WTG.L Regulatory News (WTG)

Embargoed for release 7.00 am 19 June 2014

Quindell Plc

("Quindell", the "Company" or the "Group")

AGM Statement and Proposed Board Changes

Quindell 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, will make the following statement at its AGM to be held at 10.00am today:

Current Trading

The Group is pleased to report continued positive trading, with a number of new contracts signed and existing contracts extended. The value of these contracts is expected to be in excess of £250 million per annum, subject to claims frequencies. This results in an increase in the revenues for a number of the business areas but most significantly within Legal Services, where run rate revenues are expected to increase from c.£650 million per annum to c.£900 million per annum from the start of H2 2014.

These contracts, with terms from one to five years in duration, are across the range of the Group's customers, including intermediaries, insurers and brokers. Significantly, this includes one of the UK's leading brokers, a subsidiary of a major global insurance company, which in the last few days has extended its relationship with the Group for a period of five years. The other major area of future growth has been the signing of multiple new telematics contracts in various geographies and the successful delivery into live implementations of a number of our telematics solutions in North America.

The Group's performance in cash collection and its operating cash flow progresses according to plan, with Legal Services alone collecting, on average, c.£500,000 per day during the second quarter. The Group continues to have substantial cash resources and banking facilities available to fund it during this continued period of growth. The Board is confident, in line with expectations, that the Group will return to a broadly neutral operating cash position on a quarterly basis in the third quarter of 2014 and deliver strong positive operating cash flow in the final quarter of 2014 and beyond.

The Group's overall performance in relation to key performance indicators (cash conversion, adjusted EBITDA and adjusted EPS) continues to provide the Board with confidence in the Group's ability to meet full year market expectations.

Proposed Board Changes

The Board announces its intention, following the AGM, to appoint Robert Fielding as Group Chief Executive Officer with Robert Terry remaining as Chairman of the Board. Robert Fielding is currently Chief Executive Officer of the Services Division and has overseen the growth of this division since the acquisition of the Group's first legal services business in 2012. A further announcement will be made in this regard.

This proposed Board change marks a continuation in the development of the Group's governance and succession planning. As previously announced at the time of the Company's full year results, it is the Company's intention to appoint additional independent Non-executive directors. This recruitment process continues, with a number of suitable candidates already identified. Further announcements will be made in due course.

In addition, the Company has recently made two key appointments: Stephen Joseph, formerly with Bank of America Merrill Lynch, as Head of Investor Relations; and Michael Bancroft, formerly with BTG Pactual, JP Morgan and UBS, as Head of Corporate Development. These appointments are part of the Board's continued drive to strengthen Group functions as appropriate for a business of the Group's scale.

For further information:

Notes to Editors:

About Quindell Plc

Quindell Plc is a provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets being insurance, telecommunications and their related sectors. Quindell enters 2014 with a run rate of gross sales approaching £600 million and approaching £200 million of EBITDA, and has announced new contract wins since the start of 2014 that amount to a further £500+ million due to start during 2014. Our award winning business transformational, software, consultancy 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