Member Info for JordiMendes

Poor update, not going anywhere fast these

Guess it's a cut and paste job from their previous target. Didn't fall as much as I thought it might today, Ocado fell more.

Capita plc notes the statements made yesterday regarding the Civil Service Pension Scheme and the Royal Mail Statutory Pension Scheme.

Capita inherited a distressed service when it stepped into the Civil Service Pension Scheme in December 2025, with a significant and aged backlog. We have been working together with the Cabinet Office over several months to reduce the backlog. We recognise the seriousness of the matters raised and are taking all necessary steps to address the issues identified and inherited.

Our focus is on ensuring members of the Civil Service Pension Scheme receive the service they expect and deserve, in line with the plan agreed with the Cabinet Office, and in spite of the challenging environment and complex nature of the backlog inherited.

Capita has offered to cover the cost of the surge resource deployed by the Cabinet Office in supporting the plan from 10 April 2026. This additional cost is within our expectations and has no material impact on the Group’s 2026 financial guidance.

We continue to work closely and transparently with the Cabinet Office and are committed to delivering the plan we have developed in partnership by the end of June 2026.

In relation to the Royal Mail Statutory Pension Scheme, detailed discussions around the future of this contract are ongoing. This contract has annual revenues of less than £10m with operating profit in line with divisional margin achievements.

Capita has administered the Royal Mail Statutory Pension Scheme since 2018 and will continue to work closely with all parties to ensure continuity and a smooth handover in line with the Cabinet Office’s future alternative arrangements.

Thank you for your email. I agree the news is very disappointing and further statements will be provided as appropriate. In the meantime, per the announcement of the contract award nearly two years ago, the revenue is less than £10m per annum. We do a lot of things right for our public customers as recognised in our high customer retention and KPI performance but clearly now is not the time to talk about that. Our focus is on ensuring CSPS and RM members receive the service they expect and deserve, and on putting things right as quickly as possible.

Regards

Capita IR team

@Heatseeker77 agree Hernandez is a great leader and has a solid background. But this is still poor albeit I know the client ie Cpi in this case can't just talk their mind. But the bad press has always been there and doesn't seem to going away anytime soon. Whatever way you look at it, that's not good

As for Pablo's comments, I understand him but they are just words. Time for action, not just talking. It's almost the middle of 2026 and the sp is still pricing Capita to fail.

Indeed Heatseeker, the story was out early afternoon albeit not the FT one. The contract wasn't huge but statements like the following are damning:

"Minister lacks ‘confidence’ in outsourcer’s ability to implement and transition to new operating model"

"ministers said the outsourcer missed transition milestones and failed to deliver IT upgrades."

True Rolex, but it's the way this one went and the bad press. I've said before, because of the work Capita do, they are going to get articles in the press about them so they need to be more professional. As you said, no point being in unprofitable contracts and this was 48 mil over 8 years I think, so only 6 mil a year. Granted, resource probably had to go elsewhere, but this is still really poor and could impact future wins. The pipeline has grown which is good news, but they need to actually win contracts and make money. This has been a poor start 2026 so far.

Rolex, indeed this was a problem contract but this is hardly anything to celebrate. What about future public work/contracts?

Badger, no point messaging IR, Helen isn't the most knowledgeable.

This is really, really poor from Capita. Be interesting to what the excuse is, but this does not bode well.

Because of Capita’s failure to upgrade the system, the Royal Mail statutory pension scheme is now expected to be run using Capita’s existing platform for the next two years, until it is moved to a new delivery model, according to a person familiar with the matter

But they still had this contract and it doesn't seem like it was just handed back, they've been relieved if their duties.

Independent, yahoo, GB news.

Can't pretend this is anything but poor from Capita.

Reported in Independent

https://www.independent.co.uk/money/nick-thomassymonds-capita-government-royal-mail-b2962767.html

What the hell is this nonsense

Convinced? I mean it should be at 600p now but when we will get there?

Small reduction from Walleye Aim imo

100p by June Aim said imo

Think Aim is pretending that all stocks jumped Friday except for Capita like Savage said. Savage seems ok on other boards, so more than likely is one of those autistic civil servants with a grudge. I know a few civil servants, they are all nice enough, albeit a bit on the spectrum. Savage is an antifa type leftie and Aim is mentally challenged.

It isn't great to see shorts so high though, that must be said. Capital Fund Management have increased in Greggs too where the shorts are ridiculously high, but the price has remained firm. Walleye also increased in Easyjet so potentially see further issues with the war / fuel.

If it's something Capita specific, then time will tell.