When chief executive Jonathan Lewis originally outlined the problems with Capita (CPI), he said what was on many investors' minds; it was too complex, too short term, and lacking in operational discipline and financial flexibility. However, naming these problems is far easier than fixing them. Even as a disciplined programme of non-core disposals, investment in the core business (specifically technology) and improving efficiency sounds sensible, the group does not expect it to lead to organic growth until 2020. Indeed, management expects sales growth to weaken in the second half of the year.
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