TROUBLED outsourcing group Quindell Portfolio continued its topsy-turvy stock market progress yesterday, with shares closing up over 18 per cent after the company’s board again insisted that it is financially sound.
The fast-growing Aim-listed business posted a 915 per cent rise in pre-tax profits last Wednesday. Despite this its share price halved over the following three days following confusion over an unusual £13.3m derivative deal linked to the company’s share price.
“The directors are not aware of any valid reason for the recent share price drop other than misinformed speculation and shorting activity,” Quindell said yesterday, echoing a similar statement last Thursday.
The company also announced a series of “teach-in sessions” where analysts and investors will be talked through all aspects of the business, which mainly provides services to the insurance industry.
Two analysts who have previously covered the company declined to say whether they would attend the events when contacted by City A.M.