Capita shares collapse after warning on profits

Extracts from an article by BBC News.

“Capita shares have plunged almost 50% after the outsourcing firm warned on profits and announced a major shake-up.

New chief executive Jonathan Lewis said the company had become "too complex" and "driven by a short-term focus" and needed to change its approach.

Capita, which issued a series of profit warnings last year, has again cut its profit forecast and revealed plans to raise £700m by issuing new shares.” […]

“According to Tussell, a firm which analyses UK public sector contracts, Capita won 154 government contracts last year.”

Read the full article on the BBC News website.

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