Xchanging profits up 10%

Xchanging has reported adjusted operating profits of £55m for 2013, up 10.1% on the previous year.

The outsourcing and technology company also reported a 56.4% increase in net cash to £120.1m.

Chief executive Ken Lever 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.”