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@cabbage - Ha your expert analysis makes me even more certain that the AH strategy is right for CPI ....

@jordi @heat - I'm invested heavily here too and it's important that we succeed - but having blind faith and ignoring the facts will not make this re-rates upwards any quicker.

Aim and Cabbage etc spout total tosh .... I am not spouting tosh ... I'm pointing out that sorting out the CSPC does have a cost and it's just a question of how material that cost is!

@heat - it's not a WHAT IF .... it's a racing certainty that CSPC implementation is going to cost more than has been budgeted for .... It's just a question of how MATERIAL that cost is ... and how big penalties and data breach fines are ...

You can gloss over this as much as you like - that's the reality - I'm hoping it won't be a huge cost but I doubt that even Pablo knows that right now given it's imperative to get CSPS operating smoothly (Adolfo said as much at Yellowstone)

@Adam - I think the key word in your quoted statement was MATERIAL .... so it acknowledges there will be extra costs in sorting out the CSPC mess but it doesn't say how much extra ...

Also ....if we get another fine for the data hack then that wouldn't have been budgeted for ... and Government penalties for missing milestones aren't included in that statement either.

All I'm trying to say is there will be bottom line cost in sorting out this debacle ... and it's not realistic to think otherwise

@Jordi - this is a company that is totally INFAMOUS for all it's one off charges when it comes to results and the amount of additional resource needed to fix the CSPS has been substantial and - irrespective of what IR say - I don't believe this will not have any impact to the bottom line ....

You can see it a mile off - one off charge for unexpected CSPS implementation costs - we've got to be realistic - of course it's going to impact us - noone works for free and there was a huge mess to clean up - that would have taken. SEVEN MONTHS to fix (as a minimum) and that's before any additional fine for the second data hack and we don't know how much we've been penalised by the Government for missed milestones too!

I'm not being negative but we've all got to be realistic ... They company has no option other than to fix this CSPS mess IRRESPECTIVE of cost - and they aren't going to know the total cost until the mess has been cleaned (which won't be until June at the earliest and I'll believe that when I see it).

We should ALL be expecting a one off charge in 2026 accounts because there was NO WAY that these additional costs could have been budgeted for.

@sunlit - the cost of fixing the CSPS is a valid concern and may impact 2026 profitability - I've always been worried about this BUT BUT BUT

The cost of NOT fixing the CSPS will be totally catastrophic for the company - in reputational damage and lost future opportunity - so they don't really have any option other than to get it fixed BUT BUT BUT ...

It wouldn't surprise me in the least to see the entire year's FCF wiped out with CSPS one off costs at 2026 results!

@adam - I totally agree - when she moves - she moves very fast and you need to be holding when that happens ...

That is where @aim has failed - she made a few pounds by dipping in and out of CPI for a "quick profit" but then she missed the massive movements and we quickly rose last June, last September and last December!

The only disappointment with all of those moves is that none of them stuck - but one day they will stick and we all need to be holding when it does!

@old - in these strange times of war - I guess anything is possible ....

If we look back to last April / May - this was trading at about £1.95 on 2nd May and it went on a bit of a bull run upto the AGM where it was around the £2.35 mark ... and there is every possibility it could go on a bit of a bull run again ...

However - the UK and world economic outlook is worrying and until we get more clarity on how Trump ends the mess he's caused - anything is possible here and elsewhere ...

I'd be surprised if we didn't revisit the £2.60s in the next few months - but I'm investing in the assumption we will push forward from here ...

Having said that - I'm neither a buyer or a seller at these levels!

@heat - I'm certainly not a kipper cheerleader - but Capita can't be totally immune from a UK down turn - that's a fact - but it's probably more immune than other shares on account of its large Government contracts.

I'm just being a little cautious at the moment (everywhere) with even Bank of England officials stating that some of the UK economic indicators are flashing red.

This may well push back through £3 and beyond as we approach the AGM and June update - and that is great news for all us holders - but I don't think we should be complacent about the health of the UK economy with Labour in power and Iran / US at loggerheads with each other and the Strait of Hormuz still blockaded!

@kipper - I do think that any down turn in the UK economy will impact Capita - we saw evidence of this when "Rachel" increased Employees NI in 2024 and Capita, overnight, took a £20m hit to the bottom line ...

So anything that makes employment more expensive will impact profitability here ...

