Capita Reports First-Half Pretax Loss Due to Various Factors

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Capita, the U.K. outsourcing business, has announced a pretax loss for the first half of the year. This loss can be attributed to several factors, including business exits, a goodwill impairment, and costs associated with a cyberattack. Despite these challenges, the company’s board maintains its expectations for the full year.

Financial Results

In comparison to a pretax profit of GBP100,000 in the previous year, Capita reported a pretax loss of GBP67.9 million ($86.3 million) for the first half. Notably, the company registered a GBP42.2 million goodwill impairment in its portfolio business. Additionally, Capita anticipates exceptional costs of approximately GBP20 million to GBP25 million as a result of the cyberattack.

However, after stripping out exceptional and other one-off items, adjusted pretax profit amounted to GBP33.1 million, up from GBP24.7 million in the prior year. Revenue for the first half decreased slightly from GBP1.52 billion to GBP1.48 billion.

Focus on Future Performance

Capita remains optimistic about its future prospects despite the ongoing macroeconomic uncertainty. The company is confident in delivering an acceleration in financial performance by 2023.

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