Fast growing Quindell adds more contracts to boost profits

 
Michael Bow
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Quindell, the fast growing insurance claims processor, yesterday said a spate of contract wins helped double profits last quarter to £65.9m.

The business, which counts RAC and Direct Line as customers, has caught the eye of investors since it listed on the junior stock market due to its rapid business growth.

Just two years ago it made profits of £5.5m in the first quarter – making yesterday’s figures a 12-fold increase. Plans are now afoot to get it listed on the FTSE 250 by this summer.

Gross sales for the quarter came in at £162.9m. The firm reports its profits before interest, tax, depreciation, share based payments, amortisation and exceptional costs.

“The board is confident that the upper end of market expectations should be achieved for the full year for 2014 and that current expectations for cash generation shall be exceeded in 2014,” executive chairman of the company Rob Terry said.

In its services division the company said it had no need to win any new business for the year as its current contract wins had already met full year expectations.

The group currently has a hand in about 20 per cent of all insurance claims but is on track to increase this share to 30 per cent.