Xchanging continues its transformation

Xchanging, the business process, procurement and technology services provider, achieved a year-on-year improvement in its financial performance, its 2013 results show. The company’s adjusted operating profit increased by 10.1 percent to £55.5 million for the year and its net cash increase by 56.4 percent to £120.1 million.

The company said the results demonstrate the progress made in the transformation of the Xchanging business based on: a new business model that is less dependent on individual major customers; using technology as an enabler of business processes; and developing differentiated product and service offerings driven through innovation.

Ken Lever, the company’s chief executive, said: “I am pleased to report that in 2013 we have made further progress in the transformation of the Xchanging business and achieved our objective of year-on-year improvement in financial performance. We are in a much stronger financial position, with robust cash-flows and a newly re-financed bank facility. Across our businesses we have made good progress in our strategic development, notably in adding technology-enablement, for example, through the acquisition of the eSourcing business MarketMaker4.

“We will press ahead with our transformation process in 2014. Our aim is to maintain our current level of operating profit despite the anticipated revenue reduction from areas of business where we have chosen not to operate going forward. This will position us well for a resumption of growth in 2015.”