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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Capita
Capita (CPI) investor relations material
Capita Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor update summary7 Aug, 2026
Operational and strategic progress
Significant operational and strategic progress achieved, with a focus on resolving the Civil Service Pension Scheme (CSPS) issues and improving service delivery across the business.
Technology and innovation have been reshaped, with AI adoption at the core and productivity improvements already visible.
Efficiency initiatives include a GBP 250 million cost reduction, with an additional GBP 40 million targeted after the contact center sale; GBP 8 million already delivered.
Employee engagement remains high, with increased internal mobility and upskilling in data and AI literacy.
Management is committed to translating operational progress into financial results, focusing on margin expansion and free cash flow generation.
Financial performance and outlook
Revenue growth continues, with the public division growing 2.4% and achieving the highest H1 wins since 2021.
Operating margin remains solid at around 8%, despite CSPS-related impacts; public division would have achieved 8.4% without cost reallocations.
Pensions business affected by GBP 14 million direct CSPS impact and GBP 3 million collateral impact, but underlying growth remains strong.
Liquidity strengthened with a GBP 325 million RCF facility and renegotiated covenants; net debt to EBITDA at 1.6x as of June 30.
Outlook expects flat revenue, solid operating margin, and free cash flow in line with previous guidance, with CSPS impact of GBP 35–50 million.
Contract wins, pipeline, and market positioning
Contract value now exceeds GBP 1 billion, up 15% since year-end, with a growing unweighted pipeline and improved win rates.
76% of H1 revenue secured in the order book, with an additional 10% from recurrent framework agreements, ensuring strong revenue visibility.
Recent significant wins include TfL (GBP 425 million), Synergy, UKHSA, and Army's Collective Training Service.
Focused go-to-market strategy narrowed to five value propositions, improving qualification and conversion of pipeline opportunities.
Pipeline growth is prioritized over size, with a lag expected between pipeline, TCV, and revenue due to long sales cycles.
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Latest events from Capita
- Adjusted revenue up 1.6%, profit down 31.6%, AI-led strategy advances amid CSPS challenges.CPI
H1 2026 - Contract wins and tech investments drive growth, but pension scheme issues impact 2026 profit.CPITrading update
- Revenue up 2.9%, contract wins up 20%, and contact centre sale to drive margin gains.CPITrading update
- Contact center sale enables AI-led focus, £40m cost savings, and 200bps margin growth by 2027.CPIInvestor update
- Strong cost savings, margin expansion, and AI-led transformation drive 2025 results.CPIH2 2025
- Stable revenue, strong cost savings, AI advances, and record contract pipeline; Life & Pensions exit.CPITrading Update
- Secured £135m extension for UK smart meter platform, driving digital-led margin and cash gains.CPIInvestor Update
- 45% margin improvement and £100m cost savings offset revenue decline; Capita One sale boosts liquidity.CPIH1 2024
- Margin expansion, £160m cost savings, and tech-driven growth targeted from 2025.CPICMD 2024
Next Capita earnings date
H2 20269 Mar, 2027
Capita
Next Capita earnings date
H2 20269 Mar, 2027
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Frequently asked questions
Capita plc operates a range of consulting and outsourcing services through its three divisions: Public Services, Experience and Portfolio. Recognised for its experience and expertise in delivering innovative solutions for many large public sector clients across the UK, Capita offers an integrated portfolio of services that includes consultancy, digital and software products and services. Across not-for-profit trading companies, local authorities, central government departments, health and other sectors, Capita has helped customers to deliver value for money while improving their operational efficiency.