Capita blow as revenues get pounding
Capita's shares have slumped after the company posted plunging profits and axed a handout to investors.
The UK's biggest outsourcer, which employs around 1,500 people in Northern Ireland, said yesterday that underlying profit before tax fell by 59% to £80.5m for the half-year, compared with £195m the previous year.
Capita also scrapped its interim dividend, having handed 11.1p per share to investors at this point last year.
Shares fell by 6.5% on the news to 151.7p.
The company, which has tapped investors for millions of pounds to support a turnaround, had said underlying pre-tax profits would come in between £250m and £275m, having previously said profits could top £300m.
This was due to the disposal of two businesses, which were contributing £25m to the profit figure.
Underlying revenue was down by 4.2% to £1.98bn.