Business
Half-year Results 2024
Half-year Results 2024.
About this update from Capita Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n Capita plcHalf Year Results 2024 Improved margin with good progress on cost reductions underpinning unchanged underlying full year profit expectations Adolfo Hernandez, Chief Executive Officer, said:“In my first six months I have been working with colleagues to identify and action many initiatives that will make Capita a better company. Our teams are passionate about the delivery of critical services to our clients, their customers and to wider society. Our focus is on ensuring that the value we create for those stakeholders is reflected in the financial performance of the business and I am excited about the future and the progress we've made in a short period of time. \"We are implementing changes that will make us more competitive and drive growth, by becoming more efficient and spending less, digitising our offerings and leveraging technology partnerships. This, together with more precision in delivery and evolving our culture, is enabling us to accelerate execution. \"We are on track to deliver on our cost reduction programme, having taken action to deliver £100m out of the £160m of annualised cost reductions we expect to achieve by June 2025. This will support our planned improvement in the adjusted operating margin of the group, which in the first half increased from 3.1% to 4.5%. \"We have much more to do, but I am pleased that Capita is making encouraging progress in its journey to deliver its medium-term financial targets and create sustainable value for all its stakeholders”.H1 2024 Financial results adjusted for business exits, including Capita One• Adjusted revenue1 decreased by 9% to £1,201.5m (H1 2023: £1,324.4m) reflecting the non-repeat of one-off benefits in H1 2023 in Experience and the impact of previously announced contract losses• Adjusted operating profit1 increased 33% to £54.2m, benefitting from the successful implementation of ongoing cost reduction programme• Reported profit before tax of £60.0m (H1 2023 loss: £67.9m) boosted by £38.1m gains on the sale of businesses, including Fera• Free cash outflow excluding business exits* of £51.9m (H1 2023 outfl...