Capita PLC: Positive start to 2026

研报英文原文证据摘录

Capita PLC: Positive start to 2026

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Capita PLC 18 May 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 15 May 2026 (GBP) 315.00

CPI.L CPI LN LSE CPI

Price Target (GBP) 320.00

Business Services

Outsourcers ADR ISIN 52-week range (GBP) 407.50216.20-

CTAGY US13970R1095

Positive start to 2026

Valuation & Risks

David Brockton

Positive start to 2026, with divisional trends as expected Research Analyst

Capita has seen a positive start to 2026, running just ahead of our full year targeted +44-20-754-11721

growth, with unchanged guidance. In the first four months, adjusted revenue was

James Beard

+2.9% (vs. FY26 DBe +1.3% organic). Growth reflects Public Sector +5.8% due to Research Analyst

increased volumes on contracts and a one-off benefit from higher volumes on a +44-20-754-56765

contract in Northern Ireland, with the retained Contact Centre business -7.0% due

Steve Woolf

to reductions in volumes and project work, and Pensions Solutions +23.4% due to

Research Analyst

annualising the Civil Service Pension Scheme and higher volumes on the Teachers’

+44-20-754-54604

Pension Scheme ahead of transfer to a new provider.

Bharat Rajesh, CFA

Research Associate

Good wins year-to-date, working to improve Civil Service Pension mobilisation

Total Contract Value won YTD is +20% to >£750m underpinning a positive outlook,

management continues to increase the level of technology within its contract Price/price relative

delivery and it is focused on resolving the challenges it has seen for the Civil Service

Pension Scheme contract mobilisation. The non-core private sector contact centre

business saw revenues -14.6% with the sale process on track. Daniel Wosner (MD