Capita PLC (LSE:CPI) reported revenue growth of 2% in the 11 months to 30 November 2022, in line with full-year guidance, and said its disposal programme is on track to be completed in the first half of 2023.
In a trading update, the business services and outsourcing group noted Capita Public Service adjusted revenue increased by 2% in line with expectations, while Capita Experience saw adjusted revenue stabilise through the year, ending flat in the period.
Capita Portfolio showed good growth with adjusted revenue up 14%, while the contract delivery and operational performance remained consistently good across the year and the group customer net promoter score increased by six points as a result.
The company said it expects to have completed the disposal of its portfolio businesses in the first half of 2023 as planned, and as a result it forecast a very low level of debt by 30 June 2023, leaving the balance sheet in a strong position.
As part of the disposal process, Capita said it has also accelerated scheduled pension deficit payments.
Jon Lewis, chief executive officer, said: “We are building on the platform we created, performing well and delivering further revenue growth, while continuing to strengthen the balance sheet.”