Capgemini UK Plc (00943935): Intelligence & Financial Spotlight
Assessments of major IT consulting subsidiaries require separating core operating cash generation from group balance sheet accounting adjustments. For corporate finance advisers, lenders, and risk managers reviewing large service providers, evaluating contract concentration, intra-group transfers, and defined benefit pension accounting is essential to understanding underlying counterparty strength.
This profile analyzes CAPGEMINI UK PLC (company number 00943935), the primary UK operational arm of the French multinational Capgemini SE. Formed in December 1968, the company delivers IT consultancy across Strategy and Transformation, Applications and Technology, and Operations and Engineering. This analysis evaluates five-year financial disclosures, board movements, subsidiary integrations, and structural risk factors based entirely on filings registered at Companies House.
Executive Summary
CAPGEMINI UK PLC is an active public limited company incorporated on 10 December 1968, operating from its registered office at 95 Queen Victoria Street, London, EC4V 4HN. In the financial year ended 31 December 2024, the company generated revenue of £2,415,857,000 (a 0.6% year-on-year increase), delivered an operating profit before fair value movements of £281,059,000, and closed the period with cash balances of £506,420,000. Balance sheet strength is underpinned by net assets of £1,086,245,000 (£891,178,000 excluding the net defined benefit pension surplus), zero bank debt, and an active schedule of intra-group bolt-on acquisitions.
What the Numbers Show
Financial statements prepared under FRS 101 demonstrate strong revenue expansion between 2020 and 2024, transitioning from post-pandemic recovery into stable top-line performance supported by long-term public sector and enterprise contracts.
Five-Year Financial Performance
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Turnover / Revenue | £1,529,059,000 | £1,776,475,000 | £2,222,811,000 | £2,400,999,000 | £2,415,857,000 |
| Gross Profit | £280,288,000 | £373,328,000 | £476,087,000 | £529,327,000 | £569,672,000 |
| Gross Margin % | 18.3% | 21.0% | 21.4% | 22.0% | 23.6% |
| Operating Profit (Pre-FV) | £102,504,000 | £163,425,000 | £235,222,000 | £253,568,000 | £281,059,000 |
| Operating Profit (Post-FV)| £80,790,000 | £184,703,000 | £273,639,000 | £273,367,000 | £257,853,000 |
| Profit After Tax | £44,094,000 | £143,070,000 | £231,504,000 | £232,163,000 | £210,502,000 |
| Cash & Cash Equivalents | £375,861,000 | £522,394,000 | £376,607,000 | £468,523,000 | £506,420,000 |
| Net Assets (Excl. Pension)| £552,816,000 | £571,463,000 | £664,951,000 | £841,289,000 | £891,178,000 |
| Total Net Assets | £310,851,000 | £659,807,000 | £822,420,000 | £968,755,000 | £1,086,245,000 |
Revenue Breakdown and Segmental Performance
In 2024, revenue growth was led by the Strategy and Transformation stream, which expanded to £365,641,000 (up from £335,601,000 in 2023). Applications and Technology generated £1,480,196,000 (2023: £1,495,484,000), while Operations and Engineering contributed £570,020,000 (2023: £569,914,000).
Geographically, the United Kingdom represents the core market, accounting for £2,080,931,000 (86.1%) of total 2024 revenue. European Union clients generated £219,814,000, and the Rest of the World contributed £115,112,000.
Margin Trajectory and Operating Efficiency
Gross profit margin expanded steadily over the five-year period, rising from 18.3% in 2020 to 23.6% in 2024. This 530 basis-point margin enhancement reflects tighter project cost management and higher-margin digital transformation services. Operating profit before fair value movements rose 10.8% in 2024 to £281,059,000 (11.6% margin).
Operating profit after fair value movements contracted by 5.7% in 2024 to £257,853,000. This divergence was driven by non-operational fair value losses of £29.5 million on financial assets and group-managed foreign exchange derivative contracts formalized with the ultimate parent entity.
Working Capital and Liquidity
Working capital metrics remain sound. As of 31 December 2024, current assets stood at £1,088,142,000 against current liabilities of £591,887,000 (derived from net current assets of £496,255,000). Liquidity metrics show a current ratio of 1.83 (2023: 1.67) and a quick ratio of 1.32 (2023: 1.22).
