11th Jan 2021 10:35
(Alliance News) - Capita PLC on Monday said it has now signed a contract to provide training services for the UK Royal Navy and Royal Marines.
On December 18, the FTSE 250-listed outsourcer announced the 12-year contract win, worth around GBP1 billion for Capita, to modernise the Royal Navy's shore-based training across 16 sites in the UK as the lead partner in a consortium which bid as Fisher Training.
The consortium is made up of Raytheon UK, Elbit Systems UK and Fujitsu, as well as several smaller British suppliers.
Further to the December announcement, Capita said it has now signed the contract.
Capita noted that the total IFRS 15 transaction price for the contract over the 12-year period is GBP925 million, excluding the effect of inflation increases over the contract's term as well as "other potential training opportunities with the Royal Navy."
Shares in Capita were down 0.4% at 38.99 pence in London on Monday morning.
By Anna Farley; [email protected]
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