UK 13:57 Monday, 26 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Quindell (QPP) is spinning for its life. I examine how it spins what is bad news. The only 2 guys it can find as new NEDS are proven failures. The trading statement is dire. Look at the miss on cash generation in Q4. And look at the real net cash position. This is woeful. The statement on revenues and earnings is telegraphing that PWC is going to be red ink City and the fact that there is no PWC until the end of Febuary shows how bad things are.
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Comments
turbograndad
TOM.
Just based on their bogus RNS’s, if you choose to read them objectively, this a complete white wash/ shite wash.
Good perpective with the ramping culture in media/journo land, from an unbiased pro.
Continued good work, wonder if the dilusional will see it that way, they are already pulling tongues.
Juicin Drumroll
QPP’s share price jumps on TU.
Rinse & repeat.
Gotham City Research @GothamResearch · 1h 1 hour ago
We have lowered our intrinsic value estimates for Quindell. We anticipate issuing a follow-on report in the not-too-distant future. #QPP
Drake
The payroll date was moved for just some of the acquisitions, bringing them into line with the rest of the group. Many people have said that they’ve confirmed this with QPP staff. That’s vs the one person who said that it was for the whole group to Tom (maybe that person had only a partial view of what was going on). That it had an effect of only £3m further seems to confirm this. In the Q3 update they said, ‘Adjusted operating cash flow…which includes c.£3m of business integration activities which were planned and included in prior guidance’ and in the Cenkos note the same day it said, ‘with £3m of “business integration activities” including moving all Group companies into the same payroll date’.
Jock
Interesting share-price movements. The last 2 weeks are good lesson as to the risks of shorting even on slam dunk frauds.
Quindell is an example of the unfortunate underbelly of the AIM micro-system.
Cenkos 100% certainly knows Quindell is a fraud but turns a blind eye to bank the cheque.
Bell Pottinger very likely knows Quindell is a fraud but turns a blind eye to bank the cheque.
Both are facilitating wholesale fraud, but will never face action.
I’m starting to think that mug punters who gamble on AIM deserve all they get, hoping for massive returns and get screwed over.
It really should change it’s title to AIM Casino.
Tom Winnifrith
Drake
No offence buddy but I multi sourced this and you are wrong
Business integration activities is a P&L hit. Payroll deferrment would not be a P&L hit. You are just talking cobblers at all ends
T
Mike
Tom, as I said yesterday, the market is always right and right now the market likes what is happening within Quindell, i.e new board members, development of accounting policies, PwC and KPMG involved, formulating future strategy. The independent review will complete end of February 2015. As I said yesterday, a buy with a tight stop loss, may reap rewards. A share suspension may scupper that strategy, but is looking more unlikely day by day. Follow the market and ignore the noise. Kind regards Mike.
SEAGREEN2
The trouble is that Shareprophets are increasingly calling the whole city into disrepute and the majority of the accounting profession and regulators.
Looking forward at the current share price and looking forward to the future QPP now has two of the largest firms of accountants crawling over every move it makes and has appointed Mr Sutcliffe to help as strategy Director (one of his current roles is as chair of the codes and standards committee of the Financial Reporting Council, the accounting regulator.)
I am not sure what more the “NEW” board of QPP can do to reassure the doubters of its future and its integrity going forward and their belief in their business model.
Who knows perhaps the Share Prophets shorting gang may finally have a topical epihany moment and realise that going forward this company is in good shape and they have been less than honest with their “recent” views.
Frankly the comments made on qpp’s future on this bearcast were nothing short of scandelous.
There comes a point Tom when the whole QPP story is begining to ruin Share prophets and your own personal reputation I have never seen so many recent half truths and utter lies produced on one stock in my life…its now trading on a p/e of circa 1 and it has suficient cash to opperate it has a top management board yet you still try and spread fear…
Time to move on to another story
Tom Winnifrith
Seagreen
The fact that you think QPP is on a PE of 1 says it all. Yes AIM is a casino and the job of journalists is to point it out & expose fraud. So in essence fuck off and go to the LSE Asylum we are not changing anything here and no I am not short of QPP for the zillionth bloody time
Just foxtrot oscar back to the LSE asylum where they also reckon QPP is on a PE of 1
t
Tom Winnifrith
Mike
If the market was always right Warren Buffett would not exist.
