LONDON (Alliance News) - Watchstone Group PLC on Thursday said it expects annual revenue to fall on the previous year as business was hurt by challenges in retail markets.
The technology, insurance and healthcare firm expects 2018 revenue of GBP37.7 million, down from GBP44.9 million a year ago.
The Healthcare business, formed by the firm's Canadian ptHealth clinics business and InnoCare, posted revenue of GBP30.0 million in 2018, marginally down on the prior year's GBP30.5 million.
However, the firm's Ingenie division's revenue halved to GBP7.7 million from GBP14.4 million.
"As previously described, challenging trading conditions have continued to further impact retail volumes," the firm said.
"A number of initiatives have been undertaken to address these issues including the recent broadening of underwriting partnerships and this has seen positive, albeit early, trends."
Watchstone continues to face legal claims made by Australian law firm Slater & Gordon alleging "deceit and the associated breach of warranty" related to its purchase of Quindell.
Watchstone, known as Quindell until November 2015, reiterated it continues to see the claims as "wholly without merit" ahead of the trial expected in late 2019.
"2019 will be an important year for the group both in terms of growing its operating businesses and dealing with the group's legacy issues as efficiently as possible," the company added.
Watchstone shares were untraded on Thursday, last quoted at 91.98 pence each.
