Capita Reports Over £100M Loss for 2023, Cites Cyberattack and Announces Further Cost Cuts

The outsourcing giant plans to save an additional £100 million by mid-2025, including potential job cuts, after a significant financial loss partly due to a cyberattack.

• Capita reported a net loss of £106.6 million for 2023, significantly impacted by a cyberattack attributed to the Black Basta ransomware group.
• The cyberattack cost Capita £25.3 million, exceeding initial estimates but aligning with updated figures.
• Shares dropped 20% following the announcement of the financial loss, disappointing shareholders.
• CEO Adolfo Hernandez announced plans for further cost reductions, aiming to save £100 million by mid-2025, with job cuts likely.
• Despite the financial setback, Capita continues to secure lucrative government contracts, including a £239 million deal to manage a public sector pension scheme.

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