Capita shares drop as it warns of 'subdued' outsourcing market
Capita said it still continues to expect underlying profits, excluding new contracts and restructuring costs, to rise modestly in the second half of this year
Company
Capita PLC
LON:CPI
Capita is the UK’s leading business process outsourcing (BPO) and professional services company, offering back office administration and front office customer contact services to private and public sector organisations across the UK and Ireland.
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Mitie Group says it is being investigated by the FCA over the "timeliness" of its profit warning last September
In a brief statement, the FTSE 250-listed firm said the FCA had informed it on August 25 about the investigation, which will also look at the manner of preparation and content of Mitie’s “financial information, position and results for the
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Capita had revealed in December that it was seeking a buyer for its asset services division, which commentators had said could fetch up to £600mln
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A weaker pound following the Brexit vote has given the FTSE 100 and other UK indices a boost in the year since the Britain voted to leave the European Union
HSBC provides pointers for any new Capita CEO as they upgrade their rating for the outsourcer to 'buy'
“Capita is a good business, it creates process solutions for the public and the private sector, and there will be demand,” the HSBC analysts contend
Jefferies believes that although Capita is ”deeply unloved”, its risk/reward is slowly improving
The FTSE 250-listed firm’s recent trading update, the US broker raised its rating on Capita to ‘buy’ from ‘hold’ after boosting their target price to 750p from 465p
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Capita boosted by 'positive profits warning', with no bad news proving good news for an outsourcer once again
Like Mitie, Capita’s 15% share price leap came after the group’s AGM statement and trading update showed no new bad news after a turbulent past year for the firm
Capita says overall trading in line with expectations, has shortlist of “strong candidates" for CEO job
The FTSE 250-listed group said the turnaround of its IT Services business “is progressing better than expected, with improving profitability following the restructuring of the divisional management team and operating model”.