Shares in unloved support services provider Capita (CPI) climbed 7% to 49.5p after the firm unveiled a major restructuring plan involving large asset sales along with its full year results.
RESULTS IN LINE
The results themselves were in line with the expectations the firm set out at the half-year stage, with reported revenues down 10% to 3.32 billion due to contract losses and the impact of Covid.
Pre-tax losses were lower than 2019 at 49.4 million against 62.6 million, helped by cost savings, while free cash flow was higher thanks to improved cash collection and net debt was lower than expected meaning the firms gearing was well within its covenants.
Altogether, Capita is now a much better business than at the start of the transformat…
Read the full article at: https://www.sharesmagazine.co.uk/news/shares/capita-shares-jump-on-restructuring-plan