Xchanging renews LME contract

Xchanging, the business process and technology services provider and integrator, has renewed its contract to provide technology services to the London Metal Exchange.

The contract, which renews on 1 January 2012, is for a minimum of three years, with a two year notice period after the first year.

The contract is expected to generate revenues of around £75m over its first three years.

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Chief executive Ken Lever,of Xchanging, said: "The renewal of this contract is testament to the robustness and quality of the service Xchanging has delivered to the LME over the last seven years."

Despite the good news, the firm's share fell 0.67% to 74.25p by 14:05.

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