Shares in Quindell Portfolio (LSE: QPP) jumped more than 5% in early trade this morning, following the publication of its interim results for the six months ended 30 June 2013.
Revenue increased by 78% to £163.3m, compared against £91.9m brought in during the comparative period last year. Pre-tax profit was up 49% to £43.4m from £29.1m in H1 2012, while sales grew by 33% to £167.3m (H2:2012: £126.3m).
Shareholders were cheered by the 15% increase in basic earnings per share to 0.90p (up 17% on an adjusted basis to 1.1p), and were also told that a maiden dividend is expected to be announced within its full-year results for 2013, along with a move to the main market.
“Major contract wins” in the period helped contribute towards the healthy results, including Accident Advice Helpline, a leading ethical online consumer brand; Compass Costs Consultants Limited, one of the UK’s leading legal costs consultancy and costs drafting firms; and React and Recover, the accident rehabilitation and medical reporting specialist.
Founder and executive chairman Rob Terry commented:
“The Group is pleased to report the continued progress during the first half of the year. In Q2 the Group announced the signing of eight contracts in its Services Division that, in combination, are expected to increase the Group’s run rate revenues by circa £100 million per annum from July 2013. The UK Services Division, and the Solutions Division across all key markets, particularly North America, are experiencing record levels of potential sales pipeline contract value and quantities.
“These factors, the Group’s existing run rate revenues and profits across both divisions, improved cash collection, and the other opportunities that we are signing in the market, underpin the Board’s confidence in the Group’s future success. The Board is confident that its growth and trading momentum shall continue into the second half of 2013 and beyond, meeting the upper end of market expectations.”
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> Sam does not own shares in Quindell Portfolio.
