Shares in UK-based business processor Xchanging have slumped after the company announced it expects this year’s profit to be below the 2010 result, and its founder David Andrews has resigned as a director and CEO.

In a trading update, Xchanging anticipates its 2011 underlying operating profit to fall below analysts’ expectations, which had a lower range of £55.5 million ($88.8 million.)

The company reports its 2010 result on March 1 and says this will be in line with expectations of £47.4 million to £74.9 million ($75.8 million to $119.8 million.)

Xchanging’s share value halved on the day of the announcement, closing at 56.5 pence (90.4 cents.)

The company blames the profit fall on the absence of contract settlements and consulting income, a deteriorating performance in its US claims business and higher business development costs there, plus price discounting in financial services.