Xchanging reports 44% rise in adjusted operating profit for H1

UK-based insurance services provider Xchanging has reported net revenue of £270.7m ($411.8m) for the first half of the year, up from £254.8m in the corresponding 2012 period. The adjusted operating profit was £23.0m, up from £16.0m, and excludes £1.9m exceptional items (nil in H1 2012), as well as £1.6m in amortization previously unrecognized by acquired entities (£2.0m in H1 2012). The company said that the insurance sector had performed well, and that technology had made encouraging progress. Procurement saw a “disappointing” first half, but Schanging said that there was a “strong pipeline” building for H2.