Q3 results are tenth in a row at or above target

Quindell boss Rob Terry has said his company is on track to significantly exceed 2014 market expectations after reporting a 146% hike in profitability in the third quarter.

Quindell’s revenue in Q3 was £92.1m (2012: £40.9m) and adjusted EBITDA £34.5m (2012: £14m).

Founder and chief executive Terry said the results marked Quindell’s tenth successive quarter meeting or exceeding market expectations in all key performance indicators.

“The board is confident that the upper end of market expectations should be achieved for the full year for 2013,” he said.

Becoming a billion-pound business with margins above 25% was “within our grasp,” he added.

Outsourcing and software giant Quindell is now involved in one quarter of claims handled by insurers in the UK, it said. It expects 75% of insurers to adopt its collaboration model to reduce credit hire costs and recently bought a 25.3% stake in accident repair network NARS.