You are here

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

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 59.00p
Change Today:
0.50p
Market Cap:
27.04m
Sector:
Software & Computer Services

Watchstone sees 'no grounds' for Slater & Gordon legal claim

By Oliver Haill

Date: Monday 19 Sep 2016

LONDON (ShareCast) - (ShareCast News) - Watchstone Group said it will "robustly" contest a claim brought against it by Slater & Gordon (SGH) over the purchase of its professional services business last year from what was then known as Quindell.
With the Australian lawfirm's claim pending, part or all of a 50m staged payment for the acquisition that is being held in escrow will be withheld from Watchstone if the claim cannot be resolved before 29 November.

An independent barrister's assessment will be made to determine the value of a potentially successful SHG claim against Watchstone, and this amount would then be retained in the escrow account until the claim is resolved.

Having received notice from SGH of a purported claim on Monday, Watchstone said it "does not believe that there are grounds for a claim to be brought and will defend it robustly".

The company added that as it had "conducted a professional and transparent disposal process of the Professional Services Division assisted and advised by leading specialists" and adding that it "allowed SGH the opportunity to complete an extensive and detailed due diligence process with the assistance and advice of a similarly specialist team".

Since completing the deal, Quindell was investigated by the UK's Serious Fraud Office over its accounting practices, before it changed its name and celebrated the timing of the deal as the UK government revealed plans to clamp down on personal injury claims.

Sydney-listed SGH recorded impairments of almost $880m in the year to end-June that was mostly booked against the Quindell acquisition.

Watchstone, which has since looked to focus on providing technology outsourcing services to the insurance, automotive and healthcare industries, announced that it underlying interim loss per share was only around half that reported on Friday: 15.9p on a basic and diluted basis rather than the 31.9p loss reported.

The loss per share from continuing activities was 17.3p on a basic and diluted basis rather than 34.9p, and that the equivalent figure for the previous year was 66.9p rather than 133.1p.

For the previous year, total earnings per share were 921.9p on a basic and diluted basis rather than 1,832.5p.

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 59.00p
Change Today 0.50p
52 Week High 180.75p
52 Week Low 48.00p
Volume 996
Shares Issued 45.82m
Market Cap 27.04m

Performance Indicators

Compare performance with the sector and the market.

Key
Vs Market
Vs Sector
Value
market
  1. full market star
  2. full market star
  3. full market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. full sector star
  5. empty sector
Price Trend
market
  1. empty market
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. empty sector
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Income
Not Available
Growth
market
  1. full market star
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Price Chg 6m
market
  1. empty market
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. empty sector
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
P/E
Not Available
PEG
market
  1. full market star
  2. half market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. half sector star
  4. empty sector
  5. empty sector
Dividend Yield
Not Available
EPS Growth
Not Available
Operating Margin
market
  1. half market star
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector

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 03-Dec-2020

Time Volume / Share Price
11:44 33 @ 56.84p
10:25 101 @ 56.87p
10:04 307 @ 56.84p
08:01 555 @ 61.71p

WTG Key Personnel