Interim Results

Capita Group PLC 26 July 2001 26th July 2001 THE CAPITA GROUP PLC Interim results for the six months ended 30th June 2001 RECORD PROFITS GROWTH & RECORD SALES WINS Highlights: - Strong growth throughout the period, leading to record operating profits of £31.3 million up 62% on 2000; - Turnover increased by 55% to £323m (2000: £208 million) with underlying organic growth of 27%; - Operating margins risen to 9.7% (2000: 9.2%); - Operating cashflow £36.2m, with an operating profit to cash conversion rate of 116%; - Record £722 million of new major contract wins in the first half, exceeding the total for full year 2000 - winning one out of every two bids; - Pipeline of bid opportunities worth £1bn; - Acquisition of McLarens Toplis enhances insurance offering, forming an integrated insurance business with proforma revenues of £160m per annum. Capita is now the clear market leader in insurance outsourcing services; - Strong demand for services across all of Capita's chosen markets - estimated size of current BPO market in UK increased to £50bn from £30bn, reflecting growing opportunities across private sector and central government. Rod Aldridge, Executive Chairman of The Capita Group Plc, commented: 'I am delighted to be able to announce such strong results today. These figures represent a period of record growth for the Group. Our success to date lays strong foundations for the future. The non-cyclical nature of our revenue, underpinned by long-term contracts and the provision of essential services, means the Group's forward revenues are both highly robust and visible. We have secured a record value of major contracts over the last 18 months, which means our targeted revenues for 2001 and 2002 are now substantially underpinned. The demand for our services has never been stronger and the credibility, capability and capacity we have built up over the past 14 years gives us a real competitive edge. We are therefore very confident of the Group's prospects for the year as a whole and for our continued future growth.' Financial highlights: Six months ended Six months ended Change 30th June 2001 30th June 2000 Turnover £323m £208m + 55% Operating profit* £31.3m £19.3m + 62% Pre-tax profit* £29.1m £18.4m + 58% Earnings per share* 3.19 pence 2.06 pence + 55% Interim dividend per share 0.75 pence 0.55 pence + 36% *before amortising goodwill For further information: The Capita Group Plc Tel: 020 7799 1525 Rod Aldridge OBE, Executive Chairman Press Office: 020 7544 3141 Paul Pindar, Chief Executive Shona Nichols, Group Marketing Director Issued by: Finsbury Tel: 020 7251 3801 Morgan Bone Mark Harris THE CAPITA GROUP PLC Interim results for the six months ended 30th June 2001 CHAIRMAN'S STATEMENT Results The Group has made excellent progress in the six months to 30th June 2001. Capita has strengthened further its relationships with existing customers whilst also increasing the Group's presence across all its core markets within the UK. The non-cyclical nature of our revenue, underpinned by long-term contracts and the provision of essential services, means the Group's forward revenues are both highly robust and visible. Once again, the Group has achieved record results. Group turnover increased by 55% to £323 million (half year to 30th June 2000: £208 million), operating profits before goodwill amortisation rose by 62% to £31.3 million (2000: £19.3 million) and net profits before taxation and goodwill amortisation increased by 58% to £29.1 million (2000: £18.4 million). Operating margins have also increased from 9.2% to 9.7%. Earnings per share before amortising goodwill grew by 55% to 3.19p (2000: 2.06p). Our businesses continue to enjoy excellent cashflow with £36.2 million generated by operations in the period, representing an operating profit to cash conversion rate of 116%. Dividend The Board has declared an interim dividend of 0.75p net per ordinary share (2000: 0.55p), a 36% increase. The dividend will be payable on 12th October 2001 to shareholders on the register at close of business on 14th September 2001. The dividend is covered 4.3 times by earnings per share before amortising goodwill. Creating Growth Capita has three complementary approaches in its pursuit of growth. First, we seek to secure major contracts to deliver complex projects that use our skills across the Group and which generate high quality recurring revenues. Secondly, each of our individual businesses is structured to generate incremental growth through the development of existing accounts and new business wins. Thirdly, we continue to make strategic acquisitions to strengthen the Group's presence within a specific market and to broaden our service capability. I am delighted to report that we have exceeded all our internal targets during the period in respect of each of these three strands. Major Contracts In our full year results announcement on 22nd February 2001, we reported on £ 700m of major contract wins secured during 2000. I am delighted to report that in the first six months of 2001, we have already surpassed the total for the previous year, having secured £722m of major contract wins. We currently have a pipeline of bid opportunities worth £1bn across the public and private sectors. We expect to be in a position to make further announcements in the coming months. Our success rate on large