The chairman of legal services provider Quindell says his company is now the largest personal injury business in the UK.
Rob Terry made his claim on the day the alternative investment market-listed company posted £153.6m in pre-tax profit for the first half of this year – up 193% from the £52.5m recorded for the same period last year.
Quindell also announced first-half revenue of £357.3m – an increase of 119% compared with last year’s figure of £163.3m.
Terry said Quindell is also now the ‘largest public company law firm in the world’ and said its success was a validation of its ‘buy and build’ strategy of recent years.
The financial report appeared to show few signs of the problems alleged in a critical report by analyst Gotham City Research earlier this year, or the falling share price experienced after Quindell failed to satisfy requirements for full stock exchange listing.
But the market showed little enthusiasm for the company immediately after the results were announced today, with the share price falling by 16.25p (7.8%) by midday.
Indeed, the share price has continued to be volatile since June, suffering several falls of at least 20p in a day but often rising rapidly the following day.
Terry said Quindell now employs almost 3,000 staff in the UK, with a further 1,000 across the world. The group provides services to around 600,000 customers every year.
‘As a group, we have a consistent track record of meeting market expectations,’ he said.
Terry added that the company will now focus on cash collection in the second half of 2014, having turned ‘cash positive’ in July. He said the expectation is to ‘at least break even’ for the third quarter of 2014 and achieve a ‘significant operating cash inflow’ for Q4. The company had 110,000 cases in work in progress at the end of June.
Quindell currently owns five legal services providers: Silverbeck Rymer, Pinto Potts, The Compensation Lawyers, Accident Advice Helpline and Compass Law.