Xchanging sees rise in profits

Xchanging, the outsourcing group, said yesterday its underlying operating profit for the first half of the year increased by 42 per cent, as the company cut costs and improved its operating margin. Underlying operating profit for the six months to 20 June, excluding the contribution from newly acquired Cambridge Solutions, was £20.3m, compared with £14.3m the previous year. But pre-tax profit fell to £6.6m from £20.7m before due to a £17.2m exceptional charge.