Quindell issues trading update as share price falls

Quindell, the UK-based ABS (Alternative Business Structure) issued a second trading update in less than a month after its share price had slid 33 per cent.

UK legal services company Quindell's share price is falling Lucian3D

The share price had weakened after The Financial Times suggested that a crucial contract was in danger. But the share price went up again after the trading update, showing only a net 17 per cent fall from the 205 pence price about a week ago. Quindell denied that the contract was in jeopardy, saying it had a ‘positive relationship’ with the RAC, the company providing the contract. It also said that ‘operating cash flow has turned positive in July’. Quindell bought two law firms - personal injury practices Pinto Potts and Silverbeck - in 2012. and Source: Legal Futures

Email your news and story ideas to: news@globallegalpost.com

Top