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Outsourcer Capita swung to an annual loss on the back of a fall in revenue and lower margins on some contract renewals.
For 2019, the company reported a pre-tax loss of £62.6m, compared with a profit of £272.6m on-year as revenue fell to $3.7bn from £3.90bn.
The loss came as margin mix, investment and contract losses outweighed new wins and cost savings, the company said.
Looking ahead, the company said it expected to generate 'modest' organic growth and sustainable free cash flow of at least £160m, both in line with current market expectations.
At 10:09am: (LON:CPI) Capita PLC share price was -22.62p at 103.88p