contracts over the past two years has been one out of every two contracts bid for, compared to an industry average of one in five. This success is due to the breadth of the integrated service offering we are now able to provide to customers which is unparalleled in the industry, the way we lead and shape the opportunities we undertake and our track record of service delivery over the past 14 years. To put this performance into context, the Group has won new contracts to the value of £1.42bn over the past 18 months. This total is three times larger than assumed in our business model and will result in annualised revenues of £ 150m in 2002. In a number of these contracts we also have the opportunity to increase revenues when service demand exceeds the contracted level and through additional commercial opportunities. This level of wins means that our turnover for 2001 will be at least £690m, showing growth of 52%, of which 27% is organic excluding acquisitions in 2000 and 2001. Since many of these contracts do not start until next year, our targeted revenues for 2002 are now substantially underpinned. The Group has also extended all major contracts due for renewal to 2002 and has only one material re-bid in 2003. No customer provides more than 6% of our revenue. We have won four significant long-term contracts in the period. In January, we were awarded a £323m, 10-year contract with Abbey National Plc to develop, manage and administer the systems development and core processing activities of its general insurance business. The transfer and development of services are progressing to plan. In May, we were awarded preferred bidder status for a £110m agreement spanning seven years by the Department for Education and Skills (DfES) to manage its programme to introduce the Connexions card for 2.4 million 16-19 year olds throughout England. We recently signed the contract and the service will be administered from our Business Centres in Blackburn and Darlington. The regional rollout of the service will start in October in the North East with the whole of England being covered by autumn 2002. This is one of the largest smart card projects in Europe at a time when the UK Government wishes to extend smart card technology to the NHS and other public services. In June, we signed a 15 year contract worth £205m with Blackburn with Darwen Borough Council, representing the longest contract agreed in the local government market. The strategic partnership is responsible for the delivery and modernisation of services including digital technology, customer relations management, human resources, financial services, revenues and benefit administration and property management. 600 employees transferred to Capita on 1st July. Also in June, we were appointed the preferred strategic partner to the London Borough of Croydon to lead the development of an integrated gateway for the public to access services to the Authority. The seven year contract worth approximately £107m will involve the transfer of a number of existing services and the creation of an advanced customer contact centre. It will be a forerunner for many other e-government projects. Incremental New Business The investment we made in 2000 to increase materially the business development personnel within each of our three business areas has paid handsome dividends, contributing significantly to our organic growth. Across our businesses the percentage of customers on medium to long-term contracts has also increased substantially. We are in the enviable position of having a 95% client retention rate across the Group's businesses, reflecting customer service satisfaction. This stable customer base enables us to extend and develop these relationships, resulting in an increasing number of our customers receiving additional services from across Capita's three divisions. Key developments across the business in the period include the establishment of Capita Strategic Education Services to spearhead the expansion of our education business. The team of 16 top class education managers, many national leaders in the service, gives Capita the capacity to manage Local Education Authorities and provide LEA specialist support services to schools. From a standing start, the team has won contracts worth £10m and has a strong pipeline of opportunities. The Capita Education Portal will be launched in September. The initial focus of this Portal, Capita Education Direct, is to provide an effective channel to school managers, which will enable us to market, sell and deliver the full range of our services directly to schools. This strategy fits well with the Government's agenda to channel funds direct to schools, enabling them to make purchasing decisions regarding the many services which Capita already provides to the sector, for example, HR, Property, ICT and Professional Development. At the same time, we will be delivering the Parents Gateway to schools; this will enable pupil level data to be presented through the internet to parents, allowing us to create a communication channel to the home. Our track record of organic growth in the education sector is outstanding and the launch of this comprehensive IT infrastructure, supporting sales and services to schools, will provide the foundations to continue this growth over the coming years. Further enhancements to