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Capita shares hit as profits fall | Capita shares hit as profits fall |
(about 4 hours later) | |
Shares in Capita fell more than 10% after the outsourcing group reported lower profits and gave a weaker than expected forecast. | |
The FTSE 250 member saw half-year pre-tax profits drop 26% to £28m, after it sold its specialist recruitment arm and shut down its events operation. | The FTSE 250 member saw half-year pre-tax profits drop 26% to £28m, after it sold its specialist recruitment arm and shut down its events operation. |
Excluding one-off measures, underlying pre-tax profits jumped 46% to £195m. | |
However, Capita said this measure was only expected to "rise modestly" in the second half of the year. | |
The benchmark FTSE 100 index struggled for direction throughout the morning, and shortly after midday it was up by just 1.34 points at 7,273.29. | |
Johnson Matthey was the top riser in the FTSE 100, surging 9% after it confirmed it expected sales would grow by about 6% this year. | |
The company also announced it was investing an initial £200m to develop its battery material technology business. It expects the market to grow rapidly as electric cars become more widespread. | |
Shares in Irish building materials firm CRH rose 2.7% after it announced plans to buy US cement maker Ash Grove Cement in a $3.5bn (£2.6bn) deal. | |
On the currency markets, the pound fell 0.2% against the dollar to $1.3474 and slipped 0.1% against the euro to 1.1331 euros. |