Business
Full Year Results 2023
Full Year Results 2023.
About this update from Capita Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nCapita plcFull Year Results 2023Stable revenue underpinned by strong contract wins, further accelerated efficiency measures to drive growth and improve cash flowCapita plc CEO Adolfo Hernandez said:\"Since joining Capita I have spent time with colleagues and met a significant number of clients and other stakeholders. I have been hugely impressed with the strength and expertise of our employees, and the breadth and depth of our services. We have deep relationships across a compelling client list, and we operate in growing markets where our work matters to the lives of millions of people every day. \"I am excited about the opportunity for Capita and can already see a range of areas where we can unlock value. Our 2023 financial results have demonstrated some progress. However, we have yet to deliver the operational excellence that will enable us to create the right platform for future growth or achieve our full potential for the benefit of shareholders. Looking forward, we will focus on precision in execution, co-creating solutions with clients and accelerating the use of technology and leveraging our technology partnerships to drive improvement in our operating and financial performance. \"We need to deliver a rapid reduction in our cost base and are on track to deliver the net £60m annualised cost savings, from Q1 2024 as announced in November. Today we are announcing further material efficiency improvements of £100m to improve our competitive position.\"We have strong foundations and the opportunity for significant growth in the medium and longer-term. I look forward to sharing more details on Capita’s future strategy in June.\"2023 Financial Results\tAdjusted revenue1 growth 1.3% to £2.6bn (2022: 1.7% growth)\tPublic Service marginal increase of 0.3%, Experience grew by 2.5% benefiting from one-off commercial settlement in H1\tAdjusted profit before tax1 £56.5m (2022: £49.8m) up 14%, reflecting c.£20m profit benefit from commercial settlement in Experience\tReported loss before tax of £106.6m (2022 profit: £61.4m) reflecting business exits, cost reduction programme expenses and 2023 cyber incident costs\tFree cash outflow1,2, before the impact of business exits, of £115.5m (2022 outflow: £42.4m), including £30m pension deficit contribution, £20m cyber incident costs and £20m step up in technology investment\tN...