Quindell pleases with contract wins

Quindell's (QPP) shares rose 7 per cent on news it has won a three-year outsourcing contract with insurer Direct Line worth around £50m a year. Quindell also announced a further 10 new contracts with unnamed customers, which will generate additional total annual revenue of £150m. These contract wins are sizable when compared to last year's reported revenue of £138m. Quindell says it is on track to meet the upper end of market expectations this year and that the third-quarter trading statement (due 21 October) will confirm a record quarter for revenue and earnings. Broker Canaccord upgraded its 2013 EPS forecast by 4 per cent to 2.5p and its 2014 forecast by 9 per cent to 3.4p.