Capita : Circular and General Meeting Notice re proposed disposal of Capita One

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser authorised under the Financial Services and Markets Act 2000 (FSMA) immediately, if you are in the United Kingdom, or from another appropriately authorised independent professional adviser if you are taking advice in a territory outside the United Kingdom.

If you sell or transfer or have sold or otherwise transferred all of your Shares, please send this document at once to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. However, this document should not be forwarded, distributed or transmitted in or into any jurisdiction in which such act would constitute a violation of the relevant laws in such jurisdiction. If you have sold part of your holding of Shares in Capita plc (Capita or the Company), please retain this document and contact immediately the bank, stockbroker or other agent through whom the sale or transfer was effected.

CAPITA PLC

Incorporated in England and Wales with registered number 02081330

Proposed disposal of the Capita One software solutions business

Circular to Shareholders

and

Notice of General Meeting

This document should be read as a whole. Your attention is drawn to the letter from the Chair of Capita which is set out on pages 6 to 13 of this document and which contains the unanimous recommendation from the Board that you vote in favour of the Resolution to be proposed at the General Meeting referred to below.

Notice of a General Meeting of the Company to be held at Dentons UK and Middle East LLP, 1 Fleet Place, London EC4M 7WS at 12:00 p.m. on 29 July 2024 is set out at the end of this document. The General Meeting will be held as a physical meeting and Shareholders should refer to the Notice of General Meeting at the end of this document for further information.

Whether or not you intend to attend the General Meeting, you are encouraged to appoint a proxy to cast your votes on the Resolution as soon as possible in the manner set out below. A member may appoint a proxy online by following the instructions for the electronic appointment of a proxy at www.capitashares.co.uk. To be a valid proxy appointment, the member's electronic message confirming the details of the appointment completed in accordance with those instructions must be transmitted so as to be received by the Company's Registrars, Link Group by 12:00 p.m. on 25 July 2024. CREST members may use the CREST electronic proxy appointment service. Details of the CREST electronic appointment method are found in Notes 17 to 20 of the Notice of General Meeting set out at the end of this document. If you are an institutional investor, you may also be able to appoint a proxy electronically via the proxymity platform. Details of the proxymity platform appointment method are found in Note 10 of the Notice of General Meeting set out at the end of this document. Alternatively, hard copy forms for the appointment of a proxy are available on request from Link Group: email [e-mail] or call [phone]. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. Lines are open 9:00 a.m. to 5:30 p.m., Monday to Friday excluding UK public holidays. Hard copy proxy appointment forms must be completed in accordance with the instructions that accompany them and delivered (together with any power of attorney or other authority under which it is signed, or a certified copy of such item) to Link Group, PXS 1, Central Square, 29 Wellington Street, Leeds LS1 4DL so as to be received by the same time as stated above for electronic proxy appointments.

The actions to be taken in respect of the General Meeting are set out in section 12 of the letter from the Chair of Capita which is set out on pages 6 to 13 of this document.

For a discussion of certain risk factors which should be taken into account when considering what action you should take in connection with the General Meeting, please see Part 2 (Risk Factors) of this document.

Barclays Bank PLC, acting through its Investment Bank (Barclays), which is authorised by the Prudential Regulation Authority (PRA) and regulated in the United Kingdom by the Financial Conduct Authority (FCA) and the PRA, is acting exclusively for the Company as Sponsor and financial adviser and no one else in connection with the Disposal, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Disposal or any other matter or arrangement referred to in this document.

Apart from the responsibilities and liabilities, if any, which may be imposed on Barclays by FSMA (as amended) or the regulatory regime established thereunder, or under the regulatory regime of any jurisdiction where the exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, Barclays accepts no responsibility whatsoever for, or makes any representation or warranty, express or implied, as to the contents of this document, including its accuracy, completeness or verification or for any other statement made or purported to be made by it, or on its behalf, and nothing contained in this document is, or shall be, relied on as a promise or representation in this respect, whether as to the past or the future, in connection with Capita or the Disposal. Save for the aforementioned responsibilities and liabilities, if any, which may be imposed, Barclays and its subsidiaries, branches and affiliates accordingly disclaim, to the fullest extent permitted by law, all and any duty, liability and responsibility whether arising in contract, in tort or otherwise (save as referred to above) in respect of this document or any such statement or otherwise.

