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Gloucestershire Business News

Capita profits ahead of expectations

Capita profits were slightly higher than expected for 2018, its first year of a major restructuring programme.

The company, which has a large office in Bishops Cleeve, reported pre-tax profits for the year of £282.1m, up on its estimate of £250-275m.

During 2018, Capita said it had made real progress on challenging contracts, rebuilt relationships and partnerships with clients, invested £140m in infrastructure, products and systems and hit its target of £70m savings from cost competitiveness.

Jon Lewis, chief executive officer, said: "We've successfully completed year one of our multi-year transformation, fixed the basics and are firmly on track. We've strengthened our balance sheet, achieved cost savings, and invested in our people. On top of that, we've improved our governance, introduced a 'One Capita' operating model, and started turning around challenging contracts. I am particularly proud of our new corporate purpose and refreshed values.

"The lion's share of our business is providing digitally-enabled services and software solutions, using a combination of technology, data and insight to help deliver better outcomes for clients. This gives us a strong platform for significant, long-term structural growth.

"Our transformation still has some way to go. But I am very pleased with our progress. Our targets remain on track, and I'm excited about the prospects for a simplified and strengthened Capita."

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