Capita’s share price has crashed after it issued a surprise profit warning for 2016, revealing that clients were putting off big investment decisions following the Brexit vote. Shares plunged 28% after the unexpectedly gloomy update on Thursday morning, making the UK outsourcing company the biggest faller on the FTSE 100. Capita’s woes hit the rest of the sector, with Serco and G4S shares also falling on Thursday. Capita’s late delivery of the TfL contract is likely to result in one-off costs of between £20m to £25m in the full year, the company said. “We remain confident of the strength of our business model and aim to return the group to profit growth next year, excluding the benefit from TfL one-off costs dropping out,” the company said.

Source: The Guardian September 29, 2016 09:00 UTC