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@Macy - of course all the increased shorts could be a hedge against increased longs within the same institution.

I see it bounced off 15p (old money) today and then rallied well into close - but it just feels like everyone is off on holiday and it's floating around on very low volume

I added a few more earlier and LSE showed my buy as a sell so the trading reports can't be trusted.

I guess we are going to stay around here until either the traders come back from Marbella or we get some news!

Ha - it must be close to bouncing up then!

Ha - 17/06 - £2.42 and 10/07 - £3.52 ... that's nearly 50% up

Just proves you can use statistics for any purpose

@MrBrian - thanks for posting that over on LSE.

Absolutely brilliant summary that encapsulates the future Capita and the reason why, right now, we are so close to achieving a meaningful turnaround and a rerating in the SP.

@MrBrian - I think it was @AdamWoodman (who is usually very well informed) who mentioned Q2 2025 to finally get rid of the last customer in the loss making pension business.

I got the feeling, though, that the last customer was proving difficult to shift (as if it had been easy it would have been done by now as Staverly has also been pushing for this to be sorted since the end of last year).

My fear at this impasse is that it's going to be as expensive to get rid of the last customer as it is to retain the last customer (at an unconfirmed cost of £20m per year and a speculated cost of £35m)

That's the RNS I'm waiting for and that's the RNS that sets this share alight again!

@Trisor - the moment AH says he's consulted the lawyers for advice re: Ofgem then you know you're in trouble as it never ends well when the legal department get involved!

AH has been instructed how to legally handle this - including writing the letter of complaint to Ofgem (no doubt drafted by the lawyers) and that's honestly all he can do as CEO.

He's not happy about the situation but the legal department have tied his hands and feet and gagged him too!

@sunlit - the only reason to go with an unproven outfit in Bristol to handle your call centre is because you are "buying on price* which almost certainly means that the margins are wafer thin.

In the old days - Capita would have won this kind of contract and ended up losing (our) money on it. If we've lost it on price then the DWP are welcome to having to deal with the unproven, inexperienced, Bristol outfit.

If Capita and the small Bristol company were bidding for the same business at the same price - you would choose Capita every day of the week!

You WANT your competitors to win the unprofitable deals leaving the profitable business for yourself!

@kipper - I'm not sure what else AH and Pablo could have said yesterday .... I thought the strategy slides were 100% on the money and I think AH sort of acknowledged that sorting out the wounded elephant (CPI) was taking longer and was harder than he initially imagined.

AH is having to move a company based on "old school" BPO solutions under JL to a dynamic, fleet of foot, technology solutions company that is fit for purpose over the coming years

I totally get and believe in the strategy (which is why I've invested so much here) and even if revenue falls off a bit more - it's not that big a deal as long as the cost base is shrunk and the overall profitability increases.

Back in the 1970s - no one got fired for buying IBM and in the 1980s and 1990s no one got fired for buying Microsoft. In the 2020s - no one is getting fired by using the Hyperscalers.

Also the productisation of AI solution using Capita as "customer zero" is really smart too and will definitely deliver results.

We don't need RNSs announcing big contracts - although they would be nice - what we need is lots of repeatable contracts at lower value but much higher margin - and that's where we are heading as confirmed yesterday!

I am a little concerned we might still have a background seller which is the only way to rationalise why this is languishing below 16p (old money).

I've been adding in 1,000 share tranches for the last few days but think I'm going to wait to see if we fall lower now.

I was expecting a bounce either leading into - or directly after - Yellowstone (like we did last year) but it's looking as flat as a pancake.

Are you still adding @gocpi / @kipper / @aim

@kipper - FTC has been a good punt but not sure how much longer I'll stick around there - I am not a great fan of AIM stocks (far too volatile) ... Ha said the CPI investor 😜

@kipper - AH was pretty annoyed with Ofgem when answering (one of my questions actually) about the implosion of the SP after the enquiry became public.

Overall - he did look tired but his presentation and company strategy seemed to be very well researched and thought out. He was basically a *man with a plan" that looks like it's going to work!

I was more impressed with Pablo than previously (although the accent is difficult) - but he seemed very much on top of the financials this time and was quick to highlight line items often overlooked (like the income derived from subletting their not required office space).

Solid performance.

The reason I keep topping up is that - after what we have seen and heard today at Yellowstone - there is no way that this share should be trading at less than 16p (old money)

I would remind everyone here these were trading at double and even triple todays price back in both 2023 and 2021 and the company (to quote @daltry) was a wounded elephant back then!

We can debate fair value - but 16p is too low with so many things sorted out, FCF around the corner and the strategy and cost reductions now beginning to gain traction.

I agree with @capitalizer - these should be at least double this time next year (Rodney) and they rose to 25% above the current price when results were delivered only 10 days ago

So that's why I continue to add!

A good presentation by AH and Pablo although I think the technical slides on the AI opportunity for Business Process Outsourcers were quite heavy ...

Key takeaway for me is that the Ofgem enquiry was unusual and they didn't seem to be worried by it and are writing to Ofgem to demand an explanation!

