Full-year results from Quindell (QPP) on 31 Mar will give the company yet another chance to shout from the rooftops about how well things are going. Current city consensus is for adjusted pre-tax profit to more than double to £125m, giving earnings per share of 2.4p (2012: £49m and 1.4p).
A year ago, the jury was out on insurance industry outsourcer Quindell. Formed by a hotchpotch of acquisitions and backed by dilutive cash calls, many saw it as a jam tomorrow story. But an impressive recent run rate of contract wins has changed all that.
In October, Quindell announced a game-changing £150m contract win with Direct Line. Then, earlier this month, Quindell confirmed it had already exceeded its target to secure £450m per annum of new business by the time of the upcoming final results, with margins on that new business running ahead of guidance. The company also said trading in the first quarter of the current financial year was ahead of plan on all key performance indicators.
