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Capita wins £50m contract with City of London Police

Capita plc (`Capita') today announces it has been awarded a contract by the City

of London Police to deliver customer contact and victim engagement services for

the force's new fraud reporting service.

The contract will run from 2024 and is worth approximately £50m over five years,

with the option to extend by a further two years.

The contract will see Capita delivering an end-to-end customer management

process for potential victims of fraud from the moment they contact the service.

The current service receives more than 350,000 calls and 2.3m unique website

visits each year.

Capita will deploy its successful customer experience model for identifying,

managing and monitoring customers using data and specialist coaching to support

potential victims of crime. We will deliver digital transformation to improve

access to different reporting channels, offer multi-lingual services, and

introduce speech analytics to drive call quality.

The digitally enabled model will provide a single source of information at all

stages of each case while it is assessed, be more victim-centric and accessible,

and use data analysis to deliver efficiencies.

Approximately 150 skilled customer-contact experts working for the service will

be given enhanced victim support and empathy training, and will be retained

through a bespoke development programme. They will be paid above real living

wage salaries with home working contracts, reflecting Capita's commitment to

being a purpose-led responsible business and engaging and empowering our people.

Jon Lewis, Capita's Chief Executive Officer, said: "We are incredibly proud to

be chosen to deliver the new fraud reporting service for City of London Police,

and are focused on providing an empathetic and seamless service for all

potential victims of fraud.

"This new contract is testament to our proven track record of delivering

digitally enabled customer management for citizens - including some of the most

vulnerable people in society - and reflects our commitment to delivering an

outstanding service to our public sector clients."

Chris Bell, Service Delivery Director at the City of London Police, said:"We are

delighted to announce the appointment of our new supply chain as this is such an

important milestone in the journey to transforming our services and ultimately,

launching our new fraud and cyber reporting and victim care service."

Notes to editors:

The total IFRS 15 transaction price (order book) is £70m over seven years,

comprising £50m for the initial five years of the contract and £20m for the

optional two-year extension.

Capita plc (`Capita') today confirms that it has agreed to sell software

businesses CIBS, CHKS, Retain, WFM and Synaptic to AdvancedAdvT Limited

(`AdvancedAdvT') for an enterprise value of £33m on a cash-free, debt-free

basis. Including cash and debt-like items and typical working capital

adjustments, Capita expects to receive cash proceeds of c£44m on completion,

including c£9m of cash within the sold businesses at the time of the

transaction.

These five businesses collectively represent Capita's non-core software assets

in its Portfolio disposals division. They have limited overlap with the rest of

core Capita.

The company previously announced its intention to sell a number of non-core

businesses to strengthen the balance sheet and focus on its two core divisions,

Capita Public Service and Capita Experience.

AdvancedAdvT (LSE: AdvT) buys and invests in software and services businesses

with the focus on organic growth and synergistic M&A.

The combined reported revenue and profit before tax of the non-core software

businesses for the year to 31 December 2022 were £35m and £3m respectively.

Gross assets were £81m at 31 December 2022.

The sale to AdvancedAdvT is subject to National Security and Investment Act

approval.

The senior management team and employees will remain with their businesses as

they transfer to the ownership of AdvancedAdvT.

The agreement to sell these non-core software businesses follows the agreement

to sell our critical messaging services business PageOne and completion of the

divestment of our Resourcing and Security Watchdog businesses in May.

Jon Lewis, Capita's Chief Executive Officer, said: "We are pleased to have

agreed the sale of these non-core software businesses to AdvancedAdvT following

a competitive sale process.

"The sale marks another step for our successful disposals programme which has

enabled us to significantly strengthen the balance sheet and materially reduce

our debt.

"We continue to target for the majority of the remaining businesses within our

non-core Portfolio division to be sold during the first half of 2023, depending

on general market conditions."

Capita is being advised on this transaction by Deloitte.

Wigmore, that's easy, won't be profitable, won't complete the contract, russia will invade Europe, covid 24..... lols!

I don't think he drinks beer, his behaviour is getting to the point of obsession now

Apology to those effected required.

https://www.gazette-news.co.uk/news/23528115.capita-data-breach-not-used-maliciously-hackers-says/

Maybe the headline in the FT Monday morning will be Capita to take The Telegraph to court for slander, can always hope! 90p by summer guys, head in hands! On the bright side might be a good opportunity to top up this week?

£1.21 per share, I'm holding in hope of a counter offer but doubtful.

Nofear, seen Mirriad this morning? Owch!

@ voli.zh, precisely why Capita aren't releasing any update on the investigation, present the whole facts of the matter when complete, it's a case of fingers crossed, I do think and hope though we'd have known by now if the situation was really bad, bad news travels fast doesn't it.

Investigation to be completed by the end of next week.

https://finance.yahoo.com/news/capita-warns-pensions-data-likely-201614266.html

NoFear, short term here it's a roll of the dice for you with regards to the cyber incident conclusion isn't it, do you think we'll get bad news or good, that weighed up with going long, what's your thoughts?

It's touched the bottom of the down trend this morning, should head back towards 34p ish over the next week, hopefully good news soon will break it out.

Also Nofear, tread very carefully with Mirriad, having has a quick read of the RNS and a look at the chart personally I wouldn't touch it at it's current price, technically it is just below a line of resistance, from the RNS no financial details have been spoken of it's a development collaboration, also according to trading view they are releasing results next Wednesday, I'm sure you will but be careful.

Blimey Aim you're clutching at straws now, an £18m contract, scrapped a year ago, please tell me how that will effect the future share price?

Yeah I noticed that article, I also noticed in the wording under the image at the start of the article that the referenced contract was scrapped a year ago???!! If that's all the ammo they have on Capita, well.....!

I agree Moyes, we just need this cyber incident concluding, and hopefully for the better.

Eatstocks, that would take research and quite a lot of it, maybe a contract for Capita to handle! Lol!

By half year results the market will be expecting near zero pre IFRS debt in my opinion and a nice amount of free cashflow, I believe there will be an increase in share price up to results to reflect this anticipation.

*certain person!