This document is dated 10 July 2024.

	CONTENTS
SECTION	PAGE
Expected Timetable for Principal Events	2
Corporate Details and Advisers	3
General Information	4
Part 1 Letter from the Chair of Capita plc	6
Part 2 Risk Factors	14
Part 3 Summary of the Transaction Agreements	19
Part 4 Historical Financial Information on the Capita One Business	22
Part 5	Unaudited Pro Forma Statement of Net Assets	24
Part 6	Additional Information	29
Part 7	Documentation Incorporated by Reference	42
Part 8	Definitions and Glossary	43
Capita PLC Notice of General Meeting	48

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EXPECTED TIMETABLE FOR PRINCIPAL EVENTS
Announcement of the Disposal	. . . . . . . . . .	.9	July 2024
Publication and posting of this document and the Notice of General Meeting	10 July 2024
Latest time and date for receipt of forms of proxy	12:00 p.m. on	25 July 2024
Latest time and date for receipt of CREST proxy appointment
instruction	12:00 p.m. on	25 July 2024
Latest time and date for receipt of proxy appointment via
proxymity platform	12:00 p.m. on	25 July 2024
Record time and date for entitlement to vote at the General
Meeting	.6:00 p.m. on	25	July 2024
General Meeting	12:00 p.m. on	29	July 2024
Expected date of Completion subject to the conditions being
satisfied	. . . . . . . . 30 August 2024
Long Stop Date	. . . . . . . . 9 January 2025

Notes:

All references to time in this document are to London time unless otherwise stated.

The dates given are based on the Company's current expectations and may be subject to change. If any of the times or dates above change, the Company will give notice of the change by issuing an announcement through a Regulatory Information Service.

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	CORPORATE DETAILS AND ADVISERS
Directors	David Lowden	Chair
	Adolfo Hernandez	Chief Executive Officer
	Tim Weller	Chief Financial Officer
	Georgina Harvey	Senior Independent Director
	Brian McArthur-Muscroft	Independent Non-Executive Director
	Nneka Abulokwe OBE	Independent Non-Executive Director
	Neelam Dhawan	Independent Non-Executive Director
Company Secretary	Claire Denton
Registered Office	65 Gresham Street
	London
	EC2V 7NQ
	United Kingdom
Sponsor and Financial	Barclays Bank PLC, acting through its Investment Bank
Advisor	1 Churchill Place
	Canary Wharf
	London
	E14 5HP
	United Kingdom
Legal Adviser	Dentons UK and Middle East LLP
	One Fleet Place
	London
	EC4M 7RA
	United Kingdom
Reporting Accountant	KPMG LLP
and Auditor	15 Canada Square
	London
	E14 5GL
	United Kingdom
Registrars	Link Group
	Central Square
	29 Wellington Street
	Leeds
	LS1 4DL
	United Kingdom

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GENERAL INFORMATION

Forward-looking statements

This document may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Group's or the Continuing Group's business, financial condition and results of operations. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "anticipates", "targets", "aims", "continues", "expects", "intends", "hopes", "may", "will", "would", "could" or "should" or, in each case, their negative or other various or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These statements are made by the Directors in good faith based on the information available to them at the date of this document and reflect the Directors' beliefs and expectations. By their nature, these statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, developments in the global economy, changes in regulation and government policies, spending and procurement methodologies, geo-political conditions, inflationary pressure in the UK and globally, currency fluctuations, a failure in the Group's or the Continuing Group's health, safety or environmental policies and other factors discussed in Part 2 (Risk Factors) of this document.