the Portal and our wider education offering are planned and I am pleased to announce today that we have entered an agreement to collaborate with Granada Learning to develop and deliver our extensive services together. By combining Capita's strong position in school management services and our sales and delivery infrastructure with Granada's market leadership position in high quality curriculum content (used by 95% of UK schools), standardised tests (used by 75% of UK schools) and development skills, we will be able to deliver a unique offering to schools. This new relationship builds on a successful track record of the two companies working together across a number of projects over the past three years. We have successfully concluded the renegotiation of our contract with the London Borough of Lambeth. We will continue to provide the IT and call centre support for the Housing Benefits service and retain responsibility for the collection of Council Tax and NNDR. However, we have handed back the administration of Housing Benefits to the Council. During our control the service improved significantly but, under the contracted relationship, we were constrained from implementing the changes required to make the step improvement we considered necessary. The renegotiation will enhance the Group's earnings in the current year and for the remaining period of the contract. Across our HR businesses, we have both extended and won several significant contracts in the period, involving payroll, pensions and HR outsourced administration, worth an aggregate £10m over three years. This includes new payroll and integrated HR administration contracts with Pipeline Integrity International and 24seven and extensions with NTL and Glaxo SmithKline (GSK). In the case of GSK, we have been appointed preferred supplier to provide payroll services to all of GSK's 43,000 employees, due to the high level of service we delivered to 10,000 staff under our previous contract. Our wins across pensions include new contracts with clients such as the House of Commons, First Choice Holidays and Twyford Bathrooms and extensions with Gillette and AT&T ISTEL. HR outsourced administration and resourcing contracts include new work with the Department for Work and Pensions, the Meteorological Office and the NHS. Acquisitions The major acquisitions completed in 2000 of Capita IRG and Capita Eastgate have performed superbly during the period. Capita IRG Plc, one of the UK's leading share registration and shareholder services companies, has demonstrated excellent growth with revenues 26% ahead of the corresponding period. Margins have also increased and there are further efficiencies to be gained from the business as our investment in technology bears fruit. In 2001, 56 newly listed companies have appointed us as registrar and 243 of our 1,500 clients now buy more than one of our services, compared to 190 clients a year ago. We have further enhanced our service offering through the acquisition of the Royal & Sun Alliance Trust Companies, providers of corporate trustee services, which have now been integrated within Capita IRG. In the same month, we acquired the remaining 68.5% shares in MyShares Ltd, a company that develops and sells software used in administering Employee Share Option Schemes (ESOPs), a core existing business of Capita IRG. Indeed, our employee share plan business has grown by 40% with 45 new plans won since the beginning of the year. We have also been appointed to administer 31 new All-Employee Share Ownership Plans (AESOPs) including the first approved AESOP to go live. With Abbey National, we have been appointed not only to administer their own AESOP, but also any third party AESOP client contracts they win, a relationship estimated to be worth at least £2m over the next three years. Companies are increasingly looking to outsource AESOP administration and to integrate it with other employee services, such as payroll and pensions. This opens up a rich vein of cross selling opportunities across the Group and, already, 30 Capita IRG customers have contracted with the Group for pay and pensions administration. Capita Eastgate, the UK's leading provider of outsourcing services to the insurance industry, has been substantially restructured over the last six months. The business has enjoyed an excellent period, trading materially ahead of budget. On the sales front, we have generated substantial incremental new business. Capita has secured a five year contract with Affinitas, the group which sells services to the armed forces, to provide a member service centre. Commencing with personal insurance products for UK personnel, Capita will provide full 'end to end' service delivery from purchase through to claims handling. The products are supported by a 'panel' of leading insurers. Other services and financial products will be launched by Affinitas in the autumn expanding the service provided by Capita. Capita Assistance, our legal and medical help-line service, has seen a 12% increase in volumes in all of its personal lines of business operated for clients including CGNU, AXA, Direct Line, Zurich and Abbey National. Across the business, we now have many significant relationships with the potential for substantial development. In June, we acquired for £33m the UK business of McLarens Toplis, the UK's second largest