Huge £513m loss for Capita which has 1,500 staff in Northern Ireland
Outsourcing giant Capita, which employs around 1,500 people in Northern Ireland, is to tap investors for £701m and embark on a new strategy after booking a hefty annual loss.
The group said pre-tax losses for 2017 came in at £513.1m as the firm counted the cost of impairments and provisions linked to acquisitions.
Capita has hundreds of millions of pounds worth of public and private sector contracts in a range of services including IT.
Among them is a five-year deal with the Education Authority which began in 2012.
A £50m extension was signed last year.
And it has a massive £88.3m contract with the Department for Communities for its personal independence payment (PIP) assessment services.
It also has public sector contracts with North West Regional College, Northern Regional College and Belfast Met.
Please log in or register with belfasttelegraph.co.uk for free access to this article.
The £513.1m figure compares with an £89.8m loss in 2016 and comes as Capita detailed £850.7m of "specific non-underlying items" which dragged on its performance.
On an underlying basis, profit before tax rose 43% to £383m.
Revenue fell 4% to £4.23bn in the year to December 31 and the firm also announced a £701m rights issues as part of a transformation strategy under new chief executive Jonathan Lewis.