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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Xchanging | XCH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 191.125 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 191.125 | 191.125 |
| Top Posts |
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Posted at 29/9/2015 10:33 by kingston78 This company is recovering from its low and is poised to go much higher (40% upside in the next 6 months in my view). It is moving higher in a generally depressed market. Canny investors are picking up these shares on the cheap.It is time to follow suit. |
Posted at 30/7/2015 11:06 by simon gordon Dow Jones - 30/7/15:LONDON--Shares in Xchanging PLC (XCH.LN) plummeted Thursday after the professional services business for the insurance and financial markets said Chief Executive Ken Lever will retire at the end of this year and the company swung to a loss. Xchanging said the search for Mr. Lever's successor is underway, without providing further details. For the six months ended June 30, the group swung to a loss of GBP53.9 million ($84.1 million) from a profit of GBP11 million in the year-earlier period. Operating profit adjusted for exceptional items rose slightly to GBP20.4 million from GBP20 million. Revenue fell to GBP199 million from GBP205 million, hit by a "poor" performance in procurement. "The board is pleased with the performance of the majority of the group during the first half of the year," said Mr. Lever. "The outlook for the full year is a trading performance in line with last year and a return to profit growth in the full year 2016." At 0901 GMT, shares fell 22% to 99 pence. Citi analysts said the guidance is disappointing, which hit investor sentiment. Broker Liberum added the performance of procurement is "significantly worse than expected" and marred by exceptional costs. Still, the broker said it expects the setback not to be systemic, supported by the company's operational strength. |
Posted at 19/12/2013 07:43 by simon gordon Tweet - 19/12/13:Mike Allen at Panmure Gordon #Xchanging - this is my small cap pick of the year as I think 2014 will be the year when investors see the underlying growth potential |
Posted at 01/4/2011 17:00 by brummy_git Interesting to see a heavyweight activist investor like Odey increase their stake at 80p plus to 8%. Presumably they've expecting to make some money out of their £10m+ investment?If they can encourage other shareholder to vote with them, then Xchanging could soon be in play. |
Posted at 11/1/2011 20:38 by simon gordon HSBC - 6/12/10:Why not warn? Cambridge Solutions' (Xchanging's Indian acquisition) sales declined 7% in Q3 and the business incurred losses of INR40m (GBP1m) (source: Cambridge Solutions stock exchange filings). There was no direct mention of such a precipitous profit decline in Xchanging's Q3 IMS release last month or the investor day later in the month. At the Q3 update, management maintained that results were in line with consensus expectations. We worry if the trends at Cambridge Solutions continue, it may result in a profit warning. ===== I have read that if XCH do a goodwill writedown on Cambridge it will trigger a breach of banking terms. Not a disaster but the price of borrowing will rise. That Cambridge deal has wrecked the share price.... |
Posted at 12/11/2010 06:45 by simon gordon Daily Mail - 12/11/10:Shares of outsourcing provider Xchanging, sponsors of the Oxford and Cambridge Boat Race, were in danger of sinking without trace as persistent nervous selling left the close a further 13.1p lower at 113.1p. It takes the fall since Tuesday's Investor Day to 16 per cent, which has sparked fears that another profits warning could be on the horizon. In early August the company warned that revenues would be 'slightly lower' this year as clients postponed big contracts amid uncertainty about the general economic outlook. As the share price drifted, chief executive David Andrew attempted to stop the rot by forking out a hefty £926,785 for 735,000 shares at an average price of 128p. The board also took the unusual step of summoning investors and analysts to a conference to reassure them that everything in the corporate garden was rosy, and that its accounts were ship-shape and Bristol fashion. Judging by the share price performance since, the message fell on deaf ears. Analysts still believe management paid far too much (£83m and 27 times earnings) for Cambridge Solutions, a business that made a statutory loss in 2009. Super bear Matthew Earl at broker Matrix remains a seller and has a target price of 79p. He aired numerous concerns about the group, including its weak cashflow, imprudent accounting, banking covenant risk and customer risk. Xchanging's weak performance is drawing nervous glances from investors. |
