 saw shares sink over 10 percent on Thursday, after its turnaround plan hit profits in the first half of the year.){kind=link}
Outsourcing company Capita (LON:CPI) saw shares sink over 10 percent on Thursday, after its turnaround plan hit profits in the first half of the year.
The company have struggled in the wake of Brexit, issuing several profit warnings and launching a plan designed to simplify and streamline the company. Its most recent half-year results were mixed, reporting a 38 percent increase in profit hindered by a three percent fall in underlying revenue.
The company was quick to reiterate that it was performing in line with expectations, winning one in two of the contracts it had bid on rather than its rate of one in three last year. However, the value of contracts one sunk from £879 million to £403 million.
Capita is continuing without a permanent chief executive, after previous CEO Andy Parker stepped down earlier this year. Interim chief executive Nick Greatorex said of the results:
“In the first half of 2017, we made good progress on executing the plans laid out at the end of last year to reposition the group: we announced the sale of our asset services businesses, completed the disposal of our specialist recruitment business and commenced a number of cost initiatives.”
Capita shares are currently trading down 12.32 percent at 564.65 (1219GMT).