Shares in big British outsourcing firm crash 40%

Extracts from an article by Alanna Petroff, senior reporter for CNN Money.

“Shares in Capita plummeted more than 40% on Wednesday after the major British outsourcing company issued a profit warning and announced a drastic turnaround plan.

The company, which employs 70,000 people worldwide, is the latest government contractor to run into trouble in Britain. Another major outsourcing firm -- Carillion (CIOIF) -- went bust earlier in January, putting 43,000 jobs at risk.” […]

“Capita secured over 550 public sector contracts over the past three years, according to tracking firm Tussell. Its haul in 2017 was the most of any single supplier, although it accounted for just 0.2% of all government contracts.”

Read the full article on the CNN Money website.

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