The business holds no external long-term bank borrowings or debentures. Long-term obligations consist of lease liabilities under IFRS 16 (£42,138,000 discounted in 2023; gross property commitments reached £78,126,000 in 2024 due to a new London head office lease) and deferred tax liabilities (£16.9 million increase in 2024 tied to the defined benefit pension surplus).
Directors and Ownership
CAPGEMINI UK PLC operates as an indirect trading subsidiary within a centralised corporate group structure governed by French corporate standards.
Corporate Ownership Structure
- Immediate Parent: CGS Holdings Limited (holding 69.8% of the company's share capital).
- Ultimate Parent Entity: Capgemini SE, a French company listed on Euronext Paris. The financial statements of Capgemini SE consolidate CAPGEMINI UK PLC and can be obtained from its registered office in Paris.
- Share Capital Structure: The issued share capital consists of 169,409,417 fully paid ordinary shares with a nominal value of £0.05 each, representing £8,470,470.85 in nominal equity.
Board Composition and Recent Appointments
As of the 2024 Directors' Report filing, the board comprised representatives drawn from Group senior leadership:
- F Alvarez Tabio (Director, appointed 18 November 2024)
- R Walker (Director, appointed 18 November 2024)
- N Bhagat (Director)
- C Hart (Director)
- R Stark (Director)
- J Mangan (Company Secretary)
Recent board resignations include P Margetts and O Sevillia, both of whom stepped down on 18 November 2024. C Ferrand previously resigned on 31 December 2023. Directors are remunerated for operational roles within the broader group; non-executive director emoluments are paid directly by Capgemini SE.
Governance Code Adherence
The company does not directly adopt the UK Corporate Governance Code. As a subsidiary of a Paris-listed entity, it operates under group-wide corporate governance arrangements adhering to the AFEP-MEDEF Code (issued by French private business associations). No instances of non-compliance were recorded during the financial year.
Recent Activity and M&A Transactions
Filings reveal active corporate structuring involving intra-group asset consolidations and portfolio bolt-ons to expand service capabilities.
Corporate M&A Timeline:
[2022] Acquisition of Altran UK trade & assets (£73.8m) & Tessella (£99.7m)
│
[2023] Integration of Rufus Leonard (£6.8m), IRM Consulting (£6.2m), Exiger FCC (£16.6m)
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[2024] Acquisition of Unity Software assets ($1) & Liquidation of South Africa Branch
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[2025] Post-Balance Sheet: Acquisition of Quorsus Limited trade & assets (£27.0m)
Statutory Filings and Gazette Notices
A review of official public records confirms that no statutory notices, petitions, or winding-up orders have been registered in The Gazette. Search historical notices using a winding up petition search tool when reviewing commercial counterparties.
M&A Integration History
- 1 January 2025: Post-balance sheet acquisition of the trade and assets of fellow group undertaking Quorsus Limited for £27,000,000. Quorsus provides strategic consultancy services to financial institutions. On 27 March 2025, Quorsus declared an interim dividend of £31,000,000.
- 2024 Activity: Acquisition of the assets and liabilities of Unity Software Limited for $1 (treated as an asset acquisition). In April 2024, the company formally liquidated its South African branch.
- 2023 Activity: Integration of brand agency Rufus Leonard Limited (£6.83m), Information Risk Management Limited's consulting arm (£6.20m), and Exiger Limited's Financial Crime Compliance division (£16.62m).
- 2022 Activity: Acquisition of trade and assets from Altran UK Limited (£73.79m) and Tessella Limited (£99.70m) to reinforce engineering and R&D capabilities.
Audit Status and Change History
Forvis Mazars LLP (formerly Mazars LLP) issued an unqualified audit opinion for the year ended 31 December 2024, confirming compliance with FRS 101 and the Companies Act 2006. Mazars LLP was initially appointed as auditor in 2020, replacing PricewaterhouseCoopers LLP. Audit key audit matters in recent years focused on revenue recognition across long-term percentage-of-completion contracts, goodwill impairment testing, management estimates, and business combinations.
Risk Indicators and What to Watch
Analysts monitoring CAPGEMINI UK PLC should evaluate several specific balance sheet features during credit and counterparty assessments.
