Things are looking up or Xerox

NEWS Shares in copier company Xerox rose this morning on news that the company had posted its strongest results in two years. The troubled company has been plagued by scandal since the Securities and Exchange Commission brought charges of improper accountancy against it. However, the second quarter results offer a glimmers of hope that the company has finally dug itself out of the mire. Net profit was $93m, or 12 cents a share, up from a loss of $101m, or 14 cents a share for the same period last year. Over the past two year, Xerox has cut costs by $1.1bn. It managed to trim $175m from its costs over the past quarter -mainly through 2,200 redundancies - as part of a plan to reduce expenditure by $1bn.