CAPITA PLC

1. Credit Opinion: CONDITIONAL While Capita PLC is a long-established, publicly listed entity with a compliant filing history and a robust corporate structure, the provided data lacks the quantitative financial metrics required to underwrite a facility. The company operates as a group (filing consolidated accounts) in stable sectors (software publishing, management consultancy, and business support). However, without visibility into net assets, working capital, or profitability metrics, a full credit approval cannot be granted. Credit approval is conditional upon the receipt and satisfactory review of the group's latest audited financial statements, alongside standard PLc underwriting covenants.

2. Financial Strength Assessing the balance sheet health is severely constrained by the absence of quantitative financial data in the current filing. The registered share capital stands at a nominal £37, which is standard for UK incorporation but provides no indication of the actual equity base, retained earnings, or market capitalization. As a Public Limited Company filing group accounts, we would expect a complex balance sheet involving significant intangible assets (given the software and consultancy SIC codes) and structured debt. The true leverage position and solvency cannot be quantified without the filed P&L reserves and net asset figures.

3. Cash Flow Assessment A thorough liquidity and working capital evaluation cannot be completed without current assets, current liabilities, and cash flow statements. For a large outsourcing and software group like Capita, cash flow generation is typically driven by long-term contract milestones and working capital cycling. However, the absence of these figures means we cannot assess the cash conversion cycle, debt service coverage ratios, or the availability of liquid assets to meet near-term obligations. We must rely on the fact that accounts are filed up to 31 December 2025 and are not currently overdue, suggesting regulatory compliance, but this is no substitute for quantitative liquidity analysis.

4. Monitoring Points * Financial Statement Receipt: Obtain the latest group accounts (made up to 31 December 2025) to calculate leverage, debt service coverage, and working capital ratios. * Board Stability: Monitor recent board changes. Notably, Director Xxxxxx Xxxxxxxxname shown to subscribers resigned in May 2026, and Secretary Xxxxxx Xxxxxxxxname shown to subscribers resigned in September 2026. Frequent or unexplained turnover at the PLC board level can be an early indicator of strategic or operational friction. * Filing Compliance: Ensure the next group accounts due by 30 June 2027 are filed on time to maintain statutory compliance. * Market Conduct: Continue to scan public disclosures, market news, and Insolvency Service records for any adverse credit events, profit warnings, or director disqualifications, as befits a large public entity.

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