back to article Capita: We were juuust about to generate revenue growth and sustainable cash flow – then pandemic stuffed it up

Capita, wayward poster child of the UK outsourcing industry, has reported a £28.5m loss in the first half of 2020 as it struggles with the effects of COVID-19 as well as executing a much-needed business turnaround plan. That's compared to a £31.2m profit for the first half of 2019. Meanwhile, revenue fell by 9 per cent over …

  1. DJV Silver badge

    "we had expectations of beginning to generate revenue growth"

    Who forecast that? Gartner?

    1. RM Myers Silver badge
      Thumb Down

      Re: "we had expectations of beginning to generate revenue growth"

      Ah yes, Gartner and Crapita, a match made in hell heaven. One tells you the direction to take (AKA, buzzword bingo), and the other makes sure you don't actually get there.

  2. Anonymous Coward
    Anonymous Coward

    Another poor day for Capita

    Their shares are down 20% on my app today. It seldom seems to be good news for Capita these days, does it? The turnaround project started years ago but seems very slow...

    1. Anonymous Coward Silver badge
      Holmes

      Re: Another poor day for Capita

      But why would they worry about the turnaround? They still get flung wads of cash from government projects and will undoubtedly continue to do so.

      Yes, I've just purchased a few more shares at this low price!

    2. Adelio

      Re: Another poor day for Capita

      As an Past Captia employee I have still got some of my shares.

      At the time they were worth $10 per share, now they are nearly worthless. no point selling them, might as well keep them in the hope of their price rising before I Die!

      1. NeilPost Bronze badge

        Re: Another poor day for Capita

        Smells like some BT shares I had from working there.... that crashed from ‘will make £5 by end of years to sold at £2.50. Currently 103p so glad I sold on.

  3. Securitymoose

    Another 'blame it on covid' excuse for poor management?

    If you can't thrive in IT when everyone is being forced to rely on it, what hope is there?

    I found a puddle in my garden this morning. I might as well blame that on covid as well.

    1. Anonymous Coward
      Anonymous Coward

      Re: Another 'blame it on covid' excuse for poor management?

      I found a puddle in my garden this morning. I might as well blame that on covid as well.

      This unprecedented event should clearly have been attributed to Global Warming and the Climate Emergency.

    2. NeilPost Bronze badge

      Re: Another 'blame it on covid' excuse for poor management?

      It’s a ‘simple blame’ that suckers don’t apply any critical thinking too.

      PHE abolition today’s example - Matt Hancock just bring (the new ) Test and Trace and (the new) Joint Biosecurity that you wilfully created outside PHE/NHS/Sage into (DoH’sExecutive Agency) PHE. You created the management middle management mess you are complaining about. Oh give PHE a remit to work with local Public Health too.

      Next... the promised ‘Glorious Brexit’ has been ruined by the (untrustworthy bastard furriners at) the EU and Coronavirus.... oh and Kier Starmer, Hillary Benn, Lady Hale, Nicola Sturgeon, Gina Miller and the Gawkward Squad.

  4. Ali Dodd

    Astonishing that such a government leach

    Manages to lose so much money despite bleeding this country dry through government projects it never seems to finish or get right despite charging the earth. Would seem to imply the whole thing is rotten to the core. Time to ban it from Gov IT then? PLEASE.

  5. NeilPost Bronze badge

    Another Carillon

    Smells like another Carilion-grade catastro-fuck inbound.

  6. Ordinary Donkey Bronze badge

    "Covid ate my homework"

    1. NeilPost Bronze badge

      Don’t worry. There is an algorithm to mark it

  7. Claverhouse Silver badge
    Mushroom

    The End-Game

    It said it had cut discretionary spending, such as travel, marketing, training and recruitment, to save £28m. Other staff-related savings reached £25m, including £13m through the furlough scheme.

    .

    Doesn't really leave much to do in the future...

  8. macjules Silver badge
    Happy

    "managing our way through the crisis,"

    "Instead, we have had to focus on managing our way through the crisis, while accelerating some strategic decisions .."

    In BOFH-speak that translates as "Can you just stand a bit nearer to the window please?"

  9. theExecutive

    Furloughed Employees cost money?

    Maybe cost of offices , or something, meh!

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Biting the hand that feeds IT © 1998–2020