FINANCIALS: Capita on track to meet trading expectations

Capita says it anticipates 2017 trading to be in line with expectations.

That’s according to a pre-close trading update issued by the business outsourcing provider this morning.

The update reveals group trading in the year to date has been in line with expectations, and that Capita still expects underlying pre-tax profits – before significant new contracts and restructuring costs – to rise modestly in the second half of this year.

The group also revealed it has secured £471m of big contracts over the year, with a new seven-year contract with the Cabinet Office to administer the Royal Mail Statutory Pension Scheme (RMSPS) for its 400,000 deferred members and pension members as well as an extension of its customer management contract with British Gas to April 2019 secured in H2.

The group added that several bid decisions are also expected in coming months, while the value of its current bid pipeline is £2.5bn.

With regard to the ongoing restructuring of the group, Capita revealed it is broadening its transformation programme – which includes identifying more opportunities to improve cost competitiveness – while restructuring charges for this year are expected to be around £18m.

The group will release its final results on 1 March 2018.

Capita seeks £1bn funding as it unveils turnaround strategy

Outsourcer Capita plans to raise at least £1bn as part of a new strategy to turn the business around after it announced a loss of £513m in 2017.

Financials 23 April 2018

APPOINTMENTS: 23-27 APRIL 2018

This week’s appointments include: AMS, Audeliss, Goodman Masson, Oakwell Hampton

People 23 April 2018

CONTRACTS & DEALS: 3-6 APRIL 2018

This week’s contracts & deals include: Amrop, Brazen, Havas People, JVP Group, Katon Direct, Miramar Global, Redthread, Woodburn Mann

Contracts 3 April 2018

CONTRACTS & DEALS: 26-29 MARCH 2018

This week’s contracts and deals include: Anthology, randrr, Walker Smith Global, WCN

Contracts 26 March 2018
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