Wednesday , November 14 2018
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FT Opening Quote – Capita suspends dividend, warns on profits

Summary:
What’s the most frustrating job in corporate Britain today? Apart from middle manager at Carillion asking why on earth did the directors keep bidding for contracts? And keep overlooking the pension deficit? And keep reassuring the so-called auditors?Arguably, it’s middle manager at at any other UK outsourcer, trying to address similar questions, writes Matthew Vincent.This morning, those at Capita – and those still holding its shares – got an answer. Capita issued a profit warning for 2018 and new chief executive Jonathan Lewis – who only started in December – admitted that the outsourcing group had become “too complex” and “driven by a short-term focus” while “lacking operational discipline and financial flexibility”. Its shares fell 31 per cent at the open.Mr Lewis has suspended the

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Chris Nuttall
Award-winning journalist with more than 35 years' experience in newspapers, magazines, radio, TV and the internet at local, national and international levels. At the BBC for 17 years and has spent the past 15 with the Financial Times. Served as a foreign correspondent in Sri Lanka, Washington and Turkey as well as in a roving role for the BBC. Turned a late 1980s geeky interest into a professional focus on the internet and technology and was founding World Editor of the BBC News website and the BBC 's first Internet Correspondent.

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