07 August 2007 | Paul Snell
Profits at procurement outsourcing firm Xchanging increased by nearly 20 per cent in the first half of the year.
The company, which floated on the stock market at the beginning of April, saw takings grow to £13.9 million during the first six months of 2007. This figures compares with £11.7 million during the same period in 2006.
The group said winning new contracts, such as those with risk management firm Aon and National Australia Group Europe, in the second half of 2006 had made a "significant contribution" to growth.
It added it was confident about the future, with the outsourcing market expected to grow rapidly. It is also keen to begin partnerships with new firms following its buy-out of its procurement joint venture with BAE Systems in March (Web news, 9 March).