Posted at 02/11/2010 13:21 by eburne1960 From today's Independent:Xchanging Our view: Buy Share price: 132.2p (+2.3p) Xchanging has been under a cloud since a worrying debate about its accounting policies earlier this year. Boss David Andrews responded assertively, calling in accountants for a "re-audit". Trouble is, any company involved in outsourcing (Xchanging handles business processes such as invoices and payroll) starts to scare investors when accounting issues are raised. Just look at what happened with Connaught. And so, since the rumours started, Xchanging shares have fallen 40 per cent, putting the company on a potentially compelling valuation of just 7.3 times 2010 earnings. Peers such as Capita trade on 16 times. We're sceptical about outsourcing as a business companies do it, so do government departments, claiming it will save costs. But what all too often happens is that badly written contracts end up with one side or another in court, while the service deteriorates. However, while Xchanging's statement was cautious on the outlook, it rang no alarm bells. The group continues to win contracts and is too cheap at the current price. So buy. |
Posted at 07/9/2010 12:31 by simon gordon Alphaville - 7/9/10:Xchanging plc (XCH:LSE): Last: 129.30, down 6.5 (-4.79%), High: 135.50, Low: 127.90, Volume: 248.14k JC - Why's Xchanging under pressure? NH - HSBC note NH - pretty bearish NH - target price cut to 105p NH - talking about some stuff NH - I last heard in connection with Isoft NH - off-balance sheet liabilities (letter of credit of GBP18m to Allianz NH - receivables running late. Weak operational performance, which usually increases incentives for potential 'earnings management', may be the main reasons for such close scrutiny of XCH's accounts by investors NH - anyway NH - HSBC says the company has plausible explanations for all that NH - but NH - is still a seller NH - Profit growth may disappoint: Contract win momentum has improved recently. However, the value of these deals is small. These factors suggest weaker revenue growth in the medium term. We also remain concerned about margin expansion. At the interims, the company indicated that staff attrition rates were increasing, which is negative for a service company's margins as hiring and training costs increase. We estimate that hiring costs should have helped margins by 100bp during the past two years. This cost will return as the employee churn returns. Our EBIT is 10-11% below consensus estimates for FY2011-12. NH - Valuation: We believe it is more difficult to quantify cash conversion in multiple-based valuation approaches. Hence, we now adopt APV to value Xchanging from using the 2011e PE multiple previously. We value Xchanging at 105p (from a previous target price of 210p) and downgrade to Underweight (V) from Neutral (V). JC - What is it with outsourcers and this sort of stuff JC - Is there any more on this letters of credit thing? JC - Looks interesting NH - it does NH - can't find any more on the letters of credit NH - but there's some stuff on cash conversion NH - We remain concerned regarding Xchanging's cash conversion. Factors that limit XCH's cash conversion include (1) future decline in deferred income, (2) provisions and restructuring, and (3) capitalisation of costs. Management tends to focus on pre-exceptional cash conversion from pre-exceptional operating profit, which appears to be good. However, at times of heighted worries regarding accounting, investors are less likely to use such "before bad-stuff" measures (see table on page 6). We choose to focus on cash conversion from EBITDA. We estimate that the cash conversion from EBITDA will remain depressed during 2010-12e. The main reasons are NH - Working capital: Trade receivables are stable at 20-22% of sales. The quality of these receivables is worrying to us. Although we are not modelling increased impairments as a percentage of gross receivables, receivables overdue remain high. This suggests that an improvement in provisions for impairment of gross trade receivables will be gradual. Deferred income should depress cash conversion, as explained on page 3. We model the deferred income as a percentage of sales returning to (4 year average from FY2005-08) 12% in 2012 from 16% in 2009. NH - Accrued income trend also suggests more working capital: Accrued income and prepayments as a proportion of sales are increasing i.e. the company paying quicker to its suppliers. In addition, their trade receivable overdue more than a month has increased. So they are paying quicker to their suppliers, but receiving payments later from their customers. In the conference call on 25 August, management suggested that the late payments on trade receivables are 'within limits', without quantifying them. We would probably have worried less if the provisions for impairment were improving as a proportion of gross receivables. |
