Capita ‘on track’ despite 59% fall in half-year profit

Capita

Capita, the UK’s largest outsourcing group, has said it is on track to make the cost savings and full-year profits it has promised but warned it is ‘early days’ in the group’s recovery following a string of profit warnings.

Capita, which embarked on a turnaround programme after raising cash from investors in April, said 2018 underlying pre-tax profit would now be between £250-£275m, down on the £270-£300m predicted earlier this year. This takes into account £25m less in revenues following the agreed sale of business units, the group added.

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