Proforma financial data: closed book Life & Pensions

Summary by AI ^BETAClose X

Capita plc has provided proforma financial data for its closed book Life & Pensions business (CBL&P) ahead of its full-year results, reflecting its managed exit strategy. For FY2024, the CBL&P business contributed a proforma revenue of (143.4) million and an operating profit of (11.3) million, with EBITDA at (17.1) million. The Group's restated adjusted revenue for FY2024 is 2,225.7 million, with operating profit at 84.6 million and EBITDA at 169.0 million, while operating cash flow for the Group increased to 82.8 million and cash conversion improved to 49%. The company noted one-off benefits of approximately £10 million from deferred income releases in 2024 due to contract migrations, which are not expected to repeat in 2025, when CBL&P is anticipated to return to a loss-making position.

Disclaimer*

24 February 2026

Proforma financial data: closed book Life & Pensions

Capita plc (Capita)

As announced on 12 December 2025, Capita reached a hand back agreement with the remaining client in the closed book Life & Pensions business (CBL&P), providing certainty over the resolution of a key component of the Group’s manage for value strategy.

As a business exit in the Group’s external reporting, CBL&P’s results will no longer be reported within the Regulated Services division. Ahead of the 2025 full year results being announced on 10 March 2026, we are today providing 2024 full year proforma financial data for the business as follows:

Proforma divisional information:

	FY2024 Group Adjusted Results (previously presented)	2024 CBL&P Results	FY2024 Group Restated Adjusted Results
Revenue	2,369.1	(143.4)	2,225.7
Operating Profit	95.9	(11.3)	84.6
EBITDA	186.1	(17.1)	169.0
Operating cash flow	72.0	10.8	82.8
Cash conversion	39%	N/A	49%

Commentary on 2024 results:

The Group has been undertaking a managed exit from CBL&P for a number of years. As a result, the business’s revenue is in decline and operating profit and cash flow are subject to fluctuations as terms are agreed and contracts are migrated.

In 2024, in line with the significant progress made in reaching agreements to exit contracts, we successfully migrated a number of contracts in CBL&P. This resulted in c.£10m of one off benefits from deferred income releases which benefited both revenue and profit. As part of these migrations, for some clients, we also delivered additional services during the transition which benefitted the 2024 profit and cash performance.

In 2025, CBL&P returned to a loss-making business, reflecting the impact of handed back contracts, non-repeat of the aforementioned one offs and required increases to the onerous contract provisions. As noted above, this business will now be treated as a business exit in the Group’s financial reporting and therefore will be excluded from the Group’s adjusted results.

For more information, please contact:

Investor enquiries
Helen Parris, Director of Investor Relations
Tel: 07720 169 269
Email: IRteam@capita.co.uk

Stephanie Little, Head of Investor Relations
Tel: 07541 622 838
Email: IRteam@capita.co.uk

Media enquiries
Capita external communications
Tel: 0207 654 2399
Email: media@capita.co.uk

About Capita plc

Capita is a modern outsourcer, helping clients across the public and private sectors run complex business processes more efficiently, creating better consumer experiences. Operating across eight countries, Capita’s 34,000 colleagues support primarily UK and European clients with people-based services underpinned by market-leading technology. We play an integral role in society - our work matters to the lives of the millions of people who rely on us every day.