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| Xchanging shares dive after profits warning | Xchanging shares dive after profits warning |
| (14 days later) | |
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| Shares in outsourcing firm Xchanging have halved to a record low following a profits warning and the departure of its chief executive. | Shares in outsourcing firm Xchanging have halved to a record low following a profits warning and the departure of its chief executive. |
| The firm, which sponsors the Oxford and Cambridge Boat Race, said David Andrew would stand down immediately. | The firm, which sponsors the Oxford and Cambridge Boat Race, said David Andrew would stand down immediately. |
| It also said profits this year would less than £55.5m - the lower end of analysts' forecasts. | It also said profits this year would less than £55.5m - the lower end of analysts' forecasts. |
| Xchanging, which provides IT services for BAE Systems, blamed the end of some contracts and tighter profit margins. | Xchanging, which provides IT services for BAE Systems, blamed the end of some contracts and tighter profit margins. |
| Its 2010 full-year results will be released next month. | Its 2010 full-year results will be released next month. |
| Xchanging warned that they would also include a £100m reduction in the goodwill value of its businesses, primarily Cambridge Solutions, which it bought in 2008. | Xchanging warned that they would also include a £100m reduction in the goodwill value of its businesses, primarily Cambridge Solutions, which it bought in 2008. |
| Analysts also expressed concern about how the business was being run. | Analysts also expressed concern about how the business was being run. |
| "Xchanging's trading update demonstrates again the opaqueness of the business and the disastrous acquisition of Cambridge," said Numis analyst Mike Murphy. | "Xchanging's trading update demonstrates again the opaqueness of the business and the disastrous acquisition of Cambridge," said Numis analyst Mike Murphy. |
| The shares closed down 52% at 56.5 pence. | The shares closed down 52% at 56.5 pence. |