Direct comparatives are difficult - the group only came to Aim in May 2011 after the reverse acquisition of Quindell Ltd by Mission Capital, which was subsequently renamed Quindell Portfolio. Executive chairman Rob Terry has since put together an insurance and telecommunications outsourcer with a potential order book worth £500m, leaving the shares looking too lowly rated.
Quindell has also bought claims processor Ai Claims and Mobile Doctors and is in the process of acquiring Silverbeck Rymer Solicitors - leaving all the elements in place to offer a one-stop-shop outsourcing service for insurers, all of which is handled by the services division. There's also a solutions division that supplies software for policy administration and which provides a significant level of repeat revenue - recurring revenue now comprises 82 per cent of the group total. Such progress allowed group operating profit to jump from £4.1m in the 15 months to December 2011 - only the final seven months of that represented an active trading period - to £12.7m at end-June. Moreover, strong growth has continued into the second half, with profits, cash generation and earnings all up impressively in July.
Cenkos forecasts full-year adjusted pre-tax profit of £33.8m and EPS of 1p.
| QUINDELL PORTFOLIO (QPP) | ||||
|---|---|---|---|---|
| ORD PRICE: | 8.7p | MARKET VALUE: | £224m | |
| TOUCH: | 8.5-8.8p | 12-MONTH HIGH: | 8.9p | LOW: 1.9p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 4.2p* | NET DEBT: | 10% | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012 | 45.6 | 12.2 | 0.39 | nil |
| % change | - | - | - | - |
Ex-div: - Payment: - *Includes intangible assets of £71m, or 2.8p a share | ||||
