Capita PLC 1H Oper Loss GBP51.2M

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By Joe Hope

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Capita PLC said Friday that its first-half pretax profit and revenue both rose on an adjusted basis and slipped on a reported basis, and that it was on track to accelerate revenue growth in the second half.

The UK outsourcing business posted an adjusted pretax profit of 37.0 million pounds ($45.0 million) for the period, up from GBP1.1 million a year before, reflecting cost efficiencies and the end of major restructuring spend.

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On a reported pretax basis, profit fell to GBP0.1 million, compared with a profit of GBP261.1 million a year prior, reflecting business exits and goodwill impairments to its portfolio.

Revenue fell to GBP1.52 billion from GBP1.62 billion the year before on a reported basis, and rose 0.6% to GBP1.48 billion on an adjusted basis.

The company said it expects to accelerate revenue and profit growth in the second half of the year, despite the uncertain macro environment. Its order book as of June 30 stood at GBP5.9 billion.

“We are well positioned for growth in the second half of the year and beyond; and our full-year commitments remain on track,” Chief Executive Jon Lewis said.

The company said it has received GBP223 million in proceeds from disposals in the year to date.

Write to Joe Hoppe at [email protected]

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Credit: www.marketwatch.com /

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