Quindell confident of full-year targets after string of contract wins

9th Oct 2013 07:58

Software, consultancy and technology specialist Quindell Portfolio reckons that it will be able to meet the top-end of market forecasts for 2013 after a string of contract wins since the first half.The AIM-listed company announced on Wednesday that it has signed a three-year £150m contract with insurance group Direct Line for its technology-enabled outsourcing services. Quindell Founder and Chairman Rob Terry said that the deal is "significant from day one".He added that company's model "will continue to help revolutionise the insurance industry, through a combination of innovative technology and integrated supply chain for motor insurance, stamping down the cost of claims whilst above all improving the customer experience for the brands who choose to partner with Quindell". In addition to the £50m-per-annum contract, Quindell has also reached agreement with 10 brands of varying sizes in recent weeks for over £150m of revenue per annum. Of these £200m additional revenues per annum, £150m will start in the fourth quarter while £50m will commence in the first quarter of 2014."This is in addition to the previously announced £100m of new business that has now commenced in the second half of 2013 and underpins our ability to meet the upper end of current market expectations for 2013," the company said.Ahead of its third-quarter trading statement on October 21st, the firm revealed that the third quarter has been a record quarter for revenue and key measures of profitability. Terry said: "Beyond these key agreements announced today our pipeline for new business and the opportunity for extending our relationships with existing customers has reached an all time record level. "It is quite clear that the benefits of generating our customers significant ancillary income whilst driving down the costs of claims in the industry by using new settlement approaches, such as our collaboration model with at fault insurers, is driving rapid organic expansion of our business model."The stock was up 6.9% at 15.5p in early trading on Wednesday.BC