Member Info for Culley01

The only new bit was that FCF May be achieved earlier than last quarter 2025 which is very encouraging.

Craig In this case I think FCF really is the silver bullet because after years of losses sustained only by sales of parts of the company it will prove that the company can stand on its own feet

Ph Datry yes I echo your thoughts but to be fair we already know pretty much what’s in the figures & it ain’t great. 1/2 year results in August won’t be good & the first serious upgrade could come with the Yellowstone presentation later in the year or Y/E trading update in December.

Some really positive figures re FCF, debt, contract wins, improved margins etc will help & we may see some of that in the Y/E re

& massive debt reduced to minimal debt

£260 m cost cutting exercise probably about 75% completed

Simplification of business already completed

New management very skilled in AI

& most of us here would have loved to have bought in at these levels ( most institutional investors bought in at 50p+)

Good luck

@Theoldtrader very impressed with your wide choice of reading material (Workers Liberty)

This is slowly edging towards my buy order at 12.80.

I suspect that if I don’t get it before results I will shortly after.

Depressing I know but I’m only buying because I believe in the longer term future but still a year or so to go.

The Y/E results are going to be interesting, not for the figures themselves which we already know aren’t going to be great but for any announcements re contract wins (NI hopefully) future guidance re FCF etc

@boo The market will remain uninterested in this until FCF & sustainable profits are announced.

At that point we should see a substantial & growing uplift in the SP.

My guess is that the earliest this will be announced will be the next Yellowstone presentation likely to be towards the end of September

It would be good to have strategy outlined in detail i.e. ‘ we are only renewing large contracts where margins of 6-8% are achieved & expect any loss of these contracts to be compensated by smaller contracts generally under £50m’ or something along these lines.

It might happen at Y/E results but I doubt it.

The plan was to shrink CPI initially & then go for growth.

I’d like to see some growth in terms of new contracts which appear to be rather thin on the ground.

Whilst I still believe the AH story I’d like some facts to back up the rhetoric, hopefully I’ll be pleasantly surprised in the Y/E results but somehow I doubt it

@ theoldtrader withAH talking about what good relations CPI had with the forces I would have thought this was vital to retain or was it losing money? I’d also thought recruitment was going to be brought in house

I would assume it’s just a regular update for IIs

Welcome Fash & a lot of people including myself would be envious of the level you’ve bought in at. Hopefully you’re in for a very profitable investment over the next couple of years

Welcome Fash & a lot of people including myself would be envious of the level you’ve bought in at. Hopefully you’re in for a very profitable investment over the next couple of years

Thanks Darkblue

Dark Blue

Is sales force owned by Capita? Interest what the links are & how Capita benefits?

@Voli possibly I’m reading it wrong & they are saying the same thing. From the December update I understood that in the last quarter of 2025 they would achieve FCF but this is likely to result (as the + in the last quarter doesn’t cancel the - in the previous 3 quarters) in negative cash flow for the year. Possibly R Staverly is referring to the year as a whole, hence 2026, when he refers to FCF from 2026

Thanks for the link Trenners.

Good to hear that Richard Staverly is still positive about Capita but a little concerned that he thinks ( presumably after talks with Capita) that FCF isn’t now until 2026 rather than the end of 2025

Daltry Unfortunately I agree with you as we already know pretty much the end of year results & we’ve already been told that most of the cost saving expenses have been allocated to 1st half of this year so August half year results aren’t going to be good either.

December update is the clincher. Either AH has turned it around & we are in positive & growing FCF & profits in which case we can all sit back & relax or it’s going to be another year of missed targets & then the SP will be crucified

Only with Capita can you have good news of a large contract win & the price drops