WNS Announcement on Mortgage Business and Revised Guidance for Fiscal 2008
August 17 2007 - 9:29AM
Business Wire
WNS (Holdings) Limited (NYSE: WNS), a leading provider of offshore
business process outsourcing (BPO) services issued the following
release and conference call announcement: As announced yesterday,
we are revising our prior guidance in light of First Magnus
Financial Corporation advising us they will stop substantially all
work with us and in light of the current volatility in the mortgage
market as follows: Our revenue less repair payments is expected to
be between $286 million to $291 million for the year ended 31 March
2008, about $16 million lower then what we announced yesterday. The
net income before tax is expected to be about $26 million lower
than previously estimated, of which about $16m is the potential
write off in respect of intangibles and goodwill. In subsequent
years the loss of the First Magnus Financial Corporation and other
mortgage businesses is expected to result in our revenue less
repair payments being lower by approximately $20m per annum and the
net income before tax being lower by approximately $4m per annum.
The foregoing assumes a Rs. 40.70/US$1 and US$2.03/1 pound exchange
rate. We will also look for additional areas to cut costs to
mitigate the negative impact vs. our earlier guidance. Conference
Call WNS will host a conference call on August 17, at 9:30 a.m.
(EDT) to discuss the company's quarterly results. To participate,
callers can dial 800-573-4752 from within the U.S. or
+1-617-244-4327 from any other country. The participant passcode is
18296275. A replay will be made available online at www.wnsgs.com
for a period of three months beginning two hours after the end of
the call. 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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