It's nearly a year since Capita issued its first ever profit warning that forced a divisional restructure, a big wave of redundancies including a tier of middle management, business unit sales, and the departure of CEO Andy Parker, who finally left this month.
Capita PLC (LON:CPI) saw its shares drop 10% today after the under-pressure outsourcing group saw its first half underlying revenue decline, although profits rise and it said its restructuring is on track along with its hunt for a new chief executive.
"We announced the sale of our Asset Services business, completed the disposal of our specialist recruitment business and commenced a number of cost initiatives".
The company was quick to reiterate that it was performing in line with expectations, winning one in two of the contracts it had bid on rather than its rate of one in three past year.
Nick Greatorex, Capita's interim CEO, commented: "In the first half of 2017, we made good progress on executing the plans laid out at the end of previous year to reposition the Group: we announced the sale of our Asset Services businesses, completed the disposal of our specialist recruitment business and commenced a number of cost initiatives".
However, underlying pre-tax profits made for brighter reading, lifting 46 per cent to £195m, thanks in part to a £16m boost from reorganising a contract with the Ministry of Defence.