Xansa slows
- Reduce text size Decrease text size
- Increase text size Increase text size
- Print article Print
- Jump to comments Comment
- Share this article Share
- Email article to a friend Email
UK IT services and outsourcing group Xansa has incurred heavy losses as a result of restructuring.
It has been a turbulent 2002 for Xansa, the UK IT services and outsourcing company known as FI Group until March last year.
For the second half of its financial year ending 30 April, Xansa reported seemingly disastrous losses of £519.5 million ($727.6m), compared to £10.7 million ($15.3m) in the earlier half of the year. But the bulk of these were actually paper write-offs of £497 million ($710.7m) relating to its acquisition of ERP implementation specialist Druid in March 2000.
Sales also slowed. After showing growth of 32% in the first half, revenue rose (a still-respectable) 7% to £245.9 million ($351.6 m). That was helped by some major IT services deals: a five-year £140 million contract with Barclays Bank; a £28 million deal with Boots, and a £21 million deal with Diageo.
