Capita Issues Pre-close Update; 11-month Group Revenue Up 0.6%

Capita (CPI.L) reported that its Group revenue for the 11 months to 30 November 2021 increased by 0.6% to 2.88 billion pounds. Capita Public Service rose 11% to 1.29 billion pounds, driven in particular by Royal Navy training. Capita Experience revenue was down 8% to 1.08 billion pounds. The Group anticipates post-IFRS 16 net debt at 31 December 2021 to be broadly in line with 894 million pounds reported at the half year, as previously guided.

Jon Lewis, CEO, said: "We have continued in recent months to make progress with our corporate transformation, particularly in our Public Service division. However, Covid has continued to impact some businesses within our Portfolio division. This, combined with the anticipated revenue attrition in our Experience division has slowed the overall rate of top line growth this year."

The Group noted that it will continue with plans to dispose of non-core businesses in the Portfolio division to further reduce debt and will launch another two disposal processes early in the new year.

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