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Capita to impair historic assets

21 February 2017 09:40

Capita has decided to impair, at year end 2016, a number of historic assets relating to a few specific contracts, which were being amortised over their contract life.

Some of these assets date back to 2009, with the majority relating to the period between 2012 and 2014.

Assets amounting to around £50m will be written off as a non-underlying charge consistent with prior year treatment.

Accrued income of around £40m will be written down as a charge to underlying results, consistent with prior year treatment.

Capita said: "These impairments will have no adverse impact on cash or future trading.

"Excluding the impact of accrued income written down, our guidance regarding trading performance for 2016 remains as last stated on 8 December 2016."

At 9:40am: (LON:CPI) Capita Group The PLC share price was -5.5p at 508.5p

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