TIDMMCAP
RNS Number : 7844I
Mission Capital PLC
21 June 2011
For release on RNS 0800 on Tuesday 21 June 2011
Mission Capital Plc Trading Update & Contract Wins
Mission Capital Plc ("Mission Capital" or the "Company") is
pleased to provide its first half year pre close period Trading
Update following the acquisition of the whole of the issued share
capital of Quindell Limited, a reselling and sales outsourcing
company with expertise in technology, telecoms, utilities, leisure
and franchise, which the Directors believe has significant
potential for growth.
Trading has continued to be strong with positive cash generation
since the Company's last Trading Update on 17 May 2011. The
business has completed a number of key milestones in leveraging its
technology and business process consultancy within both its own
operations and with third party clients.
Strategic Agreements, Initial Proof of Concepts and Contract
Wins across all three main areas of the business during the first
half of the year, have provided confidence for the Directors that
the Company will continue to demonstrate significant growth in the
second half of the year and beyond. First half key milestones
include
-- STRATEGIC ALLIANCE AGREED with 360 Global Limited ("360") to
work in partnership in certain consultancy engagements in the
Insurance Sector. The 360 Group provides innovative
decision-support technology, products and services primarily to the
financial services industry:
- INVESTMENT of circa GBP0.3m made by the Company to acquire
specialist technology to use in Model Office Environments to
demonstrate the potential benefits of the application of disruptive
technologies and leading practice techniques in reducing the cost
of claims and enabling business process re-engineering within the
supply chain; and
- INITIAL PROOF OF CONCEPTS We are working directly or
indirectly with half of the top ten UK general insurers and we have
completed successful proof of concepts for two of the three largest
Insurance Brokers in the world.
-- STRATEGIC REVIEW of the Company's Finance, Insurance,
Telecoms and Utilities product offerings has aligned the business
strategy with a focus on delivery of benefits and quality of
service to clients through two key principles:
- 'WATCH' & 'ADVISE' - Watching market trends and drivers
and Advising Clients of which market propositions will most benefit
them;
- INDEPENDENCE to adopt this strategy the Company and its
associates have to be independent of any supplier when dealing with
business customers. Therefore any contract or agreement that
potentially restricted the offering of best advice to clients or
moving a client to another supplier has been terminated.
Notwithstanding this, the Company remains in a position to access,
directly or indirectly, all major suppliers and networks within the
Utilities and Telecoms Market; and
- BILLING PLATFORM IMPLEMENTED the Company is now in a position
to offer its own Fixed Line Telecoms Offering and Mobile Virtual
Network Offering where these provide better value for our clients
or major Affinity Groups.
-- MAJOR CONTRACT WINS the Company and its associates have
signed a number of major Affinity Group contracts for Utilities and
Telecoms including:
- An agreement to provide Utilities contracts to circa 3,000
members of the Good Garages Scheme. The results of the first 9
weeks following the first customer contact were 213 requests. 52 of
these requests were out of contact and therefore eligible for
signing and 92% of these were transferred to a new supplier, with
an average saving of 22% for Electricity and 17% for Gas.
Additional signings are expected to continue as requests escalate
and existing contracts expire throughout the second half of the
year;
- In June a contract was agreed to allow access to a base of
circa 15,000 customers of a major Telecoms Fixed Line Provider.
Historic work with this partner's customer base with circa 20 of
its larger clients is already generating approximately GBP100,000
of gross profit for recognition over a 3 year period; and
- Two contracts have been signed with major Food and Beverage
chains, the first with circa 425 outlets being Robinsons Brewery
and the other with over 180 franchise outlets being Wimpy.
-- LEISURE AND FRANCHISE business area has agreed, subject to
final contract terms, its first franchise for the Indoor Golf City
concept with initial franchise fee of GBP0.2m and contractual
revenue of a further GBP0.2m over the initial five year period.
-- ACQUISITION OF BUSINESS ADVISORY SERVICE LIMITED ("BASL") As
announced earlier today, the Company has acquired the entire issued
share capital of BASL. This augments the Company's existing
Finance, Insurance, Telecoms and Utilities product offerings.
For further information:
Mission Capital Plc Daniel Stewart
Rob Terry 01329 830501 Oliver Rigby 020 7776 6550
Press Queries Hudson Sandler
Charlie Jack 020 7796 4133
Notes to Editors
About Quindell and Mission Capital Plc
Mission Capital Plc is the holding company of Quindell which was
founded in 2000 and develops, provides and utilises its own
multi-channel e-business based Enterprise Resource Planning and
Business Process Management solutions and related services to
facilitate efficient and effective management of customer
acquisition and servicing within finance, insurance, telecoms,
utilities and other related industries. Quindell also develops and
operates a leisure business model utilising its Enterprise Resource
Planning solutions as a reference environment for its own
technology and cross selling solutions, to be resold to third
parties leisure businesses or via franchise models. Quindell
provides consultancy on, and fully utilises within its own
operations, online strategies, permission based marketing,
membership models and cross selling to maximise revenue per
customer.
For further information, please visit www.quindell.com or
www.missioncapitalplc.co.uk
About 360 Global Limited
The 360 Group provides innovative decision-support technology,
products and services primarily to the financial services
industry.
For further information, please visit Error! Hyperlink reference
not valid.www.360globalnet.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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