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Watchstone revenues slide as 'challenging' conditions persist

Thu, 31st Jan 2019 11:16

(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.Watchstone, the former Quindell, revenues contracted 16% to £37.7m in the year ended 31 December - mostly driven by a 46% decline in sales brought in over at the firm's young driver insurance business, Ingenie.The AIM-listed firm said trading conditions had "continued to further impact retail volumes" at Ingenie, but noted that it a number of initiatives had been undertaken to address issues within the business and added that further structural changes set for 2019 were anticipated to revive the retail competitiveness of its offering.The larger Healthcare Services arm, consists of our Canadian clinics business ptHealth and clinic software and managed services business InnoCare, saw sales dip to £30.0m from £30.5m a year ago.Central costs, which were rationalised at the end of 2017, resulted in "materially lower" expenditure during 2018."Profitability is expected to be broadly flat relative to 2017 however a significant restructuring of the clinic business has been completed in the year which more closely aligns costs to revenues and should create more optimal conditions for profitable growth."As of 1115 GMT, Watchstone shares, having dropped almost 50% over the past two years, fell another 5% to 90.43p.
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7 Mar 2016 07:50

Watchstone agrees sale of Quintica for £1.35m

(ShareCast News) - Insurance technology company Watchstone Group, formerly known as Quindell, has agreed to dispose of Quintica Holdings Limited to Quintica International Holdings for around £1.35m. Watchstone will be entitled to additional consideration in the event that Quintica is disposed of by

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8 Jan 2016 09:51

Watchstone sells property and maintenance services businesses

(ShareCast News) - Watchstone Group, the insurance technology firm formerly known as Quindell, has disposed of its property and maintenance services businesses as it looks to strategically focus the company on its key growth areas. The group's subsidiary Brand Extension has entered into an agreement

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8 Jan 2016 07:46

Watchstone Offloads BE Insulated, Carbon Reduction Units For GBP1

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30 Dec 2015 17:24

DIRECTOR DEALINGS SUMMARY: Watchstone Chairman Rose Buys First Shares

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30 Dec 2015 14:41

Watchstone Group chairman buys shares

(ShareCast News) - Richard Rose, non-executive chairman of Watchstone Group - formerly Quindell - bought 100,000 shares in the insurance technology company at 257.88p each. This marked Rose's first purchase and gives him a 0.2% interest in Watchstone's issued share capital. Watchstone shares rocket

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30 Dec 2015 11:17

DIRECTOR DEALINGS: Watchstone Chairman Rose Buys 100,000 Shares

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21 Dec 2015 17:18

DIRECTOR DEALINGS SUMMARY: Watchstone Board Buy After Resuming Trading

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21 Dec 2015 11:10

Watchstone Group rockets as it resumes trading

(ShareCast News) - Shares in Watchstone Group, the insurance technology firm formerly known as Quindell, were 115% higher as they resumed trading on AIM. The shares had been temporarily suspended ahead of a court hearing and a share capital reduction. They were also temporarily suspended in June af

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21 Dec 2015 09:33

Shares In Watchstone Gain After Resuming Trading Ahead Of Cash Return (ALLISS)

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16 Dec 2015 11:24

UPDATE: Court Approves Capital Reduction, Return For Watchstone (ALLISS)

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16 Dec 2015 08:00

Watchstone Group Shares Suspended Pending Court Decision (ALLISS)

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14 Dec 2015 18:10

Watchstone whacked with legal claim from Quindell's 'misled' investors

(ShareCast News) - Watchstone Group, the company formerly known as Quindell, has revealed that a £9.4m 'class action' legal claim has been filed by a group of 342 disgruntled shareholders. The claim has been filed under the Financial Services and Markets Act 2000, the company said, without giving fu

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14 Dec 2015 18:06

Law Firm Sends Letter To Watchstone Over GBP9 Million Worth Of Claims

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9 Dec 2015 18:00

DIRECTOR DEALINGS: Cenkos Says Durkin And Hodges Add To Holdings

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8 Dec 2015 10:40

WINNERS & LOSERS SUMMARY: Anglo American Sold As It Suspends Dividend

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