Capita

CPI · Main Market · Industrial Goods and Services · mcap £255m · 235.0p

Capita runs outsourced administration, customer service and technology contracts, mainly for UK government and large companies. It handles pensions, training, IT and contact centres.

Target	Promise	Said	Status
2024
2024-12	2024 revenue broadly in line with 2023	6 Mar 2024	✗ Missed
	“For the full year 2024, we continue to expect the Group's adjusted revenue to be broadly in line with 2023” Also stated 21 May 2024 Result 2024 adjusted revenue fell 8% to £2.4bn. 5 Mar 2025 · Final Results
2025
2025-12	Achieve positive free cash flow from end of 2025	14 Dec 2023	✗ Missed · target changed
	“deliver positive free cash flow from the end of 2025” Also stated 6 Mar 2024 · 17 Dec 2024 · 5 Aug 2025 Result By July 2026 positive free cash flow before business exits was pushed to 2027. “We now expect the Group to deliver positive free cash flow, before the impact of business exits, in 2027”9 Jul 2026 · Trading and Civil Service Pension Scheme Contract Update “Expect the Group to deliver positive free cash flow, excluding business exits, in 2027”4 Aug 2026 · Half-year Results
2025-06	Deliver £160m annualised cost savings by June 2025	6 Mar 2024	✗ Missed · target changed
	“the Group's efficiency programme which is expected to deliver £160m of annualised cost savings by Q2 2025” Also stated 13 Jun 2024 Result Target raised to up to £250m by December 2025 and was met. “enabling us to increase our cost reduction target from £160m to up to £250m”17 Dec 2024 · Trading and Operating Update “Delivered our targeted £250m of annualised cost savings, enhancing cost competitiveness across the organisation, enabled and supported by our AI investment and strategy;”12 Dec 2025 · Trading Statement
Today · 11 Oct 2026
2026
2026-12	2026 free cash flow of £20m-£40m excluding exits, 70%-80% cash conversion	10 Mar 2026	✗ Missed · target changed
	“we expect the Group to generate free cash flow, excluding the impact of business exits1 between £20m - £40m, with a cash conversion of 70% - 80%” Result In July 2026 positive free cash flow was pushed to 2027 after pension scheme issues. “We now expect the Group to deliver positive free cash flow, before the impact of business exits, in 2027”9 Jul 2026 · Trading and Civil Service Pension Scheme Contract Update “The issues with the Civil Service Pension Scheme contract and impact to the wider Pension Solutions divisions, post mitigating actions across the Group, are now expected to impact adjusted operating profit in 2026 by £25m – £40m with a £35m – £50m free cash flow impact”9 Jul 2026 · Trading and Civil Service Pension Scheme Contract Update
2026-12	Positive free cash flow before business exits in 2026	26 Mar 2026	✗ Missed · target changed
	“We continue to expect the Group to deliver positive free cash flow, before the impact of business exits, in 2026” Result Pushed back to 2027 in July 2026. “We now expect the Group to deliver positive free cash flow, before the impact of business exits, in 2027”9 Jul 2026 · Trading and Civil Service Pension Scheme Contract Update “Expect the Group to deliver positive free cash flow, excluding business exits, in 2027”4 Aug 2026 · Half-year Results