July 14 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
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
($1 = 0.5877 British Pounds)
(Reporting by Noor Zainab Hussain in Bangalore; Editing by