It takes spectacular talent to be in the position that Capita is (was?) and not be coining money hand over fist. They are in the privileged position of being a monopoly supplier to government. Their income is guaranteed and gold plated. They are helped along by a "sympathetic" approach from government ministers who, if one is charitable, one must assume have an eye on becoming a Capita shareholder/director just as soon as they can wriggle free from government.
As an IT contractor I've seen the Capita coalface where they move in and tell the existing contractors to either take a massive, and I mean massive, pay cut, get opted in to IR35 and be handed a complete crock or leave. I looked at the offer and left. I later found out that although payments to contractors had halved the charge to government had increased. Money for nothing.
When one has a client that will collude in increasing profitability how can one lose?