Business
Full Year Results 2022
Full Year Results 2022.
About this update from Capita Plc
[{"type":"text","content":"\n \n Capita plc\n Full Year Results 2022\n A turnaround in our underlying financial performance, with increased adjusted revenue growth, profitability, free cash flow and a material reduction in net debt.\n Revenue is growing with increasing momentum (adjusted growth 4% in H2 2022, 1% in H1 2022):\n \n Increase in adjusted revenue1 growth. Revenue increased 2.4% to £2.8bn (2021: 0.1% growth)\n \n \n Capita Public Service grew by 2.5%, Capita Experience grew by 0.9%, a strong turnaround following the 10% decline in 2021; Portfolio increased by 10.3%\n \n \n Strong sales performance in Capita Experience, 71% growth in TCV from prior year; Capita Public Service pipeline increased as contract awards delayed from 2022 into 2023 - expect sales acceleration in 2023\n \n \n Order book of £5.8bn; book to bill at 1.0x (2021: 1.2x); strong weighted pipeline (£2.2bn) with 50% of pipeline from growth with existing and new clients\n \n \n Customer net promoter score +6 points improvement to +35; employee net promoter score +15 points improvement\n \n \n Group well positioned for sustainable revenue growth\n \n A step change in profitability\n \n £197m increase in adjusted profit before tax1 reflecting revenue growth and reduction in restructuring costs, contract-related provisions and impairments\n \n \n Reported profit before tax of £61m (2021: £286m) as a result of reduced profits associated with disposals and current year non-cash goodwill impairment\n \n Positive free cash flow and material reduction in net debt\n \n Positive free cash flow before the impact of business exits1 of £29m (2021 outflow: £219m); strong increase in cash generated by operations from increased operating profit, reduced pension contributions and cessation of deferred VAT repayments\n \n \n £397m reduction in net financial debt and leases (IFRS 16) to £482m (2021: £880m) funded by operating cash flow and disposals\n \n \n Net financial debt (pre-IFRS 16) of £85m as a result of our successful disposal programme; net financial debt/adjusted EBITDA (pre-IFRS 16) 0.5x (2021: 3.7x)\n \n \n Gross proceeds of c.£485m achieved in 2022, total receipts from disposal programme now over £1.3bn\n \n \n \n \n Year ended 31 December 2022\n \n \n \n \n Financial highlights - continuing operations\n \n \n Reported 2022\n \n Reported 2021\n \n Reported\n \n YOY change\n \n \n ...