LONDON, March 2(Reuters) - British outsourcing group Capita said its chief executive Andy Parker would step down after the group reported a 19 percent fall in 2016 underlying pre-tax profit, missing forecasts again.
After a string of profit warnings and doubts over its strategic direction, Capita said it did not expect sustainable profit growth before 2018.
Underlying profit before tax fell 19 pct to 475.3 million pounds ($585 million) in 2016, missing the company’s target for at least 515 million pounds.
Capita said Parker would step down later this year.
$1 = 0.8145 pounds Reporting by Elisabeth O'Leary; editing by Kate Holton