No representation or warranty is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document speak only as of their respective dates, reflect the Directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's or the Continuing Group's operations and growth strategy. You should specifically consider the factors identified in this document which could cause actual results to differ before making any decision in relation to the Disposal. Subject to the requirements of the FCA, the London Stock Exchange, the Listing Rules, MAR and the DTRs (and/or any other regulatory requirements) or applicable law, the Company explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this document that may occur due to any change in the Company's expectations or to reflect events or circumstances after the date of this document. Neither the forward-looking statements contained in this document, nor the statements in this General Information section seek to in any way qualify the working capital statement in Part 6 (Additional Information) of this document.

No statement in this document is or is intended to be a profit forecast or estimate for any period and no statement in this document should be interpreted to mean that the earnings of the Company or COL for the current or future financial years will necessarily match or exceed the historical or published earnings of the Company or COL.

Any information contained in this document on the price at which shares or other securities in the Company have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance.

No offer or solicitation

This document is not a prospectus and it does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of or issue, or any solicitation of any offer to sell, dispose of, purchase, acquire or subscribe for, any security.

Information for overseas Shareholders

The release, publication or distribution of this document in jurisdictions other than the United Kingdom may be restricted by law and, therefore, any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. This document has been prepared for the purposes of complying with English law and the Listing Rules, and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws and regulations of any jurisdiction outside of England.

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Publication of website and availability of hard copies

A copy of this document, together with all information incorporated into this document by reference to another source, is and will be available for inspection on the Company's website either at www.capita.com/investors/shareholder-information or www.capita.com/investors/results-reports-and- presentations from the time this document is published. For the avoidance of doubt, the contents of the websites referred to in this document are not incorporated into, and do not form part of, this document.

If and to the extent that any document or information incorporated by reference or attached to this document itself incorporates any information by reference, either expressly or impliedly, such information will not form part of this document, except where such information or documents are stated within this document as specifically being incorporated by reference or where this document is specifically defined as including such information.

In particular, information on or accessible through the Company's corporate website at www.capita.com does not form part of, and is not incorporated into, this document.

If you have received this document in electronic form, you may request a hard copy of this document and/or any information incorporated into this document by reference to another source by contacting the Company's Registrars, Link Group, Central Square, 29 Wellington Street, Leeds, LS1 4DL or between 9:00 a.m. and 5:30 p.m., Monday to Friday (excluding UK public holidays), on [phone], with your full name and the full address to which the hard copy may be sent (calls may be recorded and monitored for training and security purposes). Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate.

Presentation of financial information

Percentages in tables may have been rounded and accordingly may not add up to 100 per cent. Certain financial data has been rounded and, as a result of this rounding, the totals of data presented in this document may vary slightly from the actual arithmetic totals of such data.

References to "m" are to "million".

References to "£", "GBP" "pounds", "pounds sterling", "sterling", "p", "penny" or "pence" are to the lawful currency of the United Kingdom.

References to "$", "US$", "$US", "USD", "US Dollars", "US dollars" or "cents" are to the lawful currency of the United States of America.

References to "€", "EUR" or "euros" are to the lawful currency of the member states of the European Union that have adopted the single currency in accordance with the Treaty establishing the European Communities, as amended by the Treaty on European Union.

Certain defined terms

Certain terms used in this document, including capitalised terms and certain technical and other items, are defined and explained in Part 8 (Definitions and Glossary) of this document.

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PART 1

LETTER FROM THE CHAIR OF CAPITA PLC

(incorporated in England and Wales with registered number 02081330)

65 Gresham Street

London

EC2V 7NQ

United Kingdom

10 July 2024

Dear Shareholder

Proposed disposal of the Capita One software solutions business

and

Notice of General Meeting

1 INTRODUCTION

On 9 July 2024, Capita announced its agreement to dispose of the entire share capital of Capita One Limited (COL) to Orchard Information Systems Limited (the Purchaser) which is a wholly-owned subsidiary of the MRI Software, LLC (MRI Software) (the Disposal). COL is wholly owned by Capita Business Services Ltd (the Seller or CBSL) and holds Capita's software solutions business for local government authorities, covering the development, maintenance and technical application support of council tax and business rates, revenues and benefits, social housing assets and tenant management and public education records (the Capita One Business).

