Quindell 's (QPP) bumpy ride continued this week as RAC ejected out of a joint venture to fit over 2m 'black boxes' into cars that record drivers' performances and can be used to inform insurance premiums.
IC TIP:
Hold
at
178p
Quindell has agreed to acquire RAC's share of the venture, Connected Car Solutions, at a net cost of £3.5m. It expects eliminated roll-out costs to boost its cash flow by around £10m this year and £20m in 2015. And management have stood by their telematics target of 12m paying subscribers by 2020.
Broker Cenkos slashed its full-year revenue forecast by about 7 per cent to £888m. It expects full-year pre-tax profits of £336m, giving EPS of 60.8p.
