Outsourcing company The Capita Group Plc has reiterated that it is on course to meet analysts’ expectations in full year 2002, after signing a total of 1.1bn pounds ($1.72bn) worth of business in its year to date compared to 744m pounds ($1.16bn) in the whole of 2001.
In addition, London, UK-based Capita said it is working on bids worth over 1bn pounds ($1.56bn), and is also focusing on developing additional contracts within its existing customer base, and this has enabled it to achieve forward contracted revenue of 155m pounds ($241.8m). The bids include a 105m pound ($163.8m) extension to local government projects with Darwen, Norfolk, Cumbria and Blackburn, a 32m pound ($49.9m) extension to contracts with Zurich Financial Services, Northern Rock and XL Wire Group, and 18m pounds ($28.1m) additional business through its Capita IT Services business.
Capita has managed to establish a healthy position particularly in the UK government sector, and in a statement said: The nine markets in the UK in which the group operates are all active, giving the group considerable options about where it bids across both the public and private sectors…We continue to be highly selective regarding the business development opportunities and extensions we pursue.
Capita is expecting revenue for the year ending December 31 to grow 23% to 895m pounds ($1.39bn), and analysts expect earnings for the year to be in the region of 97m pounds ($151.3m) to 115m pounds ($179.4m).