Discuss
t
Drake
Not sure what you mean, Tom. It says nowhere in the Q3 update that the business integration activities referred to affected the P&L. There are such things as integration costs of course, but that doesn’t seem to be what they were saying there. It’s specifically referring to cashflow. The full quote is:
“Adjusted operating cash flow1,4 for Q3 significantly ahead of expectations and guidance with c.£9.4m inflow compared to original guidance of breakeven (H1 2014: £51m outflow also £9m ahead of expectations) which includes c.£3m of business integration activities which were planned and included in prior guidance”
The full quote from the Cenkos note is
“Operating cash flow was £9m (with £3m of “business integration activities” including moving all Group companies into the same payroll date) versus guidance of broadly breakeven. “
Mike
Tom, good reply, you always have an answer. Anyway, as a specific point. I noticed Quindell’s SP beginning to rise at end of Dec 2014. I believed that the market was right, then a few days later Toscafund takes a meaningful stake. Then I noticed that the SP was rising again, and again I believed the market was right, then last night Sky business news breaks the story. One thing I have never been able to work out, is HOW.? the market seems to know! Insider knowledge is my only guess. Kind regards Mike.
Tom Winnifrith
Drake
And after being made to put out that cock the Cenkos analyst quit. Have you spoken to him
R
Cliff Peat
TW you might be interested to know that I drafted a “message” for the iii QPP message board.
On submitting I got the response: “Sorry, your post has not been accepted due to inappropriate language or another problem.”
This is what I wrote:
“Bear view from TW
I have no holding or interest in QPP but in case any reviewers of this board on this bullish day have not seen the or heard the analysis of today’s RNS by Tom Winnifrith then they can here:
http://www.shareprophets.com/views/9993/tom-winnifrith-quindell-bearcast-special-forget-the-spin-look-at-the-cash
He addresses the net cash position – the Q4 cash flow – some of the past history relating to the new appointments – the PwC report timetable.
I do not have a view nor have I checked TW’s assertions – just feel that research is important and this may be relevant for some here.”
I’m wondering whether including your name in a post is regarded as “inappropriate language” !
SEAGREEN2
Appologies I should have rechecked the p/e as of course the share price has nearly trebled recently….since you said it would go to zero….what do you believe it to be?
Your langauge is an utter disgrace and deeply offensive.
How can your operation be taken seriously if you tell a contributor who is trying to express an oppinon to XXXX off….
I thought you stood for reasoned debate as opposed to bully boy tactics..you are a disgrace
Tom Winnifrith
Seagreen
Free speech – I run the site I can say what I like. You do not have to read it. Not sure that you get this Je Suis Charlie thing do you?
PE of 1 – its not the P it is that there will be no E post PWC that is what you fail to get.
If you are offended I have just one final thing to say “fuck off and go read another site”
t
Tom Winnifrith
Cliff
I guess TW is deemed a 4 letter word in some places. 2+0 can = 4
t
sociogara
Happy Birthday, Tom. I hope today is the beginning of a great year for you.
Invetigate
Interesting 31.2m of options issued for new Chair, Deputy Chair and senior executives (including 6m for Robert Fielding) @ 68.25p
That is alot of options on new shares to issued. I hope investors are adding this to their calculations of market cap.
Something smells here…why go generous to current executive management team? Why did Chair and Deputy Chair need so many options in the money.? Consultancy firm going in why?
KANGAROO
An enlightening and speedy response.
Thanks Tom, and have a great birthday
Tom Winnifrith
Mike
Technicaly it was a resignation but yup you are probably right. The “new management” at RSH accepted a 500k offer for t1ps and the new owners wanted me to stay. The new management then turned down that offer and agreed to buy it themselves for peanuts. that is called asset stripping. Under my charge t1ps never made less than 300k pa.
today it has lost 95% of its readers & is losing money hand over fist despite taking 15k pa from Quindell telling folks to buy the shares even at 650p.
I have started again and a) do not take money from quindell to tell lies and b have a rapidly growing readership and a profitable media operation in less than 30 months. Have a look at alexa.com and look what folks are reading.
Do I have anything to feel bad about? No I fee quite happy.
Thanks for allowing me to put the record straight
T
SEAGREEN2
Finally a truthful statement about why you hate QPP Tips are making £15k out of QPP and your not…same old same old……..If you pay a bloger money they love you if you dont they deramp you
£2.50 by February ………£4 by end of the year………
Waste no time reverse shorts and go long
Tom Winnifrith
SeaGreen
Jesus wept. I would not take 15k from QPP if it threw in a night in the sack with Cheryl Cole as a bonus.
What do you not understand about what I do? I expose companies that lie and commit fraud and QPP has done both. I dont care what scumbags a company has on the payroll.
The point I was trying to make is that t1ps has gone down the plughole partly because folks do not want to sign up to a media group that takes money from criminals. We have done jolly well because we not only would not take cash from crims but actually expose them.
Are you really this dim or are you just spoofing me?
Tom
Boggle
I think he is dim.