Profits at software-to-legal-services group Quindell more than doubled in 2013, the company announced today.
Financial results announced to the London Stock Exchange showed profit before tax of £137.7m for the year to 31 December, compared with £52.2m in 2012.
Group revenue rose from £163m to £380.1m year-on-year.
Gross sales, which includes services provided by its collection of law firms, increased by 134% from £170.2m in 2012 to £398.7m in 2013.
The group will apply later this month full a full stock exchange listing.
Laurence Moorse, group finance director, said 11% of revenue came from acquired businesses in the year, with the rest of the profit made up from ‘organic growth’.
The group currently owns four legal services providers: Silverbeck Rymer, Pinto Potts, The Compensation Lawyers and Accident Advice Helpline.
It has also acquired a medical reporting company, a repair business, costs firm Compass Costs and software company iSaaS Technology Ltd, and offers accident management services to all UK Honda customers.
Rob Terry, founder and chief executive of Quindell, said 2013 was the year to provide proof the business model could work.
He said: ‘As a group, we have established the scale and substance from which we will be able to grow further on a global basis and create additional significant value for all stakeholders.’
The company appears to be planning further acquisitions, particularly in the US market, having raised a further £200m in capital in November from existing and new shareholders.
Quindell said it has sufficient working capital resources available including cash at bank, cash generation and debt facilities to deliver more than 4p of earnings per share in 2014, up from 2.5p in 2013.