Legal outsourcing company Quindell has reported that turnover more than doubled in the first half of 2014.
Revenue for the first six months was £355m, up from £163m for the same period in 2013. The AIM-listed company said just one-tenth of revenue came from businesses acquired in the last 12 months.
In a pre-close trading update, Quindell said adjusted pre-tax profit is likely to be around £154m, compared with £52.5m in 1H 2013 – an increase of 193%. The company will post its interim results on 21 August.
Quindell has endured a mixed period since the publication of a report by analyst Gotham City Research earlier this year which preceded a 50% fall in its share price. The New York-based short-seller questioned some of the financial figures quoted by Quindell.
The company has said it intends to take legal action over the report.
The share price dipped further in June following Quindell’s failure to achieve a stock market premium listing. However, the shares climbed 23% in early trading today.
Quindell said its legal services division had around 110,000 cases in progress at 30 June.
The legal section of the business is ‘on track’, Quindell reported, collecting around £500,000 per day and with the target of increasing that to £1m by the end of the year.
Quindell’s legal acquisitions since 2012 have included Abstract Legal Holdings, the parent company of Accident Advice Helpline, and personal injury firms The Compensation Lawyers, Silverbeck Rymer and Pinto Potts.