loss adjuster and provider of outsourced services to the insurance industry. The client base of McLarens has universally welcomed this move. We are already undertaking some immediate actions to improve the company's cost structure and its management information. Over the coming months, we intend to integrate the business with Capita Eastgate to form one insurance services company, providing a wall-to-wall client offering. We are also investing in developing our sales and marketing infrastructure to meet the increasing trend to outsource in this industry. From a negligible position some 12 months ago, Capita is now the clear market leader in insurance outsourcing services with our business enjoying proforma revenues of £160m per annum. This is an outstanding position from which to build. Managing Growth As a consequence of our sales successes, there are several major implementations either recently completed or still in progress. Of those completed, it is noteworthy to report that the Individual Learning Accounts project which helps promote the Government's 'lifelong learning culture', now has over 1.4 million members registered and is operating 12 months ahead of targets set by the Department for Education and Skills (DfES). The implementation has clearly demonstrated the speed at which Capita can set up new operations. In less than two months from contract award, a 90-seat call centre became operational in Coventry, supplemented by a dedicated help-line in Darlington to support Learning Providers. In addition, a new web-based IT solution was developed to cater for the public's response and the reimbursement of incentives and discounts under the scheme, for up to 20,000 Learning Providers. Our project to manage the Winter Fuel Payments Scheme for the Benefits Agency has also been implemented successfully and as a consequence, has recently been extended for a further year. The Prime Minister has cited this project an example of excellent partnering between the public and private sectors. The major implementation of the new Criminal Records Bureau (CRB) is well underway. The CRB's Disclosure service will be an important facility in helping to safeguard children and vulnerable adults from those who would wish to harm them, by helping organisations to identify unsuitable candidates during the recruitment process. The first major system release, to enable the automatic processing of applications from organisations wishing to use the service, was successfully completed in July. Early applications from the several thousand organisations which have indicated their intention to use the initial service have already been received and processed. The initial service, Higher Level Disclosures, is planned to be available later this year. More recently, we have assumed responsibility for Cumbria County Council's design and business services operation involving the transfer of 600 personnel to Capita. This operation is already trading ahead of expectations having grown by 10% since transfer. The team mirrors and enhances Capita's skills delivering a wide range of business services including HR, payroll and pensions, and financial services. It also has a substantial track record in property services and infrastructure consultancy. Indeed the Highways Agency, which is responsible for taking forward the enhanced road building programme, has recently appointed us as one of the consultancies chosen to handle all major work in the north of England over the next five years. We believe this could be worth up to £5m over the period. From this Business Centre, we now administer services to 600 clients including 16 other local authorities, 500 schools, 20 HE and FE colleges, nine health trusts and a number of private sector organisations. The Group now has an established network of 20 Business Centres around the country. Many are multi-skilled whilst others are specialist processing centres. This network gives us enormous scope to grow and to implement new contracts speedily. In the light of Capita's continued strong growth, we have recently reviewed our internal structure. As a consequence, we have strengthened further our Executive Operating Board, and have reorganised the business into three operating divisions. The first, Professional Services, encompasses our IT, software, consultancy and property consultancy disciplines. The second, Commercial Services, contains our activities focused upon the financial services and insurance markets and the third, Business Services, houses our HR service offerings coupled with our customer services operations. The revised structure will encourage further growth in each of our businesses whilst maintaining our ability to offer an integrated service to our clients and high visibility of our financial performance to our shareholders. Market Review Each of our four markets, consisting of Central Government, Local Government, Education and the Private Sector, provide continued opportunities for growth and the business drivers to outsource have never been stronger. We have previously sized the market for our services to be worth £30bn in the UK. In view of the changes and developments that we have seen over the past 12 months, we now believe the current market size is £50bn. In the public sector, our previous estimates for central government included only four