13th Dec 2022 12:21
(Alliance News) - Capita PLC on Tuesday said it saw adjusted revenue growth in line with annual 2022 guidance, alongside a "significant" reduction in its net debt.
The London-based professional services company said it saw adjusted revenue growth of 2% in the 11 months that ended November 30, which was in line with full-year guidance.
It said this was underpinned by consistent performance in the Capita public service division, alongside improved revenue trajectory in the Capita experience division compared to 2021. The portfolio division also saw growth as businesses continue to recover from Covid-19, according to Capita.
In addition, Capita said it saw a "significant" reduction in annual 2022 net debt, expecting "very low" financial debt on completion of remaining disposals.
Disposal proceeds received to date for 2022 were GBP462 million, including of its property and Pay360 divisions for a combined GBP239 million in gross cash proceeds, alongside the agreed sale of the Capita translation and interpreting division.
“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," said Chief Executive Officer Jon Lewis.
Shares in Capita were up 9.4% to 25.15 pence each in London on Tuesday at midday.
By Greg Rosenvinge, Alliance News reporter
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