(Alliance News) - Capita PLC on Tuesday said it was committed to improving its financial performance and reducing costs, as adjusted revenue fell as expected.
The London-based outsourcing, consulting and digital services provider said adjusted revenue was 9% lower year-on-year in the first four months of 2024, in line with expectations.
Capita's contract win rate edged down to 77% from 80%, while total contract value won was 9% lower, which reflected expected award phasing.
Its outlook for its 2024 financial performance was unchanged, with a revenue fall in the first half as previously guided.
Chief Executive Officer Adolfo Hernandez said: "Our financial performance in the first four months of the year has been in line with our expectations and we remain on track to deliver our full year financial guidance as outlined at the start of this year. We are committed to improving the financial performance of Capita. Key strategic priorities include reducing costs and using technology more effectively both within Capita and for our customers. Our cost reduction programmes are on track and we are making great strides with our best in class hyperscale technology partners, such as ServiceNow to co-develop solutions which will drive efficiency and a better service for our clients."
Capita will release its half-year results on August 2.
Capita shares fell 2.6% to 14.67 pence each on late Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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Capita (CPI)