Insurance Age

Ai Claims owners report growth and profit

UK income and currency
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Quindell Portfolio has reported increases in revenue and declared a profit for the first six months of 2012.

The provider of software, consultancy and technology revealed that revenue grew to £45.6m (H1 2011: £1.8m) in the six months to 30 June 2012.

Ebitda was also up at £15m from £0.8m in the same period of the year before while profit before tax came in at £12.2m with the company having broken even in the first half of 2011.

The company bought Ai Claims in April 2012 for approximately £14m. Net debt was reported at £10.9m at period end after assuming £20m of Ai Claims Solutions borrowings secured

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