(Alliance News) - Capita PLC said on Thursday that it had confirmed two contracts with government departments worth GBP565 million for services across the UK, and that it had confirmed the sale of its subsidiary PageOne.
The London-based process outsourcing and professional services company, was confirmed as the preferred bidder by the UK Department for Work & Pensions to deliver Functional Assessment Service services in the Midlands and Wales, and by the Department for Communities to deliver similar services in Northern Ireland.
The FAS is a programme to bring together existing assessment services for disabled people, making accessing support simpler for vulnerable people.
Capita says that the two contracts will run from 2024 to 2029. The company says they have the option to extend the contracts for a further two years.
Chief Executive Officer Jon Lewis said: "We will bring our strong track record for delivery in this sector and our relentless focus on quality and claimant experience to this range of benefits."
The company also said that it was selling subsidiary business PageOne to Dublin-based private equity company Erisbeg, as part of its effort to strengthen the balance sheet and focus on its two core divisions: Capita Public Service and Capita Experience.
PageOne is a provider of critical alerting and mobile message services.
"We are targeting for the majority of the remaining businesses within our non-core Portfolio divisions to be sold during the first half of 2023, depending on general market conditions," said CEO Lewis.
Capita was trading at 1.6% higher at 31.91 pence in London on Thursday.
By Will Neill, Alliance News reporter
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Capita (CPI)