government departments but we believe the current scale of opportunity is now much greater across all of government. In the private sector, we believe with the present economic climate and the Group's increasing profile, the opportunities for our range of services has increased enormously. In the public sector, the Government has made it clear that it will continue its programme to modernise public services and that it sees a significant role for the private sector in the delivery of the programme. Increased public expenditure will be accompanied by new forms of service delivery including the development of e-government solutions and service transformation. The Government is looking for accountable partnerships, ones which can deliver step change in performance. As the leading partner of local and central government for business support services, Capita is strongly placed to take advantage of the opportunities and to add value to public services, especially by improving 'back office' support services. Similarly, in education, the Government is promoting and pursuing greater opportunities for public-private solutions. Capita has been involved with the education service for over a decade and is uniquely placed to lead and to gain new business. In the private sector, where Capita already has business relationships with 85% of the top 350 companies in the UK, we have chosen to initially focus on the insurance, banking and financial services markets. We believe the current economic climate is a strong driver for organisations to outsource services. There is a clear indication of a need to reduce costs, achieve high levels of customer service, look for new ways of delivering services (particularly involving e-business solutions) and to achieve this quickly. Our commercial services business model now enables us to deliver corporate services, involving such areas as HR and finance; information services, covering IT and desk top support; infrastructure services, covering every aspect of property management and customer services, featuring customer contact centres. In all, this now enables us to address some 15% to 30% of an organisation's budget. We believe this equates to a market opportunity of £7bn across the financial sector and in excess of £14bn for the remaining industries. Our People Once again, I would like to give warm thanks to all our staff who contribute to the Group's progress. We have an outstanding team spirit throughout the company and a culture that encourages a positive approach to business. This provides a real opportunity for all those involved to progress within the Group and to play an active role in our continued success. Last year, we introduced a sharesave scheme, giving each of our employees the opportunity to become a shareholder in Capita on attractive terms. In its first year, the scheme was an outstanding success and it is our intention to renew this invitation on an annual basis. We hope that a further proportion of our 12,500 staff takes up the opportunity this year. Prospects The Group has a proven and sustainable business model. It is focused on customers whose changing needs we understand and with whom we have long-term relationships. The demand for the services Capita offers has never been stronger. Our credibility, capability and capacity built up over 14 years gives us a real competitive edge. We are well positioned in each of our chosen markets enabling us to lead and to shape opportunities, rather than to replicate and to follow others. It also gives us real choice on where we bid and how we bid. This position, along with the substantial amount of work won over the past 18 months, means that the visibility of our earnings going forward is very strong. We are therefore very confident that shareholders will be pleased by Capita's performance for the year as a whole. The Board believes that the prospects for future growth remain excellent. Rodney M Aldridge OBE Executive Chairman THE CAPITA GROUP PLC SUMMARY INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2001 Six months Six months to 30th to 30th June June 2001 2000 (As restated) Before Goodwill Total Before Goodwill Total Goodwill amortisation Goodwill amortisation Notes £'000's £'000's £'000's £'000's £'000's £'000's Turnover 1 Continuing 314,532 - 314,532 207,803 - 207,803 operations Acquisi 8,483 - 8,483 - - - tions 323,015 - 323,015 207,803 - 207,803 Operating profit Continuing 31,062 (7,760) 23,302 17,300 (2,543) 14,757 operations Acquisi 239 (343) (104) 1,898 (1,357) 541 tions Group 31,301 (8,103) 23,198 19,198 (3,900) 15,298 operating profit Share of - - - 102 - 102 operating profit in associates Amortisation of - - - - (773) (773) goodwill arising on acquisition of associate Total operating profit: Group and share of 1 31,301 (8,103) 23,198 19,300 (4,673) 14,627 associate Net (2,244) - (2,244) (882) - (882) interest payable Profit 29,057 (8,103) 20,954 18,418 (4,673) 13,745 before taxation Taxation 8,136 - 8,136 5,305 - 5,305 Profit 20,921 (8,103) 12,818 13,113 (4,673) 8,440 after taxation Minority 24 - 24 24 - 24 interest Profit 20,897 (8,103) 12,794 13,089 (4,673) 8,416 for the period Dividends 4,946 - 4,946 3,578 - 3,578 Retained profit 15,951 (8,103) 7,848 9,511 (4,673) 4,838 for the period Earnings 3 3.19p (1.24)p 1.95p 2.06p (0.74)p 1.32p per share* Diluted 3 3.09p (1.19)p 