back to article 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 …

  1. Claverhouse Silver badge

    Outsourcer vows to help efforts in healthcare call centres

    Doomed ! We're all Doomed !

    1. Shadow Systems Silver badge

      Re: Doomed.

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

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

  2. Pascal Monett Silver badge

    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 ?

    1. Thicko

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

      You simply dont have the Capita Connections old chap!

      1. Anonymous Coward
        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?!

  3. macjules Silver badge

    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"

  4. Anonymous Coward
    Anonymous Coward

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

  5. Down not across Silver badge

    £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...

  6. 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.

  7. 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.

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