The market has been digesting numbers from outsourcing specialists Capita this morning after a trading statement produced something of a mixed bag. Whilst sales in the dominant public services business line grew modestly, there was a more marked contraction in contact centre revenues. However, broader turn around plans are working well, £250m of annualised cost savings have been realised and the pipeline is up 41% from the position at the half year results. The net impact of this has been seen as positive with the Capita share price up more than 3% in early trade.
Big losses for multi-channel gift and greeting card retailer Card Factory after the company downgraded its full year guidance just as it heads into the peak festive trading period. The revised guidance now has pre-tax profits coming in between £55m and £60m, down on the comparative and well below expectations which had been for high single digit growth. That’s been enough to comprehensive rattle sentiment and the card Factory share price is down 24% in early trade, testing three year lows as a result.
The geospatial data management provider 1Spatial notified the market that an all cash offer for the business had been received and that the board intended to recommend the deal to shareholders. The price of £87m represents a 57% premium to last night’s closing valuation and more than a third of shareholders have already committed their support to the move. VertiGIS, a portfolio company of Battery Ventures, is the acquiring party and the 1Spatial share price was 41% higher by 8.30am.
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