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Shares in the BBC license fee collector fell by more than a fifth after it posted losses and outlined plans to cut more jobs.
Government contractor Capita began modernizing in November to save £60m and wants to save another £100m by mid-2025.
He cut about 800 jobs but declined to say how many would be lost in the latest plan.
Capita will have to “pull all the levers we need to deliver that level of profitability”, finance chief Tim Weller said, as it reported a £106m loss in 2023, after making a £61 profit. .4 million pounds the previous year.
This included a £25m hit linked to last year’s cyberattack.
Job cuts: Government contractor Capita began streamlining its business in November in a bid to save £60m. It now wants to save another £100m by mid-2025.
CEO Adolfo Hernández said: “We have yet to deliver the operational excellence that will allow us to create the right platform for future growth or achieve our full potential for the benefit of shareholders.”
Shares fell 22.5 per cent, or 4.53 pence, to 15.65 pence.
Premier Foods, owner of Kipling’s cakes, went in the opposite direction – rising 11.5 per cent, or 16p, to 154.8p – as it prepares to suspend pension deficit payments from April.
This will leave it with an extra £33m to spend in the 12 months ending March 2025.
In the broader market, the FTSE 100 rose 0.4 per cent, or 33.15 points, to 7,679.31 and the FTSE 250 rose 1.1 per cent, or 202.19 points, to 19,473.22. while investors welcomed Jeremy Hunt’s budget, which included a British Isa.
The London Stock Exchange Group rose 2.3 percent, or 210 pence, to 9,252 pence after investors including private equity firm Blackstone, Thomson Reuters and others sold about £1.9 billion of pounds in operator shares.
Stock Watch – Esken
Private equity giant Carlyle will take control of Southend Airport after reaching a deal to settle a debt with its owner.
The investor will take an 82.5 percent stake in London Airport, while current owner Esken will take 17.5 percent.
Esken, formerly Stobart Group, said it accepted the proposal to settle the airport’s £193.75m debt to Carlyle.
Esken will also stop trading its shares in London. The share price fell 53.3 per cent, or 0.08p, to 0.07p.
British Airways owner IAG rose further (4.8 per cent, or 6.8 pence, to 148.65 pence), after JP Morgan said the company could beat market expectations as it passes from cutting costs to increasing profits.
Travel company Tui rose 9 per cent, or 47 pence, to 569 pence, while Greggs rose 2.7 per cent, or 76 pence, to 2,850 pence following updates from its brokers.
Case sales at acquisition target DS Smith improved in the third quarter to the end of January.
The paper and packaging company has been contacted by its rival Mondi, which has until today to make a firm offer or withdraw. It fell 1.4 per cent, or 4.5p, to 315.8p.
Digital 9 Infrastructure, an investor in data centers and wireless networks, expects the sale of its crown jewel to be completed this month.
The deal cleared the final regulatory hurdle, paving the way for its Verne Global business to be sold to Ardian France SA for around £465 million, lifting it 25.7 per cent, or 4.86 pence, to 23.8 pennies.
Colostomy bag maker Convatec raised guidance following a strong portfolio of products such as its new urinary catheter for women.
Revenue is now expected to increase 5 to 7 percent each year. She gained 6.1 per cent, or 15.4p, to 267.8p.
Construction company Breedon will begin trading in the US after buying Missouri-based concrete supplier BME for almost £240m. The shares rose 4 per cent, or 15p, to 395p.