Quindell says first-half revenue more than doubles

July 14 Mon Jul 14, 2014 2:53am EDT

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July 14 (Reuters) - Quindell Plc, a British IT outsourcing and consultancy services provider, said first-half revenue more than doubled, driven by a jump in sales at both its services and solutions businesses.

Revenue rose 117 percent to about 355 million pounds ($604 million) for the six months ended June 30 from a year earlier.

Adjusted pretax profit nearly tripled to about 154 million pounds, Quindell said.

Quindell's services division, which accounts for a large chunk of the company's revenue, more than doubled its revenue to 293 million pounds helped by a push from its legal services.

The company, which provides services mainly to the insurance and telecom industries, said solutions revenue rose 176 percent.

Quindell said the businesses acquired in the last 12 months represented less than 10 percent of total revenue.

The company said it was confident of meeting all its key performance indicators for full-year market expectations, on full-year revenue guidance of 800-900 million pounds.

The AIM-listed stock has taken a beating since U.S.-based Gotham City Research questioned Quindell's revenue model and profit quality in April, dousing its chances of securing a premium listing on the London Stock Exchange.

Quindell assured investors last month that it would meet full-year cash and earnings expectations, and appointed a new chief executive. ($1 = 0.5877 British Pounds) (Reporting by Noor Zainab Hussain in Bangalore; Editing by Gopakumar Warrier)

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