Quindell Portfolio shares fall despite boost from acquisitions

SHARES in Quindell Portfolio yesterday dropped by nine per cent despite the fast-growing outsourcing company announcing year-end pre-tax profits of £49.2m, up from £6.3m.

Quindell offers a number of services to the insurance industry including claims handling, temporary car hire, and legal services.

However, the company, which listed on Aim in 2011, admits that some investors wonder whether it can successfully combine the thirteen acquisitions it made during a buying spree last year.

This takeover campaign cost the company £96.4m but its accounts estimate the resulting fair value of goodwill at £68.1m.

Chairman and chief executive Rob Terry said it would continue to eye up potential targets.