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Capita changes accounting rules early

Capita changes accounting rules early

Shares in outsourcer Capita (CPI) fell sharply this week following the release of restated results, outlining the group’s performance according to the IFRS 15 accounting standard, which it will soon adopt. The differences are stark. Under the new rules, underlying revenue for the 2016 full year would be 5 per cent lower, operating profit would be 30 per cent lower and the company moves to having net liabilities of £553m, from net assets of £483m before.

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