Posted at 26/7/2010 09:37 by simon gordon FRANKFURT, 26 July 2010 Fondsdepot Bank, an Enterprise Partnership of Xchanging and Allianz Global Investors will administer savings plan accounts on behalf of OnVista Bank. The accounts will be transferred from Onvista Bank's current platform to Fondsdepot Bank's IT platform on 15 August 2010. OnVista Bank offers comprehensive brokerage capabilities for active traders and investors. The Bank is part of OnVista-Group, an internet company with a focus on financial markets. The accounts that Xchanging will administer are from the capital formation savings payments business of OnVista Bank and do not include the Bank's online brokerage business accounts. |
Posted at 23/4/2010 13:45 by trendfloor 15/04/2010 07:01:00XCHANGING WINS CONTRACT WITH VERITAS INVESTMENT TRUST GmbHPress ReleaseXCHANGING WINS CONTRACT WITH VERITAS INVESTMENT TRUST GmbH Further expands Fondsdepot Bank platform as it takes over the processing of approximately 100,000 investment accounts for VERITAS INVESTMENT TRUST GmbH. FRANKFURT, 15 April 2010 - Fondsdepot Bank, an Enterprise Partnership of Xchanging and Allianz Global Investors, has been chosen by VERITAS INVESTMENT TRUST GmbH (VERITAS) for the administration of approximately 100,000 investment accounts. The migration of the investment accounts from VERITAS' current platform onto Fondsdepot Bank's IT platform is expected to be completed by 15 August 2010. VERITAS is an investment company founded in 1991, and was formerly co-owned by Société Générale. VERITAS' products are predominantly stock-oriented retail funds and funds of funds, including A2A fund of funds and the innovative ETF funds of funds. These are distributed via 280 distribution partners in Germany and Austria. In January 2010, Xchanging was chosen by SEB Bank and SEB Asset Management for the administration of their B2B investment accounts business. This transaction will make Xchanging the largest independent investment account processing platform in Germany. Xchanging continues to lead the consolidation of the mid-market investment account processing and will have approximately 1.6 million investment accounts and EUR31 billion assets under administration by the end of 2010. Markus Kaiser, Managing Director of VERITAS INVESTMENT TRUST GmbH stated, "Xchanging is our processor of choice for the administration of our investment accounts. Xchanging's track record of processing quality perfectly matches the high quality of our award-winning funds portfolio. Focussing on our core business as well as process and cost efficiency is of critical importance to us." David Andrews, CEO Xchanging said, "I am delighted to welcome VERITAS as another highly valued customer to our fast-growing investment accounting Enterprise Partnership with Allianz". Matthias Sohler, Head of Xchanging Continental Europe and Managing Director of Fondsdepot Bank added, "Xchanging continues to be a key player in the consolidation of the German investment account processing market. The conclusion of another important deal confirms that we are on the right track. As we are not aligned to a particular bank or organisation but only to the interests of our customers, an increasing number of companies are transferring their business processing to us. Our position as an independent platform provider is paying dividends and we are well positioned for growth in Germany and Europe more broadly." Fondsdepot Bank Fondsdepot Bank is an Enterprise Partnership of Xchanging and Allianz Global Investors. Since its launch in 2007, the two partners have successfully been targeting additional investment account administration business for the joint platform. The first milestone in the growth of this business was the acquisition of the Munich-based FondsServiceBank (FSB), previously DAB bank AG, in May 2009. As part of the deal, Fondsdepot Bank had the potential to take over all distribution partner contracts and approximately 460,000 customer contracts relating to the safekeeping and administration of investment fund accounts. The migration of the accounts onto Fondsdepot Bank's platform was successfully completed on time and on budget in April 2010. The second milestone was the take-over of B2B investment account business administration for SEB Bank and SEB Asset Management announced at the beginning of this year. This transaction with VERITAS represents another significant milestone in the growth of this platform. Fondsdepot Bank serves approximately 80 large distribution partners such as DVAG, BCA, Fondsnet, Argentos as well as distribution companies of large insurers and banks. Its customers also include a number of well-known investment companies such as Allianz Global Investors, MEAG Munich ERGO Kapitalanlage and Pioneer Investments. ---END--- For further information, please contact: Xchanging |
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