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Market pulls chain on Crapita share price after first ever profit warning

Smoking Gun

They are losing contracts. Government agencies are ripping up single sourced contracts and awarding contracts to smaller, specialist SME's and managing through SIAM. That, and they are being dumped from contracts early due to poor performance. "unwieldy”, “unnecessarily complex”, “expensive”, supply chain 4 deep in places, review meetings spent arguing "extras" because they price their contracts by the lowest common denominator and then charge over the odds for every little change. I don't like to generalise so will credit the doubtless many employees who do a great job and work their socks off for their customers, those employees who were no doubt acquired via TUPE and were doing a great job before their jobs were taken over by Capita and not off-shored yet, the cynic in me, I am amazed how they can keep securing government contracts and not surprised at all by profit warnings.

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