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Capita announces 2013 full year results

27th February 2014

Capita plc has today announced its final results for the year ending 31 December 2013, showing strong sales, operational and financial performance.

Key highlights:

Financial highlights  Underlying**  Underlying** change year-on-year  Reported
 Revenue  £3,851m*  +15%  £3.896m
 Operating profit  £516.9m*  +11%  £312.4m
 Profit before tax  £475.0m*  +14%  £215.0m
 Earnings per share  59.4p  +14%  27.05p
 Total dividend per share  26.5p  +13%  26.5p

* On an ongoing basis, 2013 numbers excluding the partial sale of our Insurance Distribution and planned SIP business closure. Disposal and closure costs, including goodwill, total £146.7m, see note 2 of the preliminary statement. 2012 numbers have not been restated on this basis. 

** Adjusted for new pension standard IAS19(R). Excludes non-underlying items detailed in note 3 administrative expenses, in the notes to the preliminary statement.

Highlights: Delivering sustainable growth

  • £3.3bn contract wins (2012: £4.0bn), 81% new/19% extensions
  • Secured largest ever contract win by annual value with Telefónica UK (O2), £1.2bn over 10 years
  • Highest ever contract win rate of 2 in 3 (by value)
  • Achieved organic growth of 8% (2012: 3%)
  • £5.5bn bid pipeline (November 2013: £4.2bn), well diversified across our target markets
  • £271m spent on 13 acquisitions broadening our operational capability and market reach
  • Swift resolution of 2 underperforming areas within our Insurance & Benefits division

Strong financial performance

  • Revenue* growth of 15%
  • Underlying operating margin* of 13.4%
  • Underlying earnings per share* up 14% to 59.4p
  • Total dividend up 13% to 26.5p
  • Underlying operating cash conversion rate* of 106% (2012:110%)
  • Underlying free cash flow* of £312m (2012: £307m)

Strong start to 2014

  •  £588m new contract wins to date including: 
    o £145m contract with Transport for London to deliver the congestion charging and traffic enforcement schemes 
    o £325m framework contract for Scottish Wide Area Network

Annualised revenues for Capita’s property and infrastructure business (formerly Capita Symonds) were £297m (2012: £273m) while operating profit was almost £16m (2012: £7m).

As you can see from the group’s results significant growth has been announced together with 15% increase in both annualised revenues and operating profit. The Property and Infrastructure business has contributed to the overall business results. The annualised revenues for 2013 are £297m (£273m in 2012) and operating profit at almost £16m ( £7m in 2012). The business has started 2014 in a very positive manner with significantly improved year on year sales in January. This provides a strong platform for continued growth and the outlook for our business remains very positive for 2014.

Richard Marchant

Richard Marchant

chief executive of Capita property and infrastructure


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