Highlights Delivering profitable growth £1.3bn of major contract wins secured in H1 2014 including: - £400m strategic partnership contract with the Defence Infrastructure Organisation (DIO) - £325m framework contract for Scottish Wide Area Network (SWAN) - £145m congestion charging and traffic enforcement schemes contract for Transport for London (TfL) - £93.5m online customer management contract with John Lewis Major contract win rate above 2 in 3 Organic revenue growth of 11% (H1 2013: 3%); full year organic revenue growth expectation of at least 8%, net of attrition Bid pipeline replenished to a record £5.7bn (Feb 2014: £5.5bn); strong platform for 2015/16 growth Highest ever level of prospects behind bid pipeline, with opportunities across our diverse markets Active acquisition pipeline; £240m invested to date on 10 businesses, expanding capabilities and market reach to fuel future organic growth Good financial performance Revenue up 13.9% to £2.1bn (H1 2013: £1.8bn) Underlying profit before tax up 16.0% to £238.0m (H1 2013: £205.2m) Underlying operating margin of 12.6% (H1 2013: 12.5%) Operating cash flow up 21.6% to £291m (H1 2013: £239m); 112% cash conversion (H1 2013: 105%) Gearing at 2.3 times net debt to EBITDA (H1 2013: 2.2 times) Andy Parker, Chief Executive of Capita plc, commented: "I am pleased to report good financial results for the first 6 months of the year, demonstrating the strength of Capita's sales offering and operational delivery and the health of the UK customer and business process management market. Our breadth of capability across a diversified and growing market base enables us to move flexibly across sectors and to maintain a high level of selectivity regarding the opportunities that we pursue. We have had an excellent sales period securing £1.3bn of contracts and we are continuing to see a high level of activity across our markets, particularly in the private sector, providing a strong future platform for growth. As a consequence of our sales and acquisition performance in 2013 and to date in 2014, we have a high level of revenue visibility for 2014. This, together with the strength of our bid and acquisition pipelines, gives us confidence in our full year performance and provides a good platform for growth in 2015 and beyond."
