LONDON (Alliance News) - Capita PLC expressed confidence Monday in meeting market expectations for 2014, as it saw a strong start to 2014, with GBP1.1 billion in new sales wins.
In a statement ahead of its annual general meeting on Monday, the business management and outsourcing company said it remained on track to deliver an annual cash conversion ratio of at or around 100% for 2014, and net capital expenditure at or below 4% of its full-ear revenue.
Capita has won GBP1.1 billion in new sales in the year to date, including contracts with Transport for London, The John Lewis Partnership and the UK Ministry of Defence, it said.
Its bid pipeline stood at GBP5.5 billion as at February 27, the company said, with 25 bids for contracts in markets including telecoms, financial services, the justice market and the wider public sector.
The company has acquired six businesses for a total of GBP201 million in the year to date, which it said had enhanced its IT and software capabilities and had brought it into the domestic mortgage processing sector.
"Our bid pipeline remains buoyant and, with increasingly strong sales momentum, particularly across the private sector and local government, there is a good flow of further opportunities which will continue to fuel the bid pipeline and organic growth in 2015 and the following years," the company said in a statement.
Shares in Capita were trading down 0.5% at 1,097.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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