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Capita Signs GBP 1 Bln Worth Royal Navy Training Services Contract

Capita plc (CPI.L) confirmed that it has signed a contract to provide training services to the Royal Navy and the Royal Marines. The contract will be worth an estimated 1 billion pounds for Capita, with opportunities to deliver further training according to the Royal Navy's requirements.

Capita said in mid-December that it was selected as the winning bidder to provide training services to the Royal Navy and the Royal Marines.

Capita said Monday that it will transform and modernise the Royal Navy's shore-based training across 16 sites in the UK as the lead partner in a consortium which includes Raytheon UK, Elbit Systems UK, Fujitsu and several smaller British suppliers.

The total IFRS 15 transaction price (order book) is 925 million pounds over 12 years. It excludes the effect of inflation increases over the contract term and other potential training opportunities with the Royal Navy.

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