In an unusually timed afternoon stock exchange release, buy and build insurance business process services player Quindell Portfolio advised that they have “verbal agreements” on deals with five insurers, and that contract discussions with three “have progressed significantly”. The pot at the end of those rainbows could be larger than the £120m deal signed in May with an unnamed insurance intermediary (see here).
Given that Quindell had issued its Q3 trading update just two weeks ago (see here), this news appears to be somewhat speculative given that none of these new key deals have actually been signed. Nonetheless, management confirmed its 2p FY13 EPS target and Quindell’s share price promptly received a 7% boost to just over 14p.