Capita Plc Turns To Profit In H1, Revenues Down; Backs Revenue Growth View In FY21

Capita plc (CPI.L), a business process outsourcing company, reported Friday that its first-half profit before tax was 261.1 million pounds, compared to last year's loss of 28.5 million pounds.

Adjusted profit before tax was 45.3 million pounds, compared to loss of 11.1 million pounds a year ago..

Revenue for the period declined to 1.62 billion pounds from prior year's 1.68 billion pounds. Adjusted revenue was 1.585 billion pounds, compared to 1.582 billion pounds a year earlier.

Looking ahead, the company said it remains on track to deliver full year 2021 expectations. The company continues to expect full-year revenue growth in 2021, driven by new contracts and recovery in Covid-affected businesses.

Capita said it on track for target of 700 million pounds of disposal proceeds by the end of first half 2022.

Jon Lewis, Chief Executive Officer, said, "We are delivering on our plans and remain on track to deliver organic revenue growth this year for the first time in six years and generate sustainable free cash flow2 in 2022."

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