Reuters - Financials

Quindell publishes delayed 2014 results, reports loss

Aug 5 Quindell Plc, a technology and outsourcing company, reported a loss of 238 million pounds ($ 372 million) as it finally published its annual report for 2014 that was delayed due to accounting issues.

Quindell is being investigated by Britain’s Financial Conduct Authority over statements related to its accounts for 2013 and 2014. Trading in its shares was halted on June 29, pending the publication of the 2014 annual report.

The company has also faced questions over its revenue model and profit quality. Its chairman quit over a controversial stock deal last year.

Quindell also said on Wednesday it expected to appoint a new chief executive and begin a review of the business.

The company forecast revenue to remain largely flat in 2015. It reported revenue of 72 million pounds for 2014.

Quindell said it has requested for the suspension on its shares to be lifted on Aug 6. ($ 1 = 0.6398 pounds) (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)


Reuters: Financials

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