Profits stable at Xchanging

Business processing provider, Xchanging, posted a solid set of results for 2014 as its profits remained stable.

Its adjusted operating profits hit £55.8 million for the year ended Decemeber 31, 2014, compared with £55.5 million, representing a 21.5 percent underlying year-on-year improvement.

However, its revenue fell 22.7 percent to £406.8 million in 2014, compared with £526.4 million in 2013. Xchanging said that expected revenue reductions (Xchanging Transaction Bank, HR Services business, London Metal Exchange) were partially offset by full first year revenue benefit from MM4 and the first contribution from the acquisition of Agencyport Europe.

Ken Lever, chief executive, said: “I am very pleased to report that we have achieved our key objective for 2014 which was to make up the gap from exiting certain businesses and maintain profitability in what was a challenging year, demonstrating good underlying growth performance.  We also met our objective of positioning Xchanging for renewed growth in 2015.

“Our transformation process begun in 2011 is now complete. Xchanging is now a business technology and services provider. Our technology and procurement businesses offer the potential for higher growth and margin expansion, rebalancing our overall group significantly in the future. Our foundation business processing services business offers moderate growth, good margins and strong cash generation.

“Our focus for 2015 is entirely on driving the revenue and profit growth performance of the new Xchanging.”