Capita on track after 'strong start' to 2014

12th May 2014 07:06

- 1.1bn pounds of contracts year-to-date- Bid pipeline at 5.5bn pounds- On track to hit forecastsCapita, the business process outsourcing firm, said it made a 'strong start' to 2014 with over a billion pounds-worth of major new sales wins.As a result, the company said it is well-placed to achieve organic growth and operating margins in line with consensus market expectations for the full year.Capita said it had secured £1.1bn of contracts in the year so far, up from £660m at the same point in 2013, after being awarded work with Transport for London, Scottish Wide Area Network, John Lewis and the Ministry of Defence.The firm said that its bid pipeline, which stood at £5.5bn as of the end of February, still "remains strong with a good level of replenishment following recent contract wins". The current major bid win rate remains at its highest level, it said.Capita said it is seeing bid "opportunities" across its target markets, particularly in the private sector, primarily telecoms and financial services, in the justice market and the wider public sector."We have strong revenue visibility for 2014 and growing visibility already for 2015 as a consequence of our sales successes in 2013 and to date in 2014. "This excellent sales performance, together with the acquisitions completed over the previous 12 months and our solid underlying operating performance, gives us confidence in meeting consensus market expectations for 2014 and provides a good platform for growth in 2015 and beyond."BC