13th Dec 2021 11:45
Capita PLC - London-based outsourcing services - Like-for-like adjusted revenue in the 11 months to November 30 rises 0.6% annually to GBP2.88 billion. Revenue growth of 11% to GBP1.29 billion from the public sector is offset by declines in private sector work, as Capita suffers from contract losses. At Capita Experience, revenue falls by 8% to GBP1.08 billion. In the Capita Portfolio division, which holds businesses that Capita classifies as non-core, revenue edges up 0.4% to GBP507 million. "We have continued in recent months to make progress with our corporate transformation, particularly in our Public Service division. However, Covid has continued to impact some businesses within our Portfolio division. This, combined with the anticipated revenue attrition in our Experience division has slowed the overall rate of top-line growth this year," Chief Executive Jon Lewis says. Net debt at the end of the year is expected to be GBP894 million, level with the half-year stage, and Capita continues to expect to see "sustainable" free cash flow generation in 2022.
Current stock price: 36.80 pence, down 18% on Monday
Year-to-date change: down 6.4%
By Tom Waite; [email protected]
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