Quindell - Update on trading and developments
An interview conducted by BRR Media, with Rob Terry of Quindell - Dated 04 March 2014
Transcribed on 09 Jun by @Securitorium / Parallax
Hello and welcome to BRR Media.
Today I'd like to welcome Rob Terry, who is the Founder and Executive Chairman of Quindell (LON:QPP).
Good Morning to you,
Good Morning
Rob could you give us a brief overview of your recent announcements and the levels of contracted revenue announced.
The last time we did an interview like this was just after our fundraising in November and that time we raised over 200 million net of fees...200 million net of fees of a demand of about 300 million in over subscribed fundraising and what we promised investors at that time is that we would use those funds, at least 150 million of them to support organic growth.
The way our business works is your paying income to the party that gives you the outsourcing work, your servicing the claim, and then collecting the money.
So 150 million is able to support organic growth of around 450 million. We soon followed in early January announcing, um, over 100 million in new business and then we then went on again to announce a further 200 and finally we announced a further 50.
So 350 million is now announced and we're sitting with more than 100 million, that’s in final contract stage negotiations.
When I say...I do mean more than 100 million but we will be selective about the business that we actually sign.
Our guidance to the market has been that, by the time we announce our results, towards the end of March, that business will be contracted, we’d have chosen who we’re working with, and then we’d have delivered on the promise of bringing on that 450 million of new business over the fund raise.
That will see us with a turnover, this year, subject to claims frequency’s and normal factors in the market, you know our revenue’s are dependent on people being on the road and driving and having claims. Other than that we have significant visibility – between a billion and a billion one in turnover this year.
That section on the listing and FTSE indices seems very confused and garbled. Bit concerning.
And to hear a CEO stating a goal as membership of the FTSE 100 like this is even more worrying. He should focus on running the business not ramping the share price.
