Capita shares crater 22 per cent as outsourcing giant swings to £107m loss
News and information from the Advent IM team.
- by Anthony Orjally
- Industry News
Capita’s share price closed 22 per cent lower on Wednesday after the outsourcing giant reported a huge loss and announced that it would be ramping up its cost-cutting programme.
The group, which runs key local government, military and NHS services, this morning posted a pretax loss of £106.6m for 2023, compared with a £51.4m profit in 2022.
Capita said the loss was driven by business exits, cost reduction programme expenses and a £25.3m hit from a “cyber incident” in March 2023.