@kipper - I'm sitting quietly with cash at bank too as I'd like to get a L&G top up at below £2.40 .... I'm also eyeing EZJ (especially if it gets close to £3) and i would like some TW (but that's a falling knife right now) and I don't think I'll be brave enough unless it drops into the 50s (which might be too ambitious)

Not sure what's happening here as the SP is behaving very strong in the face of such a large shorting interest ....

I'm certainly not a seller (anymore) at this level but I'm not a buyer either as this could drop back to £2.60 in the blink of an eye HOWEVER for all the beleaguered LTHs I'm hoping it pushes forward again now and breeches £3.

Either way I would be happy!

@kipper - I was one of those LTHs with "blind faith" and I honestly cannot explain how the SP managed to fall from over £4 to £2.30 in a matter of weeks.

The results were broadly in line with expectation and I know Staveley blames the war in Iran for the cratering SP after results but that doesn't make sense as the war had been running for 10 days by then!

The share price movements are too wild here for such a boring company doing BPO for UK Government and that is very unsettling.

It might be that the SP will triple from here and Adolfo will be hailed a turn around genius - but with so many mistakes and mis-steps (two data hacks and three pensions being mismanaged) - there is an equal chance the volatility will continue.

I'm not totally out of this share but I am no longer blinded by the faith!

I am considerably invested here so I won't have any regrets if the share price rises to £9 with my 40,000 holding.

I have absolutely NO INTENTION of selling all my Capita holding - I've been holding far far too long for that - but I'm being more realistic of what can be achieved here ...

I think even the strongest bulls here would agree a holding of 130,000 was more than a little foolish and that's why I've been selling!

@kipper - great minds think alike - I've switched my Capita shares into L&G and have a £2.45 average (with 100,000 shares) and a £15,690 dividend on the way on June 4th with more in September

I managed to get 65,000 of those shares inside an ISA so tax free cash / growth

Capita may well eventually triple - but I don't think I want to take the risk anymore - and an 8.8% yield (mainly tax free) simply can't be ignored any longer!

@kipper - i've been selling down for a while and am down to my last 40,000 shares now (having held just under 130,000 at the start of march).

too many people shorting this now - too many mistakes and missteps and all round ****-ups for my liking.

losing rm pension and the noise becoming louder to take the csps contract from them and also a second data hack have shaken my faith and i have a real concern that integrating the hyperscaler led ai stack into the legacy capita systems have caused some of these problems.

if hyperscaler integration is problematic then the whole ai stack story starts to collapse ....

too much risk (even for me) now

OR - if you keep focusing on the pennies - you totally miss the pounds - penny pinching is never a good look 😁

@Fat - the post wasn't to report I'd sold some shares so much as a comment that the operational mistakes seem to be ingrained into the DNA of the company!

The constant errors do nothing for reputation and also delay / erode profitability and THAT was the point of my post!

I used to hold nearly 130,000 shares here and had huge belief in the management team (check my previous posts) - but all these recent mistakes are inexcusable and that's why I'm selling (not that you are interested 😁)

@Jordi - it's pretty clear now that this company is managed by geniuses but say to day running is executed by idiots.

Odd mistakes happen - but when you get two data hacks and three (CSPS, RM and Teachers) Pension funds underperforming then you establish A PATTERN.

It is looking like the CRAPITA name is well earned and continues to be earned!

I'm selling down my substantial holding as this will never make a profit whilst it continues to make schoolboy errors

The AI Catalyst Stack is a beautiful thing - but is worthless in a company with such reputational damage!

@aim - The future is bright - The future is Capita! 😁

I'm expecting a turbulent week on the markets again as the ceasefire is proven to be the sham it always was!

Just difficult to assess whether we are on the cusp of an escalation - or on the cusp of Trump giving up!

Ha - I'm not surprised anyone knows the answer as I don't think Trump has decided yet!

@OldAlarvian - Ha we've been waiting for this to rerate since COVID and every time we get near - we have another setback.

There is not guarantee that there will be an discernable FCF next year if we keep getting data hacked and don't get these militant Civil Servant pensioners sorted!

I'm massively bullish here but I can't help but wonder whether this will ever really rerate!

It's like tomorrow .... In that it's always tomorrow and it never actually delivers!

I appreciate AH and Pablo have sorted out most of the historic issues here now - but if the employees keep messing up the delivery then we will always be on the back foot and will never reach that holy grail of profitability.

AH and Pablo are smart but you can't help but think that a lot of the lower down employees are "less smart" otherwise we wouldn't keep getting hacked and we wouldn't be taking on a pension contract that due diligence should have shown was "broken beyond repair"

Just saying!