1.90p 2.00p (0.71)p 1.29p earnings per share* Dividend 4 0.75p 0.55p per share* * The comparatives have been adjusted for the bonus issue made in 2000. THE CAPITA GROUP PLC SUMMARY BALANCE SHEET AS AT 30TH JUNE 2001 30th June 30th June (As restated) 2001 2000 £'000's £'000's Fixed assets Intangible assets 359,466 202,477 Tangible assets 53,677 27,980 Investments 6,825 31,178 419,968 261,635 Current assets Trade investments 966 254 Debtors 160,841 97,103 Cash at bank - 30,945 161,807 128,302 Creditors: Amounts falling due within one year 308,594 159,468 Net current liabilities (146,787) (31,166) Total assets less current liabilities 273,181 230,469 Creditors: Amounts falling due after more than 3,882 4,773 one year Provision for charges and liabilities 3,217 973 266,082 224,723 Shareholders' funds Called up share capital - Ordinary 13,184 4,337 Shares to be issued 4,310 - Share premium and other reserves 247,988 219,786 Minority interests 600 600 266,082 224,723 THE CAPITA GROUP PLC SUMMARY GROUP CASH FLOW FOR THE SIX MONTHS ENDED 30TH JUNE 2001 Six months Six months to 30th June to 30th June 2001 2000 £'000's £'000's Cashflow from operating activities 36,220 19,558 Returns on investment and Servicing of finance (1,075) (657) Taxation paid (7,800) (3,103) Capital expenditure and Financial investment (15,517) (8,412) Acquisitions and disposals (45,691) (74,201) Equity dividends paid (7,214) (5,426) Net cash flow before financing (41,077) (72,241) Financing (8,539) 101,476 (Decrease) / Increase in cash in the period (49,616) 29,235 GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 30TH JUNE 2001 Six months to 30th Six months June to 30th June 2001 2000 (As restated) £'000's £'000's Profit attributable to the members of the Parent undertaking 12,794 8,442 Prior period adjustment (see note - (26) 5) Profit attributable to the members of the Parent undertaking, as restated 12,794 8,416 Exchange adjustment (5) (2) Total recognised gains and losses 12,789 8,414 THE CAPITA GROUP PLC NOTES TO THE FINANCIAL STATEMENTS 1. Analysis of turnover by division: Six months Six months to 30th to 30th June June 2001 2000 (As restated) £'000's £'000's Continuing Business 145,896 114,124 Activities Services Commercial 65,034 10,206 Services Professional 103,602 83,473 Services Acquisitions Business 2,079 - Services Commercial 6,354 - Services Professional 50 - Services 323,015 207,803 Analysis of operating profit before goodwill amortisation: Continuing Business 11,349 8,875 Activities Services Commercial 8,729 1,617 Services Professional 10,984 8,706 Services Acquisitions Business 242 - Services Commercial 151 - Services Professional (154) - Services Associated undertakings - 102 Operating profit before goodwill 31,301 19,300 amortisation The results of the Group are reported under three divisions which differ from those reported in the full year accounts. The Commercial Services division has been expanded to include Capita Eastgate. The Customer Services and Human Resources divisions has been merged under a new Business Services division to take advantage of synergies within the businesses. A Professional Services division has been formed by bringing the Property Services and Software, Systems and Strategic Services divisions together and by including some businesses previously reported under the Commercial Services and Customer Services divisions. The effect of these adjustments has been firstly to reduce the 2000 Commercial Services division, and correspondingly increase the Professional Services division by turnover of £3,584,000 and operating profit of £696,000 and secondly, to reduce the 2000 Business Services division, and to correspondingly increase the Professional Services division by turnover of £3,707,000 and operating profit of £408,000. 2. The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's 2000 statutory accounts. The statements were approved by a duly appointed and authorised committee of the Board of Directors on 25th July 2001. The full year accounts, on which the auditors gave an unqualified report have been filed with the Registrar of Companies. The figures for the six months to 30th June 2000 and 2001 are unaudited. 3. Earnings per share have been calculated on an average number of shares in issue during the period of 655,174,000 (30th June 2000: 635,259,000). The diluted earnings per share have been calculated on the diluted profit for the period of £20,921,000 (30th June 2000 (restated): £8,440,000) and an average diluted number of shares of 677,507,000 (30th June 1999: 654,681,000). As at 25th July 2001, there were 659,405,000 shares in issue. 4. The interim dividend of 0.75p per share will be payable on 12th October 2001 to Ordinary shareholders on the register at the close of business on 14th September 2001. 5. As reported in the 2000 Annual report and accounts the Group has adopted Urgent Issues Task Force 27 'Revisions to estimates of the useful economic life of goodwill and intangible assets' (UITF27). Consequently the comparative figures for the period ended 30th June 2000 have been restated. The impact of these changes is to reduce reported profit before tax for the period ended 30th June 2000 by £26,000, and increase shareholders' funds as at 30th June 2000 from that previously reported by £908,000.

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