Business
COVID-19 Market Statement
COVID-19 Market Statement.
About this update from Capita Plc
[{"type":"text","content":"\n \n This statement contains inside information\n \n COVID-19 market update \n COVID-19 brings many challenges and is a net negative for Capita:\n \n \n Our priority in these unprecedented and challenging times is to protect the well-being of all colleagues\n \n \n Capita has a range of core services that our clients depend on and which underpin a high proportion of our revenue, but some parts of the business will be adversely affected\n \n \n We are taking robust and wide-ranging action to protect our financial position\n \n \n We currently have more than £450m of liquidity\n In light of the unpredictable level of disruption caused by COVID-19, we are withdrawing our financial guidance for 2020 issued on 5 March. \n Precise forecasting is challenging in these uncertain times. The Board believes that, based on a wide range of scenarios undertaken by management, our existing financing arrangements and mitigating actions discussed below currently provide sufficient liquidity and enable Capita to meet covenants at the half year, and operate through these unprecedented times. We will update the market further if appropriate.\n \n \n Safeguarding our people\n Our priority in these unprecedented and challenging times is to protect the well-being of all colleagues, while continuing to serve our clients and the communities in which we operate.\n We are focused on doing our utmost to keep all our people and their families safe and healthy, and to support them during these times. \n Many of our colleagues support front-line services for the UK Government and clients in sectors including utilities, telecommunications and financial services, who continue to need these services.\n We have made arrangements for as many of our colleagues as possible to work from home and have been increasing our capacity to support remote working every day.\n The only people now working at a Capita site in the UK are key workers, as defined by the UK Government, or who are within an exceptional category of people providing other essential services – and for whom it remains not possible to work from home. Where working from an office is still necessary, we are following all government guidance on health and safety.\n In India, South Africa and Europe we continue to make progress with enabling greater numbers of our colleagues to work r...