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Quindell’s cup runneth over

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logoRob Terry, founder and CEO of buy-and-build insurance business process services player Quindell, is not one for just blowing his own trumpet – he usually brings along the whole orchestra! Such is the case again with today’s FY trading update, which presages all targets met or exceeded – in fact I couldn’t find a single ‘however’ in the whole release.

However (mine), more astute followers of the miracle that is Quindell may spot that their year-end cash balance was around £200m, precisely the net amount raised in a 30%+ dilutive share placing in November (see Quindell furthers bold ambitions); borrowings stood at £54m. Finely judged cash management some would say.

Terry and team are planning some therapy for any disbelieving investors in today’s analyst briefing, especially on the perceived opportunity for vehicle telematics. As ever, Terry puts forward eye-popping numbers, but we take a more muted view on the potential take-up of such technologies, especially if based on stand-alone hardware (see here).

Nonetheless, there seem to be more believers than sceptics in the market as Quindell’s shares are some 50% higher than they were a year ago.


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