Interim Results for the six months ended 30 June 2015

Quindell Plc
(“Quindell”, the “Company” or the “Group”)

• Profit retained for the period of £414.5m (2014: loss of £81.9m), includes profit on sale of Professional Services division of £485.9m
• Strong balance sheet position with net assets of £699.0m as at 30 June 2015
• Cash in hand of £524.0m as at 25 September 2015 with a further £55.0m is being held in escrow relating to the disposal of the Professional Services Division, with further potential cash inflows from contingent consideration not included in the net assets

• Continuing operations revenues of £35.3m (2014: £42.8m)*
• Adjusted EBITDA loss of £15.8m (2014: loss of £6.1m) reflecting difficulties experienced by the Group during the first half of the year
• The Group’s insurance technology solutions businesses have a solid technology base from which to shape a future strategy, including innovative usage based insurance (UBI) solutions, award winning policy & claims solutions and consumer telematics offerings
• New Board now in place following the appointment of Indro Mukerjee as Group Chief Executive
• The Group continues to co-operate fully with the outstanding SFO enquiry relating to past business and accounting practices
• Subject, inter alia, to Court approval, the stated desire of the Board is to make a capital distribution of at least £1 per ordinary share and up to £500 million. The Board is in the process of determining, with its advisers, the exact amount, form and methodology of the capital return which will be proposed to shareholders

*including the results of Ingenie Limited from 4 February 2014 as explained in the Report and Accounts for the year ended 31 December 2014.

Richard Rose, Non-executive Chairman commented:

“This announcement comes just 7 weeks since the publication of FY 2014 results, and the focus now is on the future. The appointment of Indro Mukerjee on 7 September 2015 as Group CEO was an important step. The new Board is now complete and will deliver the highest standards of corporate governance with a focus on shareholder value”.

Indro Mukerjee, Group Chief Executive Officer commented:

“Since starting on 7 September, I have visited and met the vast majority of our businesses as well as a number of customers, shareholders and other key stakeholders. With shareholder value clearly in mind, I will work quickly and methodically on the Group’s opportunities and challenges. I plan to share an outline strategy around the turn of the year. In the meantime, I will be focusing on: establishing good governance and operational integrity; dealing with the Group’s losses as quickly as possible; and creating the best platform possible for future growth based on clear and compelling value propositions.”

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