Proforma financial data: closed book Life & Pensions
Capita provides proforma 2024 financial data for closed book Life & Pensions business ahead of full year results.
- CBL&P Revenue (143.4)m
- CBL&P Operating Profit (11.3)m
- CBL&P EBITDA (17.1)m
- FY2024 Group Restated Revenue (excluding CBL&P) 2,225.7m (prior 2,369.1m)
- FY2024 Group Restated Operating Profit (excluding CBL&P) 84.6m (prior 95.9m)
- FY2024 Group Restated Cash conversion (excluding CBL&P) 49% (prior 39%)
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As announced on 12 December 2025, Capita reached a hand back agreement with the remaining client in the closed book Life & Pensions business (CBL&P), providing certainty over the resolution of a key component of the Group’s manage for value strategy.
As a business exit in the Group’s external reporting, CBL&P’s results will no longer be reported within the Regulated Services division. Ahead of the 2025 full year results being announced on 10 March 2026, we are today providing 2024 full year proforma financial data for the business as follows:
Proforma divisional information:
| FY2024 Group Adjusted Results (previously presented) | 2024 CBL&P Results | FY2024 Group Restated Adjusted Results | |
|---|---|---|---|
| Revenue | 2,369.1 | (143.4) | 2,225.7 |
| Operating Profit | 95.9 | (11.3) | 84.6 |
| EBITDA | 186.1 | (17.1) | 169.0 |
| Operating cash flow | 72.0 | 10.8 | 82.8 |
| Cash conversion | 39% | N/A | 49% |
Commentary on 2024 results:
The Group has been undertaking a managed exit from CBL&P for a number of years. As a result, the business’s revenue is in decline and operating profit and cash flow are subject to fluctuations as terms are agreed and contracts are migrated.
In 2024, in line with the significant progress made in reaching agreements to exit contracts, we successfully migrated a number of contracts in CBL&P. This resulted in c.£10m of one off benefits from deferred income releases which benefited both revenue and profit. As part of these migrations, for some clients, we also delivered additional services during the transition which benefitted the 2024 profit and cash performance.
In 2025, CBL&P returned to a loss-making business, reflecting the impact of handed back contracts, non-repeat of the aforementioned one offs and required increases to the onerous contract provisions. As noted above, this business will now be treated as a business exit in the Group’s financial reporting and therefore will be excluded from the Group’s adjusted results.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.