Quindell reports further losses
Troubled insurance group Quindell has reported further losses and warned that the damage caused to its reputation by previous scandal is hindering it from making a recovery.
The company posted a first-half pre-tax loss of £35.5m, showing almost no improvement on the £35.7m loss it suffered in 2014, on revenues that slid to £35.3m from £42.8m.
Trading since the end of June has shown little progress, with Quindell reporting that its performance was only ‘broadly in line with the first-half’.
The company, which provides telematics services to the motor insurance industry, blamed the lack of improvement on ‘the challenges the group faces due to ongoing reputational issues and the need to develop strong propositions to best make use of its capabilities’.
The Quindell has been severely blemished by a number of scandals that caused its share price to collapse and is now being investigated by the Serious Fraud Office as well as being sued by shareholders who have lost money.