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22 Apr 2014 15:00
Quindell Plc
("Quindell", the "Company" or the "Group")
Response to speculation
The Board of Quindell Plc (AIM: QPP.L), is aware of the publication today by Gotham City Research LLC. The Board rejects the assertions raised in this note and considers the note to be highly defamatory, deliberately misrepresentative and entirely rejects the conclusions that are made. A more detailed response shall be announced before the end of this week. In the meantime the Company is also consulting its legal advisors on what immediate action can be taken against Gotham City Research LLC and is reporting coordinated shorting activity to the appropriate authorities.
In the Company's annual results for the year to 31 December 2013, released on 31 March and prepared following the appointment of the Company's auditors, KPMG LLP, Quindell reported revenue of £380.1 million and profit before tax of £107.0 million. Since that time, the Company has released a 2014 Q1 trading statement, which referred to gross sales for the Group totalling £162.9 million and the Group having cash at 31 March of approximately £150 million. The Board remains confident of meeting or exceeding market expectations in all key performance indicators in 2014 and all other initiatives being pursued remain on track.
For further information:
Quindell PlcRob Terry, Founder and Executive Chairman
Laurence Moorse, Group Finance Director
| Tel: 01489 864201 terryr@quindell.com Tel: 01489 864205 moorsel@quindell.com |
Cenkos Securities plcJoint Broker and Nominated AdvisorStephen Keys/Bobbie Hilliam
Canaccord Genuity Limited Joint Broker and Financial Advisor Simon Bridges Bruce Garrow |
Tel: 020 7397 8900
Tel: 020 7523 8000
|
Media EnquiriesRedleaf Polhill Limited Rebecca Sanders-Hewett Jenny Bahr
|
Tel: 020 7382 4730 quindell@redleafpr.com
|
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
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