Insurance provider Watchstone seems to be moving on from its troubled past under the Quindell
brand after losing slightly less in 2015.
The insurer has revealed that its finances enjoyed some improvement last year, posting losses of £178 million, down from £205.3m in 2014, This is Money
Its shares also climbed 7.5%, suggesting that investors were pleasingly surprised by the company’s latest figures, the report added.
Watchstone’s bottom line was flattered by the £645m sale of its legal business in 2015 to Australian law firm Slater & Gordon, The Telegraph
also said in an online report.
According to the report, the transaction resulted in a net profit of £274.9m in 2015, from a £374.5m loss a year earlier.
The beleaguered company, which was formerly known as Quindell
, rebranded in November 2015 as the Watchstone Group in an attempt to distance itself from its past.
In August 2015, the Serious Fraud Office launched a criminal investigation into the previous accounting and business practices of the company.
Watchstone revealed back then that it was forced to revise past profits to substantial losses after its former bosses overstated revenues, The Telegraph
Indro Mukerjee, Watchstone chief executive, told the publication that the company has reached a “turning point,” disagreeing that its controversial reputation “is a relevant issue going forward.”