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Prices & Quotes - UK Markets - Watchstone Group (WTG)

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Share Price:
60.00p
Change Today:
0.000p
Market Cap:
27.49m
Sector:
Software & Computer Services

Watchstone FY loss narrows but impairment charges a drag

By Michele Maatouk

Date: Friday 27 May 2016

LONDON (ShareCast) - (ShareCast News) - Watchstone Group, the insurance technology firm formerly known as Quindell, posted a slightly narrower loss for the year to the end of December.
The company, which made management changes and renamed itself in November in a bid to clean up its reputation following probes into its accounting practices, reported a loss of 178m compared with a 205.3m loss the year before, as revenues slipped to 58.3m from 58.8m.

Impairment of goodwill and other intangible and non-cash assets came to a total charge of 113.5m, down a touch from 129.1m in 2014.

Watchstone said overall trading is in line with expectations with some good momentum in ptHealth, ingenie and BAS.

Gross written premiums at car insurance broker ingenie rose 23% to 20.7m in the first quarter of this year, while average revenues per clinic at healthcare company ptHealth pushed up 12%.

Non-executive chairman Richard Rose said: "I am very pleased with the significant progress the group habs made over the course of the last twelve months. The new board has successfully refocused the group's strategic priorities while drawing a line under the past by working tirelessly to deliver the highest standards of corporate governance.

"The sale of our legal services business and the significant return of value to investors marked the start of rebuilding shareholder confidence and we are confident of continuing to deliver value. Watchstone now has solid foundations on which to build further and the Board and the management team are committed to maximising the potential of the remaining businesses."

Watchstone said the disposal of the Professional Services division generated a profit of 494.3m.

At 1050 BST, Watchstone shares were up 2.7% to 234.19p.





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WTG Market Data

Currency UK Pounds
Price 60.00p
Change Today 0.000p
52 Week High 180.75p
52 Week Low 48.00p
Volume 19,382
Shares Issued 45.82m
Market Cap 27.49m

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WTG Dividends

  Latest Previous
  Final Final
Ex-Div n/a 09-Apr-14
Paid n/a 02-May-14
Amount 0.000p 1.50p

Trades for 27-Nov-2020

Time Volume / Share Price
13:31 2,000 @ 58.60p
13:26 40 @ 62.00p
10:16 159 @ 61.24p
10:01 17,000 @ 58.27p
08:00 13 @ 58.60p

WTG Key Personnel