LONDON (Alliance News) - Xchanging PLC on Friday reported a loss in what looks set to be its last year as an independent company, after accepting a GBP480.0 million takeover offer from Virginia-based Computer Sciences Corp.
The takeover still requires regulatory approval, after shareholders backed the deal. The US merger control condition has already been satisfied, with remaining conditions relating to Europe, the UK and Germany.
Xchanging said it swung to a GBP46.2 million pretax loss in 2015, from a pretax profit of GBP32.5 million the prior year.
"During the year very disappointing events and performance occurred within the Procurement sector and a 'Split and Fix' plan, announced at the half year, was implemented in the second half of the year," Chairman Geoff Unwin said.
"More positively, it was especially pleasing to see the proving of our insurance software business Xuber, with material contracts being signed as we turned into 2016, in addition to the continuing solid performance of the core business processing services business," Unwin said.
Shares in Xchanging were flat at 189.75 pence on Friday, just below the 190p offered by CSC.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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