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Capita Group PLC (CPI)

  Print      Mail a friend       Annual reports

Wednesday 17 April, 2002

Capita Group PLC

AGM Statement

Capita Group PLC
17 April 2002

17 April 2002

                              THE CAPITA GROUP PLC

                               2002 AGM Statement

The Capita Group Plc ('Capita'), the leading UK professional support services
company, held its Annual General Meeting in London today.  At the meeting Rod
Aldridge, Executive Chairman of Capita, commented:

Results for 2001

'Results for the year ended 31st December 2001 showed that the Group had enjoyed
another record year.  Turnover increased by 52% to £691 million and net profit
before taxation and amortisation of goodwill increased by 41% to £72.1 million.
Earnings per share before amortisation of goodwill advanced by 39% to 7.8p.
Operating margins were 11.2%, a strong performance given the record level of new
major contracts we implemented during the year.

Since becoming a public company in 1989, Capita has consistently adopted the
accounting policy of writing off bid costs and product software development
costs on a monthly basis as incurred.  The Group has a very simple corporate
structure with no special purpose financing vehicles and no associated
companies.  During the last 13 years, turnover has grown at an annual compound
rate of 46% and net profit before tax at 40%.  The Group generated positive
operating cashflow of £90 million during 2001 representing an operating profits
to cash conversion rate of 117%.

Current trading

The Board is delighted by current trading and at the end of the first quarter
the Group is significantly ahead of the corresponding period in 2001.  In line
with historic performance the Group continues to generate strong operating
cashflow.  We are also encouraged by the level of major sales wins and the
organic growth being achieved across the business.

Major contracts

Following our record year of major contract wins in 2001 when the Group secured
contract wins to the value of £744 million, I am pleased to say that this has
already been surpassed three months into 2002.

We announced on 7 February 2002 the signing of the Group's largest ever
contract, a ten year partnership with the BBC to administer TV Licensing.  The
base contract is worth £500 million over the term with additional performance
related elements, which could materially increase the overall value of the
contract.  The 1500 people involved with the customer service and field
operations will transfer from Consignia to Capita in July 2002.  Drawing on our
proven strengths and experience of transitioning and transforming complex
services, we are strongly positioned to deliver an enhanced, effective TV
Licensing service.  The service incorporates multi-channel contact centres, back
office administration, IT services and field operations resulting in revenue
collection for the BBC in excess of £2 billion per annum.

On 13 March we announced the signing of the contract with Transport for London
('TfL') to administer the new congestion charging scheme for London.  The
contract, which is for a five year period and has a potential two year
extension, requires Capita to deliver and manage the customer service
infrastructure.  This includes multi-channel customer service centres which
would enable payment through telephone, web and interactive voice recognition,
the back office administration processes and the network to enable payments to
be made at retail outlets such as shops, kiosks and petrol stations.  The go
live date for the scheme is 17 February 2003.

Both of these contracts are of defining importance to the Group.  The first,
because of the profile of the client, the size of collection and the number of
customers involved which will see us well placed for other contracts involving
this level of interaction. The second, because it is a high profile new
initiative and transport management is high on the agenda of Government and a
number of local authorities.

Today I am pleased to announce further successes worth approximately £70
million.  We have been selected by the Cabinet Office to administer the Civil
Service Pensioner Payroll.  The contact will be for up to 10 years for the
payment of 545,000 pensioners.  We have also signed a contract with P&O Nedlloyd
Container Line Limited (second largest container carrier in the world) for three
years to take end to end responsibility for the selection, recruitment and
administration processes through which all IT consultants will be provided.
Both are significant developments for our HR business where we see increasing
demands for the outsourcing of the HR function.

Our major new contract wins in the first 15 weeks of the current year are now
some £850 million.  To place this performance in context, this is 170% of the
level required for the full year to sustain our internal growth model.  Indeed,
over the past 27 months the Group has won major contracts worth some £2.3

We are currently involved with a pipeline of bid opportunities worth in excess
of £1 billion spanning both the public and private sectors and I expect to be in
a position to make further announcements before the half year results are
announced in July.  We will continue to be highly selective about the bids that
we pursue, only being prepared to sign contracts where we believe the risks and
rewards are balanced and realistic.

Organic growth

The organic growth across our businesses continues to be strong.  The internal
growth targets we have set ourselves for business both from existing and new
clients have comfortably been exceeded in the first three months of 2002.  The
long term relationship that we have with our customer base presents us with the
opportunity of both extending and deepening the relationship that we have across
our 10,000 customers.  In an increasing number of instances we are now seeing
clients taking a combination of services offered by the Group.

Progress with acquisitions

The major acquisitions we made in 2001, McLarens Toplis, the UK's second largest
loss adjusting company and the Industrial Society's Workforce training and
development business, are both performing well.  These have now been fully
integrated into our existing operations and will contribute strongly to profit
growth in our insurance and HR operations respectively during 2002.

On 12 April 2002 the Group announced it had acquired the entire share capital of
City Financial Group Limited for an initial payment of £3.6 million.  This
acquisition complements our existing administration, trust and share plan
activities and enables us to create a more efficient integrated structure for
our regulated activities.  Through Capita IRG we act as registrar for a large
number of investment trusts who also manage unit trusts.  Through this
acquisition we now have the capability to offer these clients third party
administration services.  Our investment trust saving scheme and employee share
plan clients will benefit from our enhanced collective and personal investment

We intend to continue our policy of making small acquisitions where we believe
we can add value for our shareholders and customers over the long term.  Our
current pipeline of acquisition opportunities is buoyant and we anticipate
further news flow in the coming months.

Our markets

Activity across both the public and private sectors is high.  In the public
sector, including local authorities, central government and the education
sector, the business drivers to outsource remain strong.  In addition to
political determination to reform public services, e-government targets remain a
strong incentive to improve the level of services to the customer and to the
citizen.  In the case of the private sector, particularly within the financial
services and insurance sectors, the increasing pressures on these organisations
to reduce cost and to improve services means that there are now excellent
opportunities for the outsourcing of the services that we provide. The current
economic cycle is now putting added pressure on organisations to change the way
that they deliver services. The Group's position in these markets as a leader
and shaper of opportunities means that we are well positioned to benefit from
the enormous changes taking place. We have now built substantial platforms in
both the private and public sectors, providing choice of where we work and
opportunities for growth over the next ten years. We estimate that our target
public and private sector markets are potentially worth £50 billion per annum in
the UK and the greatest competition continues to be the in-house option.


I am confident that shareholders will be pleased by the Group's performance for
the year as a whole.  The record level of new business secured already underpins
strong organic growth for 2002 and 2003.  Turnover will not be less than £885
million for the full year to 31 December.  Prospects of future growth remain

                                    - Ends -

For further information:

The Capita Group Plc                      020 7799 1525
Rod Aldridge, Executive Chairman
Paul Pindar, Chief Executive

Capita Press Office                       020 7544 3141

Issued by Finsbury                        020 7251 3801
Morgan Bone
Mark Harris

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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