News

Xansa current year starts well

13 September 2007 09:46:00

IT group Xansa said the current financial year has started well, with revenue for the first quarter to July 2007 up by 5% compared to the same period last year.

The group said the first quarter has seen it continue with its 100% contract renewal rate, with three of its longest standing clients renewing their contracts since the year end.

Xansa added that there was no significant change in its financial position since April 2007. Net debt at 31 July 2007 stood at £30.7m, as a result of normal working capital outflows.

In July, French IT services provider Groupe Steria agreed terms of a recommended proposal to buy Xansa for 130p a share, valuing it at around £472m.

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