) - of which, £107.5m attributed to its Services division (outsourcing) and the remaining £30.1m attributed to its Solutions division (software and consultancy). Gross sales, including legal services, of £171.9m
- Adjusted EBITDA of £52.2m (2011: £6.7m) - margin of 38% on revenues and 30% on gross sales
- Profit before tax of £41.2m (2011: £4.2m)
Q1 2013 highlights:
- Adjusted EBITDA "in excess of £25m" (Q1 2012: £5.5m; Q4 2012: £23.2m)
- Notes that EBITDA margin will revert towards long-term guidance levels (20%-25%) due to LASPO reforms. However, Quindell Legal Services (part of the Services division) pursues "a proactive approach toward litigation where appropriate and agree where possible to charge a percentage of damages on successful cases to the claimant then the margin difference post LASPO is minimal"
- Group continues to have a 100% success rate in converting pilots to full relationships
- Believes it is now a clear market leader for European claims technology by a "substantial margin" - in late 2012, research and consultancy firm Celent said Quindell and Guidewire had brought on board more European claims clients over the last two years than other competitors, acquiring 23% of new deals, followed by SAP at 15% and Accenture at 5%. The report also confirmed that Quindell had 15% market share
See the full announcement here: http://www.quindell.com/images/downloads/2013/2013_preliminary_announcement.pdf
Via KIM GCD