Xchanging issues profit warning amid £100m writedown

Shares in Xchanging nosedived this morning on the back of a profit warning and the resignation of its chief executive.

Founder David Andrews steps down today, but stays on as senior adviser to the chairman.

The back office and IT support firm said today its results for 2010 would include a £12m impairment charge, and a £100m goodwill writedown in connection with the Cambridge Solutions business.

Xchanging bought the business for £145m in 2008.

Shares halved to 60p today as investors took fright.

Topics