Outsourcing group Capitas shares rose at the open despite the firm reporting widening losses as it unveiled plans to raise £701m to fund a restructure.
The company, which carries out disability benefit assessments on behalf of the government and also runs the London congestion charge scheme, posted a 4 per cent drop in revenue to £4.12bn from £4.27bn in 2016.
The pre-tax loss widened to £513m from a loss of £90m the year before, and the operating loss also widened to £420m, from £16m. The firm slashed its dividend by 65 per cent to 11.1p, compared with 31.7p in 2016.
The group put its widening losses down to contract difficulties and increased costs, and said it does not expect to be able to offset these challeng…
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