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Capita Financial Software blames RDR for 46% fall in profits

Capita Financial Software saw its pre-tax profits fall 46 per cent last year, from £2.2m to £1.2m. 

In its annual results for the year ended December 2012, the firm reports a 14 per cent drop in turnover, from £7.1m in 2011 to £6.1m last year.

Capita says the drop is largely due to the impact of the RDR.

Staff costs increased from £3m in 2011 to nearly £3.3m last year.

The firm paid £2m in shareholder dividends in 2012 as it dipped into its reserves to reward investors.

In January 2012, Capita revealed plans to close its Bishop’s Stortford office and relocate 13 staff to its head office in Fareham.

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