World Network Services, the domestic business process outsourcing firm in which private investment firm Warburg Pincus last year acquired a majority stake from British Airways, has announced a 120 per cent growth in its first year as an independent company.

WNS has reported revenues of $33.5 million in fiscal 2003. However, the company has not revealed its profitability. "WNS continues to be profitable and cash flow positive," is all that the company said. WNS has also increased its headcount to 2,200 from 1,200 during the course of the fiscal.

Neeraj Bhargava, president and chief financial officer, said the company is hoping to increase its headcount to around 10,000 in three-four years.

"We also hopeful of a listing in 3-4 years. However, we have not yet set the ball in motion," he added.

"From our current position as among the larger BPO companies, it will be increasingly difficult to post growth rates of 100 per cent or more. We, however, hope to grow by 60 per cent or so this year. We are also open to growing inorganically (through mergers and acquisition) but do not have any immediate plans," Bhargava said.

WNS, which had previously acquired the UK-based Town and Country Assistance, a provider of auto claims administration, has completed integration with the latter and is looking to grow business in the US.