Slight worry that they are still unable to get rid of the loss making business as they continue to find a mutual solution with the last remaining customer .... but they did acknowledge this was an absolute priority to find an agreeable outcome.

I've just bought a few more in anticipation of the bounce - hopefully upwards!

@Calvine - You sound madder than Savage - just with a different name and a new account - and that really is an insult because Savage is as mad as a box of frogs.

I assume from your post that you aren't invested here so why don't you just bog off?

@nimshy6 Anyone who sold out at anything around £3 was being immensely sensible as the way the share cut through the £3 barrier on 24th June was just beyond belief.

I was advocating - from about £3.20 - people should be cautious - I never advocated a sell but I did say on a few occasions we were due a retrace - and I died in a hail of bullets from, what I thought, was friendly fire!

I think fair value at the moment is £2.80 and I had suggested previously a £2.80 to £3.30 trading range whilst we wait for more news and I stand by that prediction.

I've just added some more at £2.365 - just broken through the 1.4 million mark now - hoping for a bit of a bounce from here after Yellowstone is concluded!

It's always darkest before dawn and it's pretty dark on here today!

Schroders took a profit after an unsustainable SP rise based on no news - seems a pretty sensible thing to do if you ask me and, with hindsight, everyone would agree with that sentiment here too!

There are a lot of very smart people at Capita now who have a very proven track record.

Maybe Capita was a wounded elephant before AH and his team arrived - but it's not wounded now and is on the cusp of stampeding.

My background is IT and selling IT solutions to early adopters (I think I mentioned I sold cloud computing systems when only rain was perceived to come from clouds) and what AH is doing by harnessing AI to reduce costs in the main contract business and launching new AI products and services to the market is 100% the right thing to do.

I also think - like Staverly - once the closed mortgage and life business is out of the way - this is going to attract great attention from International Outsourcers BECAUSE the long term contracts they hold in their Government division deliver recurring revenues and SOON with good margins.

@daltry - keep the faith - you are going to become very wealthy here very shortly .....

All good things come to those who wait - or as Warren would say - the stock market is where the patient take money off the impatient!

As suggested on Monday by me - we've just bounced off £3.50 - but will that continue providing support? Or are we going to close that £3.30 gap?

I've added today again so I'm hoping £3.50 will hold ....

Couldn't contain myself any longer - had to buy more at these levels (even though that means outside an ISA).

Back to 1.375 million shares now (which isn't much less than what "my mate Pablo" holds) .... I think I've got a better average than him though 😁

I think I'll buy more if we see sub £2.30 but I would have thought - with Yellowstone so close - we would have seen some upward pressure today!

@kipper - yes I have absolute complete faith in AH and his team - I made my money working in cloud based computing when the only thing that came from the clouds was rain!

AH is 100% on the money and I've backed him with my entire cash pension pot!

When we hit the £600k I will diversify a little but will focus on buying high yielding dividend stocks plus I'll hold 5 or 10k CPI (for old time sake).

Renters Rights Bill has killed what's left of buy to let after Section 24 tax changes by Osborne so it's time to exit and I think most landlords are coming to this conclusion.

Renting property will revert to large corporations holding all the stock and tenants will get a much worse service (and a much higher rent) than they ever had with us small landlords. Serves them right for whining so much over the years

I've done really well out of BTL - having had 23 properties at one point but after Section 24 changes I deleveraged and cleared virtually all the taxable debt.

Just got to try and mitigate CGT and IHT now - although I won't be here to sort out the IHT 😁

@kipper / daltry - I've avoided the stock market for years as I know I'm more a gambler than investor which sort of explains why I've got 85,000 (just checked) CPI shares in my ISA and no other shares (other than a dabble with Filtronic) ANYWHERE!

I been focused on buying below market value properties and renting them out for the last 30 years and I even created my own letting agency (mlettings) before selling up in 2013.

Not a lot of debt left on the buy to lets now but, as daltry says, the CGT is a killer. I'm thinking about gifting some unencumbered buy to lets to my children and getting them to take out a btl mortgage to cover my CGT bill ... THEN as long as I can hang on for 7 more years then I avoid IHT

That's the plan but got to get £600k in the ISA first!

@shorty - I am holding tight onto all my ISA shares as it's my retirement strategy.

Ineed to get £600,000 plus worth of shares in an ISA so I can retire - so I need (at the moment) for CPI to hit £7.50 (50p old money) which should be more than achievable.

If we don't hit £7.50 by April 2026 - we won't I know that - then I'll add another £40k to the two ISAs but the objective is that same - hit £600,000 in total - but I'd probably only need Capita to his £6.00 after April 2026.

Once I've got the £600,000 - I'm selling up and switching into Legal and General for the 8.5% tax free yield and RETIRING.

If I can execute on the above then I can sell my 17 buy to let properties - throw out all my whining tenants - sell all the houses - pay all the CGT - and RETIRE.

That's the plan and I am just waiting on CPI now to achieve it but given we were at £7.50 in August 2021 when the company was on the road to ruin - i am pretty sure I'll be retired by 2027!

That's the plan - honestly - and it will be interesting to see how it plays out!