Watchstone disappoints amid Ingenie revenue drop
Telematics broker Ingenie had this year’s revenue nearly fall by half to £7.7m (2017:£14.4m) amid tough market conditions.
A pre-trading update revealed Watchstone overall revenue dropping from £44.9m to £37.7m in 2018.
On Ingenie, Watchstone said: ”As previously described, challenging trading conditions have continued to further impact retail volumes.
”A number of initiatives have been undertaken to address these issues including the recent broadening of underwriting partnerships and this has seen positive, albeit early, trends.
“Further structural changes to the business continue which are anticipated to revive the retail competitiveness of the offering during H1 2019.”
The share price was down 5% as investors exited.
Watstchone was spun out of the scandal-hit Quindell.
Watchstone continues to face legal claims made by Australian law firm Slater & Gordon alleging “deceit and the associated breach of warranty” related to its purchase of Quindell’s legal arm.
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