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Capita Group PLC (CPI)

  Print      Mail a friend       Annual reports

Wednesday 30 April, 2003

Capita Group PLC

AGM Statement

Capita Group PLC
30 April 2003

30th April 2003

                              THE CAPITA GROUP PLC

                               2003 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 2002

'Results for the year ended 31st December 2002 showed that the Group enjoyed
another record year. Turnover increased by 30% to £898m and net profits before
taxation, goodwill amortisation and an exceptional gain of £5.3m rose by 36% to
£98.2m. Earnings per share on a similar basis grew by 36% to 10.5p. Operating
margins increased during the period from 11.2% to 12%. This reflects an
increasing trend in the market for customers to choose service partners based on
the criteria of quality and value as opposed to price. It is also evidence of
Capita's ability to be selective regarding which opportunities to pursue and the
economies of scale we bring to our customers.

Since becoming a public company in 1989, turnover has grown at an annual
compound rate of 46% and net profit before tax at 42%. The Group generated a
positive operating cashflow of £117m during 2002, representing an operating
profit to cash conversion of 109%.

Organic Growth

In our results statement on 20th February, we announced that the total value of
major contracts secured in the first six weeks of 2003 was £116m.

On 3rd April, we signed a new contract with the DfES to administer the Teachers'
Pension Scheme for a further period of seven years. It is worth £62m over the
period, and starts on 1st October 2003.

Today, I am pleased to announce that the Group has been successful with a
further Life & Pensions contract. We have been made preferred bidder by a major
Insurer for a contract worth in excess of £35m over a 10 year term. I expect to
be in a position to give further information about this contract in the coming

This increases the total value of major contract wins for the year to date to
£213m. Significantly, all are 'brownfield' in nature involving low capital
expenditure. So far this year, of 10 major bids concluded, 5 have been won, 4
have been lost and 1 has remained in-house, continuing the Group's win rate of
50% of the major contracts it bids for.

Our bid pipeline also remains strong with a number of new bids entering the bid
process. Currently, the Group is involved in 21 bids with a total value of
£2.2bn. I expect to be in a position to announce further wins before the half

Operational Performance

17th February 2003 saw the smooth launch in London of the world's largest
congestion management scheme. The scheme, which involved a 450 man-year service
development, was introduced to specification, on time and to budget. The scheme
has reduced the level of traffic in the Zone. We are also pleased by the way
that people have chosen to interact with the scheme, with more than 85% of
payments being made through SMS texting, retail and the web; only 15% being
through a Call Centre. More than 135,000 drivers have signed up for SMS texting,
a facility introduced and designed by Capita as part of our bid and which has
commercial opportunities beyond Congestion Charging. The scheme has caused
considerable interest both in the UK, where 35 local authorities have expressed
an interest, and overseas. The computer system designed and owned by Capita will
give us a significant 'first mover' advantage in a fast developing market.

The Criminal Records Bureau is performing well with over 1.5m Disclosures now
issued. It is averaging over 40,000 Disclosures per week, with around 90% of
Standard Disclosures issued within three 3 weeks. This is more than twice the
number of checks issued by the Police under pre-CRB arrangements, and compares
to an average time of 3-6 months for similar Disclosures. We are currently in
discussion with the Home Office over developing further the way the service is
provided. The discussions are progressing well and we hope will be concluded
later this year.

Our contract to administer the TV Licensing service on behalf of the BBC is also
progressing well. Capita's task is to issue and collect payment for 23.5m TV
licences per annum, totalling £2.2bn. The BBC is very pleased with the service
standards which have been achieved since the 'go live' date last July, and we
are ahead of the overall collection rates set under the terms of our contract.

Company of the Year

On 8th April, the Group was named 'Company of the Year' at the Royal Bank of
Scotland Sunday Times Business Awards 2003. The award recognises the
contribution made by British businesses to the UK economy through the creation
of wealth and employment. The citation made reference to the fact that Capita
had achieved record revenue and profits for the past 14 consecutive years. I am
delighted by the award which recognises the dedication of our team at Capita and
the valued and consistent support of our customers over many years.


The Board is pleased by current trading. At the end of the first quarter, the
Group is significantly ahead of the corresponding period in 2002. The Group
continues to generate strong operating cashflow. We are also encouraged by the
level of organic growth being achieved across the business.

I am therefore confident that shareholders will be pleased by the Group's
performance for the year as a whole. The record level of business secured over
the past 2 years will underpin strong organic growth in 2003. Turnover will be
not less than £1,075m for the full year to 31st December 2003. We also have an
encouraging platform for 2004 and the prospects for 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

Notes to Editors:

The Capita Group Plc, is the UK's leading provider of integrated professional
support service solutions. The Group's service capabilities encompass customer
services, financial services, human resource services, software services,
systems and strategic support and property services delivered to both public
sector and private organisations. With over 17,000 employees at more than 200
offices across the UK, Capita is quoted on the London Stock Exchange (CPI.L),
and is a constituent of the FTSE 100, with revenues for 2002 of £898 million.

In April 2003 Capita was named Company of the Year in the Royal Bank of Scotland
Sunday Times Business Awards. Capita has won Management Today's Most Admired
Support Services Company Award in 2001 and 2002.

Further information on The Capita Group can be found at:

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

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