Capita profits beat predictions

24-08-2006

Outsourcing firm Capita has surpassed expectations of its interim profits, recording an operating profit increase of 27 per cent.

The group, which covers a variety of sectors including central government, education, insurance and financial services, saw its overall revenue grow by 23 per cent to £845 million, taking its profits to £103.2 million for the six months prior to June 30th this year.

Releasing a statement this morning, Capita said that a recovery in the numbers of upcoming bids and the completion of several major contracts had contributed to the dramatic upsurge in its profits.

"Capita has made considerable progress in the first six months of the year, reflected in another period of excellent financial results," said Rod Aldridge, Capita's non-executive chairman.

"Our businesses are in superb shape to deliver incremental growth and the market for BPO opportunities continues to be extremely active… the board therefore anticipates delivering strong growth in 2007."

Brokerage firm Charles Stanley, whose prediction of Capita's interim results fell short by one-fifth of the total, pointed out that the group's longer-term prospects were "party clouded" by the impending departure of Mr Aldridge, the group's founder.

Capita's interim results for the first six months of 2005 saw £81 million of operating profit, while in 2005 it netted an operating profit of £190.7 million.


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