Capita revenues rise on strong contract wins

14th Dec 2023 07:48

(Sharecast News) - Government contractor Capita reported a rise in revenue as it continued to recover from a cyber attack on its business earlier in the year.

Revenue grew 2.1% in the 11 months to November. Total contract value hit £2.89bn, up 47% due to a "significant improvement in win rate".

The UK outsourcing business last month said it was axing around 900 jobs as part of a cost cutting plan to boost margins. It now expects mid-single-digit revenue growth in the medium term, doubled operating margin and positive free cash flow.

"Key wins in the period include renewals with Virgin Media O2 and the Recruiting Partnering Project alongside the British Army and expanded scopes working with the Department for Work and Pensions and Department for Education, which commence in 2024," Capita said in a statement.

"New clients include the Civil Service Pension Scheme starting in 2025, City of London Police starting in Q2 2024, and Santander which has now commenced."

Reporting by Frank Prenesti for Sharecast.com