Quindell Portfolio’s second year of operations has been a roaring success from a financial metrics standpoint. Revenue grew more than nine times (904% to be precise) from last year’s £13.7m to reach £137.6m. There has also been a significant acceleration from H112 when revenue was c£45m (see Quindell shows progress, but still hurdles to overcome). Gross sales (including the legal services business) were £171.9m.
We would of course expect nothing less than stellar headline growth thanks to Quindell’s many and varied acquisitions, which have continued into 2013 (see here and work back). CE Rob Terry told us this morning that organic growth from the acquired businesses was at least 100% - growth most other SITS providers can only dream of.
EBITDA profits for the year were up almost seven times to £52.2m. And thanks to a stonking start to 2013 (see Quindell wins RAC, buys again and updates), Q1 adjusted EBITDA is looking up 10% on Q4.
As we would expect, the majority of Quindell’s revenue is coming from 'technology enabled outsourcing' activities, or BPS. Revenue here was £107.5m vs. £6.9m last year. Software and consultancy revenue however is a substantial and growing part of the business, with revenue now at £30.1m vs. £6.8m last time. This is also helping drive a lot of new opportunities for the BPS business.
Quindell is intent on breaking on to a bigger stage in 2013 with a full listing on the London Stock Exchange. These results certainly won't do it any harm.
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