PwC report will be completed in next few weeks, rather than at the end of this month
Quindell’s share price fell 6% this morning to 92p as the troubled outsourcer revealed it would not be revealing the findings of an accounting probe at the end of February as expected.
Instead, Quindell said the PwC probe would be completed ‘in the next few weeks’ and shareholders would be updated when appropriate.
Quindell blamed the ‘high level of corporate activity’ for the delay.
The highly anticipated investigation was launched at the end of last year. It is expected to look at revenue recognition and goodwill of assets, two areas that have aroused investor concerns amid a frenzy of acquisitions, missed cashflow targets and ambitions to hoover up a large volume of legal claims in industrial deafness.
The Fareham-based firm said that it planned to simplify the group into two divisions – professional services, which contains the legal business, and technology, comprising telematics, insurance software and telecoms.
That leaves several non-core businesses that are likely to be sold.
Meanwhile, Quindell said it was continuing talks with Australian lawyers Slater and Gordon to sell its professional services division.