Capita: 16% profits increase

Thu, 26 Feb 2009

Capita Group has announced a 16% increase in profits.

Profits before tax (and amortisation) rose to £277.2m for the year ending 31 December 2008, compared with £238.4m in 2007.

Turnover increased by 18% to £2,441m from £2,073m in 2007.

The company says  it secured and extended 17 major contracts during the year, with a total value of £1.24bn.  This included a seven-year contract with Sheffield City Council worth over £200m.

Commenting on the results, Paul Pindar, chief executive of Capita Group, says: “Capita delivered a strong performance in 2008. Organic growth was excellent with a wide range of new major contracts secured in the year and with businesses across the group delivering robust results.

“Despite the economic climate, we believe Capita is well placed to continue its growth. Current conditions present a healthy flow of opportunities for us. Our pipeline of sales prospects, strong forward visibility of revenues from our long-term contracts and consistent operational performance position us well for further strong progress.”