Quindell Portfolio has reported a huge increase in revenues and profits as its software and consulting model aimed at the insurance and telecomms markets continues to do the business.

Revenue increased from £1.8m in the first six months of 2011 (the year the group went public) to £45.6m in the half year to the end of June this year. That's a rise of 2,404%.

Profits before tax increased from nil to £12.2m, with a margin on revenues of 33%.

Earnings per share increased 92% to 0.46p.

Quindell shares rose 2.8% by 9:38, the stock has now gained 3548% since the IPO in May of last year.

Rob Terry, Chairman and Group Chief Executive said: "The first six months of 2012 have continued the significant progress the group has made since our listing.

"Our pipeline for new business is strong and we have a significant number of contracts currently under discussion with a number of pilots already underway with key industry participants.

"The exceptional performance throughout the year has meant that we are extremely confident of meeting current year market expectations and, with our growth strategy clearly delivering, also meeting the expectations beyond the current year."


BS

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