The proposed Disposal is being sought to align Capita's business divisions with its re-focused strategy. As announced on 13 June 2024 at Capita's Capital Markets Event, standalone software activities, including the Capita One Business, are part of the Group's "managed for value" category (see below). The Disposal will realise material value for Shareholders and the expected net cash proceeds of the Disposal will provide the Continuing Group with additional cash resources to strengthen its financial position and further reduce indebtedness, as well as funding its transformation journey. Although short term pro forma results are expected to be impacted by the Disposal, the Company is maintaining its medium-term guidance for the Continuing Group based on the benefits of the cost saving and technology initiatives previously outlined.

In order to effect the Disposal, CBSL, a wholly owned subsidiary of Capita, has entered into a conditional share purchase agreement with the Purchaser (the Sale Agreement). The principal terms of the Sale Agreement are set out in Part 3 (Summary of the Transaction Agreements) of this document. The total consideration payable by the Purchaser represents a c. 10x multiple on 2023 EBITDA for the Capita One Business of c. £21m.

Due to the size of the Disposal in relation to the size of the Company, the Disposal constitutes a Class 1 transaction for the Company under the current Listing Rules and is therefore currently conditional upon, amongst other things, the approval of the Shareholders. Accordingly, a General Meeting at which Shareholders will be asked to approve the Disposal is being convened at Dentons UK and Middle East LLP, 1 Fleet Place, London EC4M 7WS at 12:00 p.m. on 29 July 2024. The Disposal is also subject to other conditions which are summarised in Part 3 (Summary of the Transaction Agreements) of this document.

The FCA has announced that proposed changes to the Listing Rules, including changes to the rules relating to Class 1 transactions, (the "New Listing Rules") are expected to be finalised and implemented early in the second half of 2024. If the New Listing Rules are implemented as currently proposed and become effective prior to Completion of the Disposal, they would not require the Disposal to be conditional upon the approval of the Shareholders. If, prior to the General Meeting, the FCA announces that the New Listing Rules will become effective prior to the expected date of Completion such that the approval of the Shareholders would, under the New Listing Rules, no longer be required for Completion to occur, the Company would not therefore seek the approval of the Shareholders in relation to the Disposal and would permanently adjourn the General Meeting. In such

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circumstances the Company would give notice of its intention to adjourn the General Meeting by issuing an announcement through a Regulatory Information Service.

The purpose of this document is to provide you with information on the Disposal, to explain the background to and reasons for the Disposal and why the Directors unanimously consider the Disposal to be in the best interests of the Shareholders as a whole, and to recommend that you vote in favour of the Resolution to be proposed at the General Meeting. The Directors intend to vote in favour of the Resolution at the General Meeting in respect of their own beneficial holdings of 2,054,672 Shares, representing approximately 0.12 per cent. of the Company's existing issued ordinary share capital (excluding treasury shares) at 28 June 2024 (the Latest Practicable Date).

Your attention is drawn to paragraph 11 of this letter for more information on the importance of your vote.

2 BACKGROUND TO AND REASONS FOR THE DISPOSAL

Since 2018, Capita has made significant progress in disposing of its non-core businesses as part of its strategy of building a focused Group around two core divisions: Capita Public Service and Capita Experience, with the c. £500m Portfolio disposal programme completed.

On 13 June 2024, Capita held a Capital Markets Event outlining the Group's strategic themes and priority business sectors going forward, which will focus on areas where Capita has strong expertise, "wins today" and sees material opportunities in the future. During the Capital Markets Event, some areas of the Group were identified as being "managed for value", including standalone software activities. Within the "managed for value" category, Capita outlined the options it is pursuing, including optimising delivery, delivery through partners, radical transformation or exploring exits.

