Capita cuts projects, furloughs workers due to 'unpredictable level of disruption' from COVID-19

Outsourcing firm Capita has slashed £25m from planned capital spending in response to the "unprecedented situation" caused by the novel coronavirus outbreak. The cuts, made from restructuring initiatives and "un-committed spending", are among the cost-saving measures intended to "offset the impact of expected revenue reduction …

[Claverhouse]

Outsourcer vows to help efforts in healthcare call centres

Doomed ! We're all Doomed !

[Shadow Systems]

Re: Doomed.

For some reason I heard that as if said by Gir from Invader Zim.

https://www.youtube.com/watch?v=OxzpVaiP6eg

[Pascal Monett]

I've got the feeling that I should invest in Capita shares

After all, these clowns fail major projects all over the place, yet never fail to be awarded new projects.

Why should I not partake in the bottomless trough ?

[Thicko]

Re: I've got the feeling that I should invest in Capita shares

You simply dont have the Capita Connections old chap!

[Anonymous Coward]

Re: I've got the feeling that I should invest in Capita shares

Share price down more than 10% today to just under 33p as at time of writing. Am I brave enough?!

[macjules]

their roles will be furloughed in accordance with the UK Government scheme

It is known as 'chutzpah', or the quality of audacity, either for good or for bad.

The outsourcer went on to assure investors of its strong £450m cash position liquidity and said it was able to service its debts.

Unfortunately just not the ones involving the word "payroll"

[Anonymous Coward]

Capita are surprised by an unpredictable level of disruption in the middle of a global pandemic. Yup, that sounds like them alright.

[Down not across]

£100m saving

Cut £25m investment, close some offices (temporary closure not likely to reduce costs materially given likely fixed costs whether occupied or not), temporarily cut exec and board wages and bonuses. So, the top brass gets ~£75m. Nice trough...

[PAULPRY]

Long downward spiral

It'll be interesting to see whether Capita survive Covid-19. The share price has fallen hugely. There have been so many disappointing announcements over the past few years.

[M444KKR]

furlough?

Good luck getting a comment! Furlough being abused as staff who can work from home and have work to do get furloughed anyway. Fact is, Capita struggling and cutting jobs left, right and centre. Jon Lewis plays the ‘people with purpose’ card and it’s pants. People mean nothing, profit is king.