Shares in outsourcing giant Capita PLC (LSE:CPI) dropped 18% in early trading after the company, a major recipient of Government contracts, nosedived to a £106.6 million loss in 2023.
It was hit by a series of one-offs including the business exits, cost reduction expenses and the impact of the well-publicised cyber attack.
The new CEO, Adolfo Hernandez, has pledged a £100 million cost reduction strategy.
Capita, employing 43,000 and providing essential services including NHS support, faced a revenue decline of 6.6% to £2.8 billion.
Early on, the stock was changing hands for 16.5p, down 3.68p