WNS Announcement on First Magnus
August 16 2007 - 4:45PM
Business Wire
WNS (Holdings) Limited (NYSE: WNS), a leading provider of offshore
business process outsourcing (BPO) services announced today that
following its earnings call earlier today it was verbally advised
by First Magnus Financial Corporation, one of its customers in the
mortgage business, that they expect to stop substantially all work
WNS does for them. First Magnus was expected to account for
approximately 5% of WNS�s revenue less repair payments for the
period between 1 July 2007 and 31 March 2008. WNS expects that this
event will have a material adverse impact on its financial
performance and the guidance it had issued earlier today. WNS is in
the process of evaluating the impact of these events in detail and
will release revised guidance as soon as possible. About WNS WNS is
a leading provider of offshore business process outsourcing, or
BPO, services. We provide comprehensive data, voice and analytical
services that are underpinned by our expertise in our target
industry sectors. We transfer the execution of the business
processes of our clients, which are typically companies located in
Europe and North America, to our delivery centers located primarily
in India. We provide high quality execution of client processes,
monitor these processes against multiple performance metrics, and
seek to improve them on an ongoing basis. Our ADSs are listed on
the New York Stock Exchange. For more information, please visit our
website at www.wnsgs.com. Safe Harbor Statement under the
provisions of the United States Private Securities Litigation
Reform Act of 1995 This news release contains forward-looking
statements, as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially from�those that may
be projected by these forward looking statements. These risks and
uncertainties include but are not limited to a slowdown in the U.S.
and Indian economies and in the sectors in which our clients are
based, a slowdown in the BPO and IT sectors world-wide,
competition, the success or failure of our past and future
acquisitions, attracting, recruiting and retaining highly skilled
employees, technology, legal and regulatory policy as well as other
risks detailed in our reports filed with the U.S. Securities and
Exchange Commission. These filings are available at www.sec.gov. We
may, from time to time, make additional written and oral
forward-looking statements, including statements contained in our
filings with the Securities and Exchange Commission and our reports
to shareholders. You are cautioned not to place undue reliance on
these forward-looking statements, which reflect management�s
current analysis of future events. We undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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