Capita 2017 interim results
Strategic initiatives: re-positioning going to plan
• Disposal of our Asset Services businesses for £888m to Link Group, expected to complete in Q4 2017
• Completed disposal of transactional specialist recruitment businesses
• Cost initiatives on track to realise around £57m savings by the end of 2018
• Implemented new simplified market facing organisation structure.
2017 H1 financial summary: trading broadly in line with expectations
• Early adopted IFRS 15 from 1 January 2017 on a fully retrospective basis
• Underlying revenue declined by 3%. Growth on a like for like basis1 was 1% including 0.5% organic decline
• Underlying profit before tax up 46% to £195m (H1 2016: £134m)
• Underlying earnings per share up 42% to 22.92p (H1 2016: 16.12p)
• Maintained interim dividend of 11.1p (H1 2016: 11.1p)
• Free cash flow before non-underlying items £179m (H1 2016: £214m) and after non-underlying items £182m (H1 2016: £199m)
• Net debt at end June 2017 of £1,596m (H1 2016 £1,901m)
• Reported profit before tax £28m (H1 2016: £37m)
• Reported loss per share (0.11)p (H1 2016: 4.66p).
