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

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Share Price:
Down 56.50p
Change Today:
-2.50p
Market Cap:
25.89m
Sector:
Software & Computer Services

Watchstone Group reports narrower first-half loss

By Michele Maatouk

Date: Friday 16 Sep 2016

LONDON (ShareCast) - (ShareCast News) - Watchstone Group, the insurance technology firm formerly known as Quindell, reported a narrower loss for the first half as revenues grew.
In the six months to the end of June, the pre-tax loss narrowed to 8.2m from 32.3m in the same period a year ago, as underlying revenues rose to 31.9m from 28.8m.

Chief executive Indro Mukerjee said: "We continue to manage issues of the past with determination and we are working with clarity to develop and grow our businesses. We continue to resolve legacy corporate and legal matters and in June, we finally received Court approval in Delaware of the settlement of litigation relating to our subsidiary, Navseeker, Inc. (which trades as Evogi in the US).

"Our focus remains on the simultaneous aims of moving the group into profit and creating the platform to achieve the best possible value and performance from our businesses. We have continued to reduce losses ahead of plan and we are now undoubtedly a leaner, more focused and more efficient organisation. Current trading remains in line with expectations."

The company, which relaunched under its new name in December, has been striving to disassociate itself from its scandalous past, after the Serious Fraud Office launched an investigation into the firm when it said in August last year that the 107m pre-tax profit reported in 2013 had been misstated and the group had actually experienced a 64m loss.

In the first half of this year, Watchstone continued its strategy of divesting of businesses that are more suited to ownership outside of the group. In January it exited its property services interests and in March it disposed of Quintica Holdings. Both businesses were loss making.

The company said on Friday that further disposals may occur over time if this is the right path to take to create shareholder value.



At 1432 BST, the shares were up 0.5% to 223p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

WTG Market Data

Currency UK Pounds
Price 56.50p
Change Today -2.50p
52 Week High 180.75p
52 Week Low 48.00p
Volume 59,569
Shares Issued 45.82m
Market Cap 25.89m

Performance Indicators

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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 04-Dec-2020

Time Volume / Share Price
16:29 401 @ 55.00p
16:29 10,029 @ 58.00p
16:29 10,000 @ 57.97p
16:25 874 @ 55.00p
16:25 471 @ 55.00p

WTG Key Personnel