1. Defined Benefit Pension Surplus Volatility
The company maintains two defined benefit pension schemes (Capgemini UK Pension Plan and Capgemini UK (2004) Pension Plan), both largely closed to new entrants. The net pension surplus has fluctuated significantly due to discount rate and inflation assumption changes:
- 2020: Deficit of £241,965,000
- 2021: Surplus of £88,344,000
- 2022: Surplus of £157,469,000
- 2023: Surplus of £127,466,000
- 2024: Surplus of £195,067,000
Management has confirmed an unconditional right to benefit from this surplus under IFRIC 14. However, because the surplus is realized over an extended timeline, analysts must evaluate net assets excluding the pension surplus (£891,178,000 in 2024) to establish core operational balance sheet strength.
2. Fair Value Derivative Exposures
Foreign currency exposures and cash pooling are centrally managed by Capgemini SE. The group provides guaranteed foreign exchange rates via internal derivatives. In 2024, fair value movements generated a £29.5 million charge against operating profit. Lenders should isolate pre-fair value operating profit (£281.06m in 2024) when assessing cash flow coverage ratios.
3. Public Sector Contract Concentration
A significant portion of UK revenue is tied to public sector and central government contracts. Changes in government procurement policies, budgetary constraints, or election cycle disruptions represent a key operational risk factor highlighted in the Strategic Report.
Counterparty Review Framework
When reviewing large IT service subsidiaries, adopt this five-step verification method:
1. Isolate Core Tangible Net Assets: Deduct pension surpluses, goodwill (£12.34bn group-level extraction context), and intangible assets to establish real tangible backing.
2. Review Intercompany Charges: Check the Companies House charges register to verify if parent guarantees or debentures encumber UK assets. Use a company charge check to confirm charge status.
3. Assess Dividend Extraction vs Cash Generation: Match dividend declarations against post-tax profits. In 2024, the company paid a prior-year final dividend of £130,000,000 and proposed a 2024 final dividend of £170,000,000 from profit after tax of £210,502,000.
4. Monitor Board Turnover: Track director appointments and resignations to ensure stable local governance.
5. Set Continuous Alerts: Implement free company monitoring to receive instant notifications on accounts filings, officer changes, or charge registrations.
Practical Scenario: Credit Facility & Counterparty Analysis
To illustrate how a credit analyst or corporate finance adviser evaluates CAPGEMINI UK PLC, consider a scenario where a banking syndicate assesses the company for a multi-year performance bond facility.
Step 1: Raw Financial Data Review
The syndicate reviews the reported 2024 net assets (£1.086bn) and total cash (£506.42m). On paper, the company shows low leverage and high liquidity.
Step 2: Adjusting for Non-Cash Items
The analyst strips out the £195.07m net pension surplus and the associated deferred tax liability. This yields an adjusted net asset position of £891.18m. The analyst also observes that operating cash flow is supported by fast supplier payments under the Prompt Payment Code (average payment turnaround was 17.5 days in 2024, down from 19.5 days in 2023).
Step 3: Normalising Operating Earnings
Operating profit after fair value adjustments reflects a £29.5m loss on internal derivatives managed by the parent company in Paris. The analyst adds back this internal derivative adjustment, restoring operating profit to £281.06m (11.6% margin), confirming that core UK operations remain resilient despite foreign exchange volatility.
Step 4: Credit Conclusion
The facility is approved based on strong unadjusted operating margins, zero external debt, and robust liquid cash reserves (£506.42m), with covenant terms referencing net assets excluding pension accounting items.
How a Professional Validates This Manually vs Corp Intel
Completing a thorough due diligence check on a major operating entity traditionally requires gathering and cross-referencing multiple public registries.
The Manual Verification Method
- Registry Searches: Download multiple PDF accounts from Companies House to extract multi-year financial trends, audit notes, and pension disclosures.
- Gazette Checks: Search The Gazette archives manually for insolvency notices, petitions, or reduction of capital filings.
- Charges Inspection: Review form MR01/MG01 filings on the Companies House register to confirm if any floating charges or debentures cover corporate assets.
- Governance Verification: Cross-check director appointments and resignations manually against group filings in international jurisdictions (e.g. Euronext filings for Capgemini SE).
The Corp Intel Workflow
Corp Intel automates this process by instantly aggregating multi-year financial extractions, pension adjustments, board change histories, and statutory notice registers into