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Capita Plc Reports Pretax Profit In 2018; Organic Adj. Revenue Decline At 5%

Capita plc (CPI.L) reported that its fiscal 2018 profit before tax increased by 153% to 272.6 million pounds from a loss of 513.1 million pounds, prior year. Profit per share from continuing operations was 17.77 pence compared to a loss of 48.82 pence. Adjusted profit before tax decreased by 26% to 282.1 million pounds. Adjusted and diluted earnings per share was 16.17 pence compared to 27.99 pence. The Group noted that both reported and adjusted profit in 2017 were impacted by significant impairment.

Fiscal 2018 reported revenue decreased by 7% to 3.92 billion pounds from 4.23 billion pounds, prior year. Adjusted revenue, excluding results from businesses exited in both years, was 3.87 billion pounds compared to 4.09 billion pounds, an organic decline of 5%.

The Board stated that it is not recommending the payment of a final dividend. The Board noted that it recognises the importance of regular dividend payments to investors in forming part of their total shareholder return and will consider the payment of dividends when the Group is generating sufficient sustainable free cash flow.

Looking forward, the Group said it expects profit before tax to be between 265 million pounds and 295 million pounds in 2019.

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