Capita wins Transport for London contract extension for GBP425 million
Capita PLC on Monday announced that it has secured a five-year extension for its two Transport for London road user charging contracts.
The extensions run from October this year to September 2031, with options to extend for up to a further two years to September 2033. The combined value of the extensions is expected to be around £424.6 million over the initial five-year term.
The extensions cover both TfL's business operations and enforcement operations contracts which support the operation of London's road user charging schemes, which London-based outsourcing and business services provider Capita has run since 2016.
Gavin Dunkley, managing director, Capita Public Transport Sector, said the extension "reflects the contribution of many people across Capita and our supply chain partners who have successfully delivered and transformed these services over a number of years."
Shares in Capita rose 2.7% to 265.50 pence each in London on Monday but are down 5.0% over the past 12 months.
In July, shares in Capita fell sharply after it warned of an up to £40 million adjusted operating profit hit this year due to failures on a UK civil service pension scheme contract.
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