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Watchstone Group slips as loss widens

Thu, 09th May 2019 13:13

(Sharecast News) - Watchstone Group on Thursday reported a wider annual loss as revenues fell as its Ingenie insurance business continued to struggle.The insurance, technology and healthcare group recorded a total loss before tax of £20.1m for 2018, compared to red ink of £5.0m for the year before, after revenue fell by 15% to £38.0m and administrative expenses jumped by 35% to £37.4m.Ingenie, an insurance broker focused on helping young drivers use the road safely and affordably, saw its revenue fall from £14.4m to £7.8m, though the AIM traded company insisted that the business is starting to "see shoots of recovery" after the implementation of a turnaround plan.However, the business' 2019 first quarter revenues continued to lag behind those seen last year and visible results were only expected later in the year.Meanwhile, the company's Healthcare Services businesses ptHealth and Innocare performed "satisfactorily" with revenue, excluding the impact of foreign exchange, increasing by 2%.Watchstone also remains in the midst of a legal battle with Slater & Gordon over the 2015 sale of its Quindell professional services division, with the Aussie law firm seeking to recoup the £637m it bought the division for in a trial due to start in October.Stefan Borson, chief executive of Watchstone, said: "Our position remains that Slater & Gordon's allegations of deceit and the associated breach of warranty claim are wholly without merit and should never have been advanced. Our preparation for trial is well advanced and it has been necessary to invest considerable financial resource to ensure we are fully prepared."Watchstone Group's shares were down 6.87% at 83.63p at 1247 BST.
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16 Oct 2019 18:25

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17 Sep 2019 09:21

Watchstone To Sell Canadian Healthcare Business For CAD36.2 Million

(Alliance News) - Watchstone Group PLC said Tuesday its has agreed to sell its Canadian healthcare services business for CAD36.2 million, about GBP22.3 million, to LM Holdings Corp.Shares a

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17 Sep 2019 07:57

Watchstone to offload Canadian healthcare services business

(Sharecast News) - Watchstone Group announced on Tuesday that its Canadian subsidiary, Quindell Services (QSI), has agreed to sell its wholly-owned subsidiary PT Healthcare Solutions and other subsidiaries forming its Canadian Healthcare services business, for an initial cash consideration of CAD 36.2m (£22.3m) on a cash-and-debt-free basis, to 11628542 Canada, a wholly-owned subsidiary of LM Holdings.

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1 Jul 2019 15:49

Watchstone Finance Director Mark Williams Leaves, Lee James Replaces

(Alliance News) - Watchstone Group PLC on Monday said Finance Director Mark Williams has stepped down from the board with effect from Friday last week.Williams was replaced by Lee James, IT

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19 Jun 2019 16:12

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13 Jun 2019 17:37

Watchstone Former Boss Planning To Make GBP14.7 Million Counterclaim

(Alliance News) - Watchstone Group PLC on Thursday said its former executive chair, when it was known as Quindell, is seeking to propose a GBP14.7 million counterclaim against the in technology at

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9 May 2019 15:06

Watchstone Group 2018 Loss Widens As Revenue Drops On Ingenie Woes

LONDON (Alliance News) - IT services management company Watchstone Group PLC on Thursday reported a widened loss for 2018 on lower revenue and continued challenges in its insurance brokerage the a

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4 Apr 2019 15:27

Credit Suisse Builds Nearly 8% Holding In Watchstone Group (ALLISS)

LONDON (Alliance News) - Watchstone Group PLC on Thursday said Credit Suisse Group AG now holds a 7.9% interest in the IT service management firm.Prior to this transaction on Tuesday, if on

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31 Jan 2019 11:16

Watchstone revenues slide as 'challenging' conditions persist

(Sharecast News) - Technology solutions outfit Watchstone saw revenues fall back and profits stay flat in its last trading year as a result of "challenging" trading conditions and adverse movements in the Canadian dollar.

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31 Jan 2019 10:15

Watchstone Expects Annual Revenue Drop Amid Retail Challenges

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, of

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6 Nov 2018 17:16

Deutsche Bank Lowers Interest In Watchstone To Below Notifiable Level (ALLISS)

LONDON (Alliance News) - Watchstone Group PLC on Tuesday said Deutsche Bank AG reduced its holding in the IT service management company.In a transaction on Monday, Deutsche Bank cut its to

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30 Aug 2018 09:55

Watchstone Sinks To Interim Loss Amid Revenue Drop And Legal Cost Pain

LONDON (Alliance News) - Technology firm Watchstone Group PLC said Thursday it sunk to a half-year loss after revenue dipped and legal costs continued to bite, as it looks to shake-off legacy from

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20 Jun 2018 16:09

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