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Xchanging PLC XCH Interim Management Statement



  Xchanging PLC (XCH) - Interim Management Statement

RNS Number : 7148Q
Xchanging PLC
09 November 2012
 



9 November 2012

 

                                Xchanging plc

                         Interim Management Statement

                                       

 

Xchanging plc ('Xchanging'), the business process, procurement and  technology 
services  provider  and  integrator,  today  issues  its  Interim   Management 
Statement covering the period from 1 July 2012 to date.

 

Current Trading and Outlook

Trading since the half year results has been in line with management plans and
we remain  on  track to  deliver  our  expectations for  full  year  financial 
performance.  Xchanging retains  a healthy  financial position  with a  strong 
balance sheet.

 

The Procurement business has now started to recognise our share of the savings
on the European L'Oréal  and North American  BAE Systems contracts,  following 
completion of the initial implementation effort.

 

We have also continued  to make progress building  the foundations for  future 
growth, winning contracts with new as well as existing customers.

 

Commenting on today's  announcement, Ken  Lever, Chief  Executive, said:  "The 
period since our half year results has seen further positive developments.  We
have won a number of  contracts and launched two  new products.  We have  also 
achieved a  satisfactory strategic  resolution  for our  formerly  loss-making 
business Kedrios. We still have much to achieve, but this evidence of progress
is very encouraging." 

 

New Business

During the  period we  won a  £65.5 million  five year  follow-on contract  to 
continue providing  the Insurers'  Market  Repository.  Previously  an  annual 
contract,  the  new  arrangement  provides  greater  earnings  visibility  and 
confirms the strength of our relationship with the London insurance market  as 
we invest in new  technology to continue developing  this key piece of  London 
market infrastructure. Yesterday, we announced further that Xchanging has been
awarded a contract  by Lloyd's to  build the platform  for the Lloyd's  Claims 
Reporting Suite ("CRS"). The CRS will provide Lloyd's and managing agents with
a set of online dashboards carrying claims management information.

 

In September  we won  a  further technology  contract with  Gatwick  airport.  
Building on this strong customer  relationship the additional contract is  for 
four years and covers the provision of telephony services.

 

In Procurement we have won a three year contract with Grupo Panrico S.A.,  one 
of Spain's leading bakery companies.   This builds on our Spanish  procurement 
presence, following our entry into this market with the 2011 L'Oréal  contract 
win.

 

 

New Product Launches

In September  we launched  a  pilot scheme  for  our new  settlement  services 
offering, Netsett.  Modelled  on a  service  already provided  to  the  London 
insurance market, Netsett is  designed to provide  net settlement services  to 
the global insurance market using  Accord messaging standards, in  partnership 
with Deutsche Bank as settlement bank. 

 

In October we launched  our redeveloped suite  of insurance software  products 
under the business name "Xuber".  Xuber addresses all segments of the Property
& Casualty insurance market  and forms the core  of the insurance offering  we 
are taking to the US market.

 

Strategic Development

Yesterday,  Thursday  8  November,  we  announced  that  Xchanging's   Italian 
subsidiary, Kedrios S.p.A. ("Kedrios"), acquired 100% of AR Enterprise  S.r.l. 
("AR").  The acquisition  has enabled us  to address Kedrios'  long term  weak 
strategic  position  in  its  market  and  accelerate  financial  improvement, 
creating a profitable company with  a significant market position and  greatly 
improved growth potential based on leading technology. As well as resolving  a 
strategic issue,  the  acquisition  now  means Xchanging  no  longer  has  any 
loss-making businesses.

 

Board Changes

We have appointed two additional  Non-executive Directors to the Board  during 
the period: Saurabh Srivastava in late  August, and more recently Ian  Cormack 
in October. Saurabh brings further technology experience to the Board and  Ian 
has a strong background  in Insurance and Banking.  Dennis Millard stood  down 
from the  Board and  its committees  in  early September.  At the  same  time, 
Saurabh joined the Audit Committee in  place of Michel Paulin, who joined  the 
Remuneration Committee. Ian Cormack has assumed the role of Senior Independent
Director, given Dennis Millard's retirement from the Board.

 

 

Enquiries

Xchanging plc                                                          
Tel:     +44 (0) 207 780 6999

David Bauernfeind, Chief Financial Officer  

Alexandra Hockenhull, Head of Corporate Communications

and Investor Relations 

 

Maitland                                                                    
Tel:     +44 (0) 207 379 5151

Neil Bennett

George Hudson

Emma Burdett

 

 

Xchanging

What we are 

Xchanging provides business processing, technology and procurement services
internationally for customers across multiple industries.

 

What we do

Xchanging brings innovation, thought leadership and passion to its customers'
businesses so as to enhance performance and value. Our values are embedded
into everything we do.

 

What we want to be

Xchanging wants to be regarded as the best provider in its chosen markets by
delivering services that are recognised for outstanding quality, reliability
and innovation.

 

www.xchanging.com

 

 

Cautionary Statement: 

This announcement contains forward-looking statements that are based on
current expectations or beliefs, as well as assumptions about future events.
These forward-looking statements can be identified by the fact that they do
not relate only to historical or current facts. Forward-looking statements
often use words such as anticipate, target, expect, estimate, intend, plan,
goal, believe, will, may, should, would, could, is confident, or other words
of similar meaning. Undue reliance should not be placed on any such statements
because they speak only as at the date of this document and, by their very
nature, they are subject to known and unknown risks and uncertainties and can
be affected by other factors that could cause actual results, and Xchanging's
plans and objectives, to differ materially from those expressed or implied in
the forward-looking statements.

There are a number of factors which could cause actual results to differ
materially from those expressed or implied in forward-looking statements.
Among the factors that could cause actual results to differ materially from
those described in the forward-looking statements are; increased competition,
the loss of or damage to one or more key customer relationships, changes to
customer ordering patterns, delays in obtaining customer approval or price
level changes, the failure of one or more key suppliers, the outcome of
business or industry restructuring, the outcome of any litigation, changes in
economic conditions, currency fluctuations, changes in interest and tax rates,
changes in raw material or energy market prices, changes in laws, regulations
or regulatory policies, developments in legal or public policy doctrines,
technological developments, the failure to retain key management, or the key
timing and success of future acquisition opportunities or major investment
projects.

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
IMSUWRWRUKAARAA -0- Nov/09/2012 07:00 GMT
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