1st Nov 2007 07:01
Xchanging PLC01 November 2007 . 1 November 2007 Xchanging plc TRADING UPDATE Xchanging plc ("Xchanging" or "the Company") is publishing a trading update forthe period 1 January 2007 to 30 September 2007. For the period from 1 January to 30 September 2007, Xchanging's turnover at £338million is in line with management expectations and is 17% up on the first threequarters of last year. The financial position of the Company remains strong withnet cash at 30 September 2007 of £90 million, of which £35m is held withinEnterprise Partnerships. As previously announced, during the third quarter we have entered into anEnterprise Partnership with Allianz Global Investors for retail investmentaccount management services in Germany. We received EU competition approval forthis arrangement on 27 September 2007 and the transaction completes today. We are also pleased to announce that during the third quarter to 30 September2007 we have completed the renewal of our retail securities processing contractwith Sparda Bank Group and Netbank in Germany for a further 7 years from October2008. We remain confident in the outlook for Xchanging for the full financial year. Figures in this Trading Update are unaudited. The Trading Update is availableon the Company's website at www.xchanging.com. Enquiries: Xchanging plc David Andrews Tel: +44 (0)20 7780 6999 Richard Houghton Tulchan Communications David Trenchard Tel: +44 (0)20 7353 4200 David Allchurch About Xchanging Xchanging is a fast-growing international, pure play business processoutsourcing company providing complex industry specific processing to thebanking and insurance industries such as securities processing, commercialinsurance premiums and claims processing. We also provide procurement, financeand accounting, and human resources services to customers across industries. www.xchanging.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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