RNS For release 7.00 am 4 July 2012
Quindell Portfolio Plc
("Quindell", the "Company")
Update on Software and Consulting Division's Significant Progress
· Software and Consulting division finished H1 2012 with new record level license pipelines
· Agreed multiple new contracts and extensions across key markets and a range of geographies
· Software and Consulting business delivered over £8m revenue in Q2
· Shortlisted for Technology Award at British Insurance Awards
Quindell Portfolio Plc (AIM: QPP.L), the provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their Related Sectors, is pleased to announce significant progress within its Software and Consultancy division in terms of development of its strategy and industry recognition as well as significant increases in both revenue and profitability for the first half year and particularly in the Second Quarter of 2012.
The Company's Software and Consulting division finished the first half of 2012 with licence pipelines at new record levels. During the quarter we agreed multiple new contracts and extensions to existing client contracts across our key markets, being Insurance and Telecoms, and a broad range of geographies including the UK, South Africa, North America, Australia and in Continental Europe. Our clients now include blue chip insurance or telecoms brands in each of these major markets with a mixture of "on premise" and "software as a service hosted applications", demonstrating the viability and global applicability of our industry technology solutions.
Second Quarter revenues including initial licence fees, other success or milestone based fees and other software and consulting revenues in combination exceeded £8m in a quarter for the first time. This has resulted in the Software and Consulting business delivering over £11m revenue in total for the first half of 2012. These new contracts, together with our new business pipelines, helps to further underpin market expectations for this division for the full year 2012 and beyond.
In addition we have continued to move forward the industry recognition of our insurance technology solutions with inclusion in independent market research by Celent in their insurance industry technology reports and with our 'Challenger ICE' insurance claims solution being shortlisted for the Technology Award in our joint submission with insurethebox for the 2012 British Insurance Awards.
A full pre-close trading statement for the half-year results will be announced on Monday 9 July 2012.
Rob Terry, Chairman and Group Chief Executive of Quindell said: "I am delighted with the progress in our software and consulting division during the first half of this year and particularly in the second quarter. We look forward to building on this positive momentum in the second half of 2012 and beyond."
For further information:
Quindell Portfolio Plc
Rob Terry, Chairman & Group Chief Executive
Laurence Moorse, Group Finance Director
Tel: 01329 830 501
Tel: 01329 830 543
Cenkos Securities plc
Nominated Adviser and Broker
Stephen Keys / Adrian Hargrave (Corporate Finance)
Alex Aylen / Andy Roberts (Sales)
Tel: 020 7397 8900
Redleaf Polhill Limited
Tel: 020 7566 6720
Notes to Editors:
About Quindell Portfolio Plc
Quindell Portfolio Plc is a provider of sector leading expertise in Software, Consulting and Technology Enabled Outsourcing in its key markets being Insurance, Telecommunications and their Related Sectors.
Quindell joined the market through Mission Capital Plc, now renamed Quindell Portfolio Plc. The Company was readmitted to the market on 17 May 2011 following the acquisition of Quindell Limited prior to the immediate acquisition of Quindell's technology and outsourcing partners. In December 2011, Mobile Doctors Group Plc was acquired increasing 2012 run-rate revenue to over £50 million. On the 1 April 2012, Ai Claims Solutions Plc became a subsidiary of Quindell, increasing run rate revenue to over £150 million.
Our Industry Sectors
In today's digital world the line between traditional industry sectors continues to blur, however the focus on tight service management is common to them all. We believe that excellent customer service, tight cost control and integrated supply chain management is not the prerogative of any single industry sector and with our solutions in multiple industry sectors savings of over 20% against industry norms are being delivered to the bottom line.
The pressures on an organisation can come simultaneously from multiple directions including the need to add customers, increase wallet share, reduce costs and improve customer satisfaction. At Quindell we have the People, the Processes and the Supply Chains, underpinned by our sophisticated Champion and Challenger Business Process Management Technology Platform and Industry Solutions to help our customers tackle these efficiently and effectively.
With a clear understanding that having the best products and services on offer is not always enough and that getting your customers to use or adopt them is key, effective conversion lies at the core of our unique Champion and Challenger tools and techniques. Using these solutions Quindell has helped its customers achieve sales and service conversion rates ranging from 75% to 90%, way above industry norms. But life does not stand still, and complacency can kill any business, so the embedded Champion and Challenger continual improvement focus of our Learning Solutions is at the heart of all we offer. Using our industry insight and expertise, Quindell takes the holistic view of our client's challenges.
For example, when considering the Insurance industry today where 50% of the cost of an auto claim is associated with Personal Injury, including legal services, medical reporting and rehabilitation, it is clear that an organisation will not be able to achieve the levels of savings and customer satisfaction desired without addressing the injury to the driver as well as the repair of the vehicle. This is why at Quindell we have designed our insurance solutions and supply chains to address the full end to end cycle, with the ability and expertise to treat an injured party as well as repairing their vehicle. This makes Quindell a truly unique and ethically based proposition for the insurance industry today.
Quindell Portfolio's companies have worked with over 2000 brands from Small to Medium Enterprises and Blue-chip organisations around the globe. Today we count a number of the world's top Insurance and Telecommunications blue chip companies within our client base, as well as hundreds of customer centric organisations working in both the distribution and supply of their services.
Our award winning Business Transformational, Software, Consulting and Outsourcing Solutions are recognised as delivering significant savings and additional sales to our customers every year.
For further information, please visit www.quindell.com