OUTSOURCING firm Xchanging failed to hit expectations as it warned the year ahead would be a period of transition.
The Cambridge-based firm reported a 0.8 per cent decline in 2010 adjusted operating profit to £55.5m, down 0.4 per cent on the previous year.
It also reported a statutory operating loss of £55.6m after one-off exceptional costs of £112.5m.
Last month, Xchanging warned that profits would be below the lower end of analyst estimates, citing a range of £55.5m to £80.2m.
The company, which operates back-office administration, announced an action plan to reshape the business.
Executive chairman of Xchanging Nigel Rich said: “This will be a year of transition as we address and resolve clearly defined problems.”