Chairman’s introduction

Committed to delivering value

In 2023, Capita continued on its journey to delivering the medium-term priorities that were outlined in 2022.

I am pleased to note a number of positive achievements this year. The total value of new contracts won has continued to grow strongly, up by 17%. Top line revenue growth was positive but impacted by contract award delays and some specific contract losses. We are delivering for our clients and their customers, and we have an engaged and talented workforce.

The cyber incident in March was a very challenging period for the Group and some of our customers, although the majority were unaffected. The Group’s management team acted swiftly during this period and we continue to bolster defences and governance in this area.

In July, Jon Lewis announced his intention to retire from Capita. On behalf of the Board, I would like to express our sincere thanks to Jon and pay tribute to his significant commitment and achievements at Capita over the past six years. I’d also like to commend him for his leadership throughout the period following the cyber incident in March, during which he decided to delay his possible retirement.

In early 2024, we welcomed Adolfo Hernandez as the CEO of the Group and to the Board. Adolfo has a strong track record in accelerating revenue growth driven by digital services over his c.30-year career, which has included senior leadership roles at Amazon Web Services (AWS) and SDL plc. His appointment is testament to the exciting potential for the Group.

David Lowden


We appreciate the patience and support of all shareholders, and we remain committed to delivering long-term value creation for all our stakeholders.

Chief Executive Officer’s review

Getting the basics right

I am delighted to have joined Capita in the middle of January 2024. Capita plays an essential role in underpinning how millions of people’s lives operate – every single day – and I am honoured to have been appointed as leader of this business.

Much has been achieved in the transformation of the Group under Jon Lewis’s leadership, with improvements in client satisfaction and contract delivery, the simplification of the business, with multiple unfocused business units reduced to two market-focused divisions, and significant debt reduction. This has created a solid foundation to build on. We are now refocusing our operations and strengthening our execution capabilities, defining our future strategy and transforming into a more agile, client centric business, that will ultimately deliver profitable cash-backed growth.

Over the last few weeks, I have spent time embedding myself within the organisation, meeting with stakeholders, the leadership team and colleagues around the world to better understand the strengths of Capita today and where there are opportunities to create value in the future.

It is clear that Capita is at an exciting point in its journey with attractive offerings in many segments, client satisfaction scores we can be proud of and a very talented and diverse workforce. Capita has a rich client base with multifaceted and deep relationships. I’m pleased to see that we have high quality people across the organisation who understand how to deliver complex services and are passionate and committed to our clients and their needs.

Adolfo Hernandez

Chief Executive Officer

It is clear that Capita is at an exciting point in its journey with attractive offerings in many segments, client satisfaction scores we can be proud of and a very talented and diverse workforce.

Chief Financial Officer’s review

Delivering efficiency and improved funding

Adjusted revenue growth of 1.3% reflected underlying growth on contracts such as the Personal Independence Payments contract in Public Service, increases in indexation, and the one-off benefit relating to a commercial settlement in the closed book Life & Pensions business in Experience, partly offset by the impact of a number of contract losses.
Public Service revenue growth was underpinned by indexation, scope increases on the Royal Navy Training contract and increased volumes on the Personal Independence Payments contract, offset by contract hand-backs and losses in Local Public Services and a step down in revenues in Northern Ireland, which in 2022 benefited from the teachers’ laptop contract. Experience revenue growth was driven by improved trading in its international business, indexation and the one-off benefit relating to a commercial settlement in the closed book Life & Pensions business, partly offset by contract losses including with the Co-operative Bank.

The 13.5% step-up in adjusted profit before tax reflected the revenue trends noted above, in particular the commercial settlement in Experience, and a reduction in bonuses and variable pay, offset by increased financing costs.

Tim Weller

Chief Financial Officer

The steps taken to improve the Group’s funding position and the efficiency programme launched at the start of 2024 are key underpins for Capita’s future.

2023 Divisional performance

Two divisions focused on distinct market and client needs.

Capita Public Service

Adjusted revenue: £1,458.6m (2022: £1,454.8m)
Adjusted operating profit: £89.3m (2022: £93.7m)
Employees: 12,000

Capita Experience

Adjusted revenue: £1,183.5m (2022: £1,154.2m)
Adjusted operating profit: £50.9m (2022: £35.7m)
Employees: 27,000

Financial highlights and KPIs


Reported revenue

(2022: £3,014.6m)


Reported (loss)/profit before tax

(2022: £61.4m)


Free cash flow

(2022: £(31.5)m)


Adjusted revenue

(2022: £2,609.0m)


Adjusted profit before tax

(2022: £49.8m)


Free cash flow before the impact of business exits

(2022: £(42.4)m)


Reported basic (loss)/earnings per share

(2022: 4.47p)


Adjusted basic earnings per share

(2022: 2.64p)

Non-financial highlights and KPIs


Points swing in employee net promoter score

(2022: -9pts)


Points swing in customer net promoter score

(2022: +26pts)


Suppliers paid within 60 days

(2022: 99%)


Total shareholder return (TSR)

(2022: (33.5)%)


Employee engagement index

(2022: 65%)


Diversity: gender F/M/other and did not disclose

(2022: 49/51%)


Reduction in carbon footprint (location-based)

(2022: 47%)


CO2 emissions (location based) Scope 1,2 and 3 (tCO₂e)

(2022: 39,287)


Voluntary employee turnover

(2022: 30%)


Diversity: ethnicity (White/Black, Asian and minority ethnic)

(2022: 37/24%)


Reduction in carbon footprint (market-based)

(2022: 65%)

Key downloads

Capita plc annual report

Annual report 2023 strategic report

Annual report 2023 Chief Financial Officer's summary



Contact our investor relations team

Scroll Top