UK-based insurance outsourcing business Xchanging made a net loss of £52.7 million ($100.2 million) last year, compared with a £29.4 million ($55.9 million) profit in 2014.

Revenue fell to £440.2 million ($837.1 million) from £573.5 million ($1.1 billion).

The underperforming procurement arm has been blamed, as the company recorded an impairment charge of £59.3 million ($112.8 million).

Insurance services revenue fell to £177.1 million ($336.8 million) from £182.7 million ($347.4 million), partly because of the weaker Australian dollar.

Otherwise, the Australian business performed relatively well. Victoria’s WorkSafe workers’ compensation scheme remains a key client.

“This [WorkSafe contract] is being retendered and we think we are well placed to maintain or grow our share of the transaction volume in the second half of [this year],” CEO Craig Wilson said.

“We have also attracted a number of new customers [last year] to the X-alt platform, in which we have a 90% stake.”

The company’s contract with Toyota’s workers’ compensation scheme was renewed last year, which made up for the loss of the NSW workers’ compensation contract.

Xchanging says the deadline for US-based Computer Sciences Corporation (CSC) to declare its takeover bid unconditional has been extended to May 16, pending further regulatory approval, including in Europe.

CSC has already cleared US regulatory requirements and secured acceptance from shareholders who have almost 92% of Xchanging’s issued share capital.

The US company’s cash bid values Xchanging at £480 million ($912.6 million).