The Capita Group Plc - Preliminary Results 2008

Thursday 26 February 2009

The Capita Group Plc - Preliminary Results 2008

The Capita Group Plc - Preliminary Results for the year ended 31 December 2008.

Financial Highlights                      Year ended                        Year ended                Change
                                          31 December 2008           31 December 2007

 Turnover                                          £2,441m                              £2,073m                   +18%

Underlying operating profit *          £320.9m                              £271.3m                   +18%

Underlying profit before tax *         £277.2m                               £238.4m                   +16%

Underlying earnings per share*        33.26p                                  28.10p                   +18%

Total dividend per share                    14.4p                                     12.0p                    +20%

* excludes intangible amortisation of £18.6m (2007: £9.7m) and the non-cash impact of mark to market movement on callable swaps of £32m

Key points

Excellent organic growth. Major contract wins and renewals of £1.24bn in 2008(2007: £1.89bn). £610m contracts secured in first 7 weeks of 2009.
Bid pipeline stands at £3.1bn (Feb 2008: £2.5bn); markets remain highly active. Continued operating margin progression: increased by 6 basis points to 13.15%(2007: 13.09%).
Strong underlying operating cash flow up by 17% to £392m (2007: £334m).20% dividend increase, maintaining our progressive dividend policy.

Paul Pindar, Chief Executive of Capita Group Plc, commented:

"Capita delivered a strong performance in 2008. Organic growth was excellent with a wide range of new major contracts secured in the year and with businesses across the Group delivering robust results.

Despite the economic climate, we believe Capita is well placed to continue its growth. Current conditions present a healthy flow of opportunities for us. Our pipeline of sales prospects, strong forward visibility of revenues from our long term contracts and consistent operational performance position us well for further strong progress.

Prospects for Capita in 2009 are encouraging.  Our success in the first few weeks of 2009, a high level of sales activity and a strong demand for outsourcing in the current economic conditions underpin our outlook for continued growth in 2009 and thereafter."

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