Making good progress, driven by our purpose
In 2022, Capita made further progress as a simplified and more focused organisation, built around two core divisions with strong positions in attractive and growing markets, and driven by its purpose.
The macroeconomic backdrop for all businesses including Capita, and our employees, remained challenging – despite the waning threat of the Covid pandemic – amid political uncertainty and inflationary pressures.
Despite the difficult external environment, we delivered on our commitment of improving financial performance and moved towards the completion of the disposal processes in our Portfolio division.
Aligned to our purpose, the welfare and wellbeing of our tens of thousands of people remained a top priority.
It was very important, especially amid the cost-of-living crisis, to continue to support and care for our employees, particularly the lowest paid.
I would like to thank all our colleagues for their hard work, professionalism and commitment over the last year.
We delivered on our commitment of improving financial performance and moved towards the completion of the disposal processes in our Portfolio division.
Chief Executive Officer’s review
Our strategy is delivering and we achieved a turnaround in our financial performance in 2022.
Chief Financial Officer’s review
A turnaround in financial performance
Improved adjusted revenue growth was in line with our expectations, with an acceleration across the year from 1% in the first half to 4% in the second half. This was driven by strong growth in the Public Service and Portfolio divisions and stabilisation of revenues in the Experience division.
Public Service revenue growth was underpinned by new wins such as the Northern Ireland teachers IT refresh contract and annualisation of the Royal Navy training contract offset by revenue reductions in some Local Public Service contracts. Experience revenue was impacted by significant prior year contract losses, offset by new wins, including those in International and with ScottishPower.
Growth in our transactional business was mainly driven by Portfolio, including the Travel and Enforcement businesses, which continued their recovery following Covid-related constraints.