Home Business News Capita shares hit as profits fall

Capita shares hit as profits fall


Shares in Capita fell nearly 10% after the outsourcing group reported lower profits as its overhaul continues.The FTSE 250 member saw half-year pre-tax profits drop 26% to £28m, after it sold its specialist recruitment arm and shut down its events operation. Underlying revenue fell 3% to £2.07bn but Capita said its revamp was on track and the turnaround of its IT services unit was going better than expected.The FTSE 100 was flat in early trade, slipping just 0.33 points to 7,271.62. Shares in Irish building materials firm CRH rose 3.1%, making it the biggest riser in the FTSE 100, after it announced plans to buy US cement maker Ash Grove Cement in a $3.5bn (£2.6bn) deal.In the FTSE 250, Kier Group shares jumped 9% after the construction and services company reported an 8% increase in full-year profit to £126m.On the currency markets, the pound was unchanged against the dollar at $1.3500 and also flat against the euro at 1.1336 euros.
Source: BBC