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Released 07:00:00 13 December 2022
Capita plc
13 December 2022
Pre-close trading update
Capita plc (Capita) continues to perform well, with further revenue growth and a stronger balance sheet
Summary
Capita has delivered adjusted revenue1 growth of 2% in the 11 months to 30 November 2022 in line with full year guidance:
Consistent performance in Capita Public Service;
Improved revenue trajectory compared with 2021 in Capita Experience;
Capita Portfolio growth as businesses continue to recover from Covid-19.
A stronger balance sheet:
Disposal proceeds of £462m received to date in 2022:
Completion of disposals of the Property pillar and Pay360 for a combined £239m in gross cash proceeds;
Agreed sale of Capita Translation and Interpreting (‘CTI’).
Total of £221m of debt maturities now repaid in 2022;
Significant reduction in FY 2022 net debt; very low level of financial net debt expected on completion of remaining disposals.
Jon Lewis, Chief Executive Officer, said:
“I am pleased with the progress we have continued to make across Capita in the second half of the year.
“We are building on the platform we created, performing well and delivering further revenue growth, while continuing to strengthen the balance sheet.
“We have maintained our consistently good client service delivery, reflected in a rise in our already strong customer net promoter score. We have secured important contract renewals and new work.
“Proceeds from our ongoing disposal programme have helped us further reduce debt; by the middle of 2023, we expect to have completed the disposal of our Portfolio businesses resulting in a very low level of financial net debt.”
Trading
Adjusted group revenue1 for the 11 months to 30 November 2022 grew 2%.
Capita Public Service adjusted revenue1 increased by 2% in the period in line with expectations. This has been delivered mainly by the full year impact of the Royal Navy training contract as well as revenue growth in Justice, Central Government and Transport, offsetting previously announced Local Government contract exits. In the second half of the year we have secured a three-year extension to our PCSE contract for £94m and a two-year extension worth up to £57m for IT and back office services for Barnet council.
Capita Experience has seen adjusted revenue1 stabilise through the year and is flat in the period, compared with a 9% decline in 2021 across the same period. The impact of significant prior year contract losses and the disposal of the fast-growing Pay360 business have started to be offset by positive revenue contributions in particular from new client wins of Scottish Power, Irish Water and Trade Republic. In the second half we have renewed a contract with a UK high street retailer with a total contract value of £35m.
Capita Portfolio has seen good growth in its Travel and Enforcement businesses as well as FERA – reflecting business growth and Covid-19 recovery. Adjusted revenue1 incr