The Capita One Business, which has been identified as a "managed for value" area of the Group, has been part of the Local Public Service vertical of the Capita Public Service division for a number of years. Following a review of the Group's verticals and product offerings in early 2024, Capita's re- focused business strategy is to prioritise partnering with leading technology hyperscalers to co- develop and deliver its offerings more quickly and cost-effectively, rather than investing in or building its own bespoke technology platforms. The proposed Disposal, as well as previous disposals of other software assets as part of the Group's non-core business disposal programme, are in line with this re- focused business strategy.

Further, the net cash proceeds of the Disposal will provide the Continuing Group with additional cash resources to strengthen its financial position and further reduce indebtedness, as well as funding its transformation journey.

As a result, in April 2024, the Company commenced a competitive process to sell COL.

3 INFORMATION ON COL AND THE CAPITA ONE BUSINESS

The Capita One Business is a provider of software solutions across the UK public sector, helping local authorities to drive efficiency, maximise revenue collection and deliver essential public services as cost effectively as possible. The business primarily serves local authorities, local education authorities and housing associations. The Capita One Business operates across the following sectors:

• revenues and benefits software: the Capita One Business' back-office software offering, which includes a citizen facing solution, allowing local authorities in England, Scotland and Wales to administer revenue collection and benefits allocation;
• social housing management: a platform that provides local authorities and housing associations with asset and tenant management capabilities; and
• education management software: enables local authorities in England, Wales and Northern Ireland to manage their education services more efficiently by offering an integrated platform to oversee, for example, school admissions, attendance and transport.

COL was incorporated on 27 December 2023 as a wholly owned subsidiary of the Company. The Capita One Business was transferred by the Group to COL on 1 May 2024.

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Trading results for the Capita One Business

The table below summarises the trading results of the Capita One Business for the three years ended 31 December 2023, 2022 and 2021.

	Year ended	Year ended	Year ended
£m	31 December	31 December	31 December
2023	2022	2021
Revenue	54.6	54.1	51.0
Operating profit	18.7	18.7	21.2
Profit before tax	18.7	18.7	21.2
Profit for the year	14.3	15.1	17.2

The financial information set out in this paragraph 3 has been extracted from Part 4 (Historical Financial Information on the Capita One Business) of this document. Shareholders should read the whole of this document and should not rely solely on the summarised financial information set out above.

4 FINANCIAL EFFECTS OF THE DISPOSAL AND USE OF PROCEEDS

Financial effects of the Disposal

As Capita holds 100 per cent. of the Capita One Business, the Group's consolidated accounts include the Capita One Business.

For the year ended 31 December 2023, the Capita One Business contributed revenue and operating profit of £54.6m and £18.7m respectively to the Group. As at 31 December 2023, the total assets of the Capita One Business were £67.1m and the EBITDA and operating cash conversion of Capita One Business were c. £21m and 92% respectively.

Following Completion, the Continuing Group will no longer receive the contribution the Capita One Business currently makes to the Group's operating profit. The pro forma effect of the Disposal on the net assets of the Continuing Group as at 31 December 2023, which has been prepared for illustrative purposes only, is set out in Part 5 (Unaudited Pro Forma Statement of Net Assets) of this document.

Use of proceeds

The gross cash proceeds from the Disposal receivable by the Continuing Group at Completion are expected to be approximately £207.0m. The net cash proceeds from the Disposal receivable by the Continuing Group at Completion are expected to be approximately £178.6m (after excluding Disposal proceeds of approximately £17.7m attributable to surplus cash in COL expected to be derecognised by the Continuing Group on Completion and after deduction of estimated costs and expenses of £10.7m associated with the Disposal). Due to ongoing discussions with advisers in connection with the Disposal, there is uncertainty around the transaction costs to be borne by the Continuing Group in respect of the Disposal. Transaction costs are expected to fall within a range of £10.7m and £16.0m. The estimated transaction costs of £10.7m represents the lower end of that range.

Prior to Completion, the Continuing Group also expects to receive a cash dividend of £4.8m from COL. The Company intends to use the net cash proceeds of the Disposal payable at Completion and the dividend as additional cash resources to strengthen its financial position and further reduce indebtedness, as well as funding its transformation journey.

5 INFORMATION ON THE CONTINUING GROUP AND FUTURE STRATEGY

On 13 June 2024, the Group held a Capital Markets Event to set out its future strategy and ambition over the medium-term, to become a better Group with an improved financial performance.

Following the Disposal, the Continuing Group will continue to implement its strategy to build a more sustainable business which aims to deliver for all stakeholders. Delivery of the Continuing Group's wider strategy will be achieved through a number of key initiatives across both Capita Public Service and Capita Experience divisions of the Continuing Group:

• restructuring and right sizing the Group to reduce costs;
• drive efficiency and cash flow;

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• introduction of targeted, standardised, repeatable product propositions to capitalise on shifting demand, for example the announcement of CapitaContact with AWS on 10 June 2024;
• development of core market propositions for selective service offerings; and
• partnerships with technology hyperscalers to address industry trends and client demands.

The execution of this strategy will support delivery of the Continuing Group's medium-term targets:

• Low to mid-single digit revenue growth;
• 6 - 8% EBIT margin;
• 65% - 75% operating cash conversion; and
• Net financial debt leverage of less than or equal to 1x.

6 TREND INFORMATION

As previously announced on 6 March 2024, the Company is on track to deliver the net £60m annualised cost savings, from Q1 2024 as announced in November 2023. The Company has also announced further material efficiency improvements of £100m to improve the Group's competitive position, of which £50m will be reinvested in the Company.

Further, the significant trends in the financial and operational performance of the Group for the year ended 31 December 2023 are as follows:

• Adjusted revenue growth for the year was 1.3% with adjusted revenue of £2,642.1m (2022: £2,609.0m). This reflects underlying growth in contracts such as Personal Independence Payments, benefit from indexation and a commercial settlement in the closed book Life & Pensions business in Capita Experience. This was partially offset by contract losses including the Co-operative Bank in Capita Experience and in our Local Public Service business in the Public Service division.
• Reported revenue declined by 7% to £2,814.6m as core business growth was more than offset by the disposal of non-core businesses.
• Adjusted profit before tax improved by £6.7m to £56.5m (2022: £49.8m). Profit benefited from revenue growth, in particular the commercial settlement in Capita Experience and a reduction in bonuses and variable pay, offset by increased financing costs. The reported loss before tax was £106.6m as a result of the £38.8m loss incurred on business exits during the year, the goodwill impairment of £42.2m (recognised in respect of businesses in the Portfolio disposal programme), the expense associated with the Group's cost reduction programme with £23.3m incurred in respect of employee consultation programmes and £31.1m of associated property related charges, and £25.3m of cost incurred in respect of the March 2023 cyber incident.
• The free cash outflow before the impact of business exits was £115.5m (2022 outflow: £42.4m). The 2023 outflow was driven by an increased working capital outflow, principally reflecting a reduction in the in-period usage of the Group's nonrecourse invoice discounting facility and the non-cash nature of the commercial settlement in Capita Experience. There were additional outflows reflecting the cash cost of the cyber incident and the expected increase in capital expenditure on technology investment across the Group.
• The free cash outflow for the Group was £154.9m (2022 outflow: £31.5m), reflecting the in-year cash impact of businesses exited or being exited of £23.1m and £16.3m of pension deficit contributions triggered by disposals.
• Net financial debt (pre-IFRS 16) was £182.1m (2022: £84.9m) reflecting the free cash outflow which more than offset the net proceeds realised on disposals. Proforma net financial debt (pre- IFRS 16) including the Fera net cash proceeds at 31 December 2023 would have been £132.0m, resulting in a year-end leverage of 0.9x had the sale been completed in 2023.
• Net debt, including the impact of property leases accounted for under IFRS 16 was £545.5m in 2023 (2022: £482.4m), reflecting the free cash outflow across the year. Our IFRS 16 lease liability has reduced to £363.4m from £397.5m, as we continue to optimise our property footprint.

The Group has also completed its c.£500m Portfolio non-core business disposal programme. In 2023 the Group completed the disposal of its People, Software, Business Solutions and Travel pillars

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