Capita shares plummet as company reports losses related to data breach

06/03/2024 | Financial Times

Outsourcing company Capita experienced a sharp drop in its share price by as much as 16% on Wednesday, following the announcement of a pretax loss of £106.6m for 2023, compared with a £51.4m profit in 2022. Capita cited business exits, cost reduction programme expenses, and a £25.3m hit from a ransomware cyber attack in March 2023 as the reasons for the loss. The £25.3m in costs included specialist professional fees, recovery and remediation costs, and increased cyber security investment.

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