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BOOST IN CAPITA PROFITS ATTRIBUTED TO CONTRACTING OUT

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Capita Group yesterday reported a greater than expected increase in profits and earnings per share as it continued ...
Capita Group yesterday reported a greater than expected increase in profits and earnings per share as it continued to enjoy the fruits of widespread contracting out of council services, the Financial Times reports (p23).

Pre tax profits rose from £3.45 million to £4.41m on sales up 34% at £33.1m.

Chairman and chief executive Rod Aldridge said: 'We are currently looking at a significant volume of new business opportunities. The organic opportunities are enormous'.

Mr Aldridge said the most significant growth would come from council outsourcing, with less than 10% of contracts currently contracted out. Sales in Capita's outsourcing division expanded by 59% to £17.8m in last year.

He said the fact the group had cash balances of £9.6m and no net borrowings was a benefit when marketing to councils.
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