Quindell expects boom in future revenues
QUINDELL Portfolio, the outsourcing firm which has recently snapped up Blackpool-based AI Claims and Liverpool law firm Silverbeck Rymer, said its pipeline for process outsourcing from the insurance market has now reached “record levels”.
In a trading update, the company said that it is now in talks “with multiple insurance players regarding outsourcing arrangements that in each case could deliver multiple tens of millions of pounds of revenues per annum”.
“Total pipelines in this area are capable of organically more than doubling in 2013 the Group’s current revenues – including those of the recently acquired businesses.”
The company added that it was currently trading in line with expectations and that it was continuing to make make acquisitions in the insurance supply chain. Its latest is Overland Health – a supplier of rehabilitation services on behalf of insurers – and a rehabilitation centre which trades as LBHealthcare.
It is paying £14m for Overland Health and £216,000 for 49% of LB Healthcare, with an option to buy the remainder in the future . The payment for both firms will be through the issue of new Quindell shares at a price of 10p per share – a 50% premium on last night’s closing price.
