Quindell Portfolio Plc announced the signing of a new five year contract, with on-going maintenance and support, for its ICE Challenger software suite of Policy, Claims, Analytics and Napier rating engine, with one of the top ten UK motor insurers. The signing of the contract follows a competitive tender and included extensive evaluation and proof of concept. The initial licenses and maintenance are worth circa £3.5 million with multi-million pound service revenues and on-going support during the minimum five year term. The contract will see Quindell provide the insurer with a complete integrated technology platform for its UK operation. The initial benefits from the implementation of the Challenger ICE Solution Set will be significant indemnity spend savings and increased productivity and these will commence in the latter half of 2013. Challenger ICE Policy will provide the insurer with the ability to design and launch products within days if they so choose.

Quindell Portfolio Plc (AIM:QPP) is looking for acquisition opportunities. Chairman and Group Chief Executive, Rob Terry said. “We plan to continue on the same path, looking to grow organically with new clients, to add more services to existing ones and actively seeking out value-enhancing acquisitions that are focused on our target market”.

Quindell Portfolio Plc announced audited consolidated earnings results for the year ended December 31, 2012. For the quarter, the company reported total revenues of £137.6 million compared with £13.7 million for the prior year. Profit before taxation was £41.241 million against £4.1 million a year ago. Profit for the period attributable to equity holders of the parent was £31.8 million or 1.162 pence per basic and diluted share against £4.2 million or 0.429 pence per basic and diluted share a year ago. Adjusted profit before taxation was £49.2 million against £6.3 million a year ago. Adjusted EBITDA was £52.2 million against £6.7 million a year ago. Adjusted diluted earnings per share were 1.392 against 0.664 a year ago. Net cash inflow from operating activities was £34.1 million against £4.4 million a year ago. Purchase of property, plant and equipment were £1.3 million against £0.2 million a year ago. Purchase of intangible fixed assets was £2.9 million against £1.2 million a year ago.