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Shares in Capita have settled down after a volatile start to the day’s trading. Emphasis on the word ‘down’.

Having risen as much as 2 per cent in early trading, shares in the struggling outsourcing group were down 7.5 per cent by the middle of the morning, to 524p.

The FTSE 100 company announced this morning that chief executive Andy Parker will step down after three years at the helm.

It also reported a sharp drop in pre-tax profits, which fell 33 per cent, and said it does not expect sustainable profit growth before next year.

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