Quindell to face investors in the wake of half-year challenges
Embattled insurance firm Quindell will face investors this week as it reports its first set of results since its shares were hit by US short seller Gotham City Research in April, an unsuccessful premium London listing in June, and swirling doubts that surround its key contract with RAC.
Quindell, whose shares plummeted 60 per cent following a scathing blog post by Gotham, came out fighting last month with a bullish trading statement showing a 117 per cent jump in revenues over the past six months.
Broker Canaccord expects Quindell to report full year 2014 revenues of £810m, with profits of £320m.
Earlier this month, questions around the timing of Quindell’s deal to roll out telematic tracking devices to RAC customers, which was due to start in July but has not yet begun, added further uncertainty around the firm.