Capita Chief Executive hangs up his hat after 26 years

18th Nov 2013 07:18

- Chief Executive Paul Pindar to step down in 2014- On track to deliver strong growth in 2013- Secured 2.9bn pounds of new contracts year-to-dateFTSE 100 outsourcing group Capita said it is on track to deliver strong growth in 2013 after robust sales and acquisitions made during the period as it confirmed that long-standing Chief Executive Paul Pindar is to step down in early 2014.Pindar, who has ran the firm since 1999, will be replaced by Deputy Chief Executive Andy Parker from February 28th 2014. He is leaving Capita to "establish a portfolio of private equity opportunities", the group announced.Pindar commented: "After 26 years with the company and approaching my 50th results presentation, I believe that now is the right time to hand the reins over to Andy. "We are on track to deliver strong growth in 2013. Furthermore, 2014 has the foundations in place to be a highly successful year."The London-headquartered firm said it had enjoyed a strong sales performance this year-to-date, securing £2.9bn of major new contract wins with clients including the Department of Energy and Climate Change and Telefónica UK (O2).Capita said sales activity is buoyant and it is seeing high activity across the retail, utilities and telecoms sectors and in central government, particularly across defence and the justice areas. The bid pipeline currently stands at £4.2bn, unchanged from July 2013, with a string of bids at a relatively mature stage of the procurement process."The UK market for customer management and BPM remains very encouraging and this underpins our confidence in the group's long term growth prospects," it said in a company statement.Underlying operating margins are expected to stay in the range of 12.5% to 13.5% for the foreseeable future.In the year-to-date, Capita has secured 15 new major contracts with an aggregate value of £2.9bn, up from £1.7bn the same time a year earlier. Contracts are comprised of 95% new business and 5% renewals.CJ