RNS Number : 4227O
Quindell PLC
06 August 2014
For immediate release
Quindell Plc
("Quindell", the "Company" or the "Group")
Trading Update
Quindell Plc (AIM: QPP.L), a leading provider of software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their related sectors is pleased to provide a trading update ahead of Quindell's interim results for the six months to 30 June 2014 being announced on 21 August 2014.
Trading Update
-- The Board reports that the Group has met all its key performance indicators for July (cash conversion, adjusted EBITDA and adjusted EPS)
-- Services margins remain particularly strong and continue to track ahead of plan
-- Global Connected Car initiatives across the Group have reached record levels with over 600,000 connections supported to date (including c. 200,000 phone-based app downloads)
-- All core business relationships remain strong
-- A number of major new initiatives are being planned with new and existing clients for H2 2014
Cash Performance
-- Operating cash flow has turned positive in July
-- Group net funds increased in July
-- Prior cash guidance and confidence in market expectations for 2014 and beyond re-affirmed
-- Focus remains on cash over growth as previously stated
-- Certain contracts being restructured to ensure the optimum return on cash resources but both profit and cash guidance are not dependent on any upside from these initiatives