Capita PLC (LSE:CPI) shares edged lower again on another downbeat update from the outsourcing specialist.
Adjusted revenue was 9% lower in the four months ended 30 April 2024, Capita said with guidance for the year unchanged with a revenue decline expected in the first half, as previously forecast by the company.
Total contract value won decreased 9% in the four months to 30 April 2024 reflecting expected award phasing.
Capita operates the congestion charge for TFL in London and said Public Service adjusted revenue was reduced by 5% due to losses in Local Public Service and contract activity in the first four months of the year in Defence and Education.
Adolfo Hernandez, chief executive, said: “Our financial performance in the first four months of the year has been in line with our expectations and we remain on track to deliver our full-year financial guidance as outlined at the start of this year.
"Our cost reduction programmes are on track and we are making great strides with our best-in-class hyperscale technology partners."