Capita (CPI: LSE) the provider of business process outsourcing solutions and professional support services announced revenue for the six months ending 30 June 2016 of £2.4 billion, an organic increase of 5% in underlying revenue compared with £2.2 billion last year. Underlying revenue on a like for like basis, excluding results from businesses exited and assets held for sale in both years, increased by 8.8% including 5.0% organic growth net of attrition and 3.8% from acquisitions.

 “In the first half of 2016, Capita achieved good profit growth driven organically by major contracts and our trading businesses, and through acquisitions made part way through 2015,” Andy Parker, Chief Executive of Capita, said.

“We also delivered strong cash flow and robust sales and operational performance. 

While it is too early to know the impact of the recent EU referendum, it has created increased uncertainty, particularly in the financial services sector, and we are continuing to experience some delays in decision making in the short term,” Parker said. “However, we expect this to be more than offset in the medium-term by incremental opportunities that arise as clients respond to the impacts of the UK leaving the EU.”

“The structural drivers for our services remain strong and Capita has a good track record of operating through political and economic cycles,” Parker said. “We are making steady progress towards achieving around 4% organic growth in 2016 and remain confident of the strength of our business model in creating continued profitable growth into the future."

The company’s Workplace Services division which includes, among others, Capita Resourcing, HR Solutions and Specialist Recruitment, grew revenue by 3% to £260.8 million in H1 2016.

The company reported £879 million of major contract wins (H1 2015: £1.6 billion) including contracts with Tesco Mobile customer management services, worth £140 million over 5 years, Five Councils shared services platform, worth £139 million over 9 years and an extension of the company’s relationship with Department for Work and Pensions Personal Independence Payments (PIP) assessments, worth £210 million (based on volume assumptions.

Capita has made a number of acquisitions for a total consideration of £84 million including workforce management firm Isys. Capita also announced at the end of 2015 that it had acquired the consultancy and resourcing operations of London-based recruitment firm Work Group.

In trading today, Capita traded at £964.50, down 2.48% on the day and 14.96% above the 52 week low of £839.00 set on 27 June 2016. Based on its current share price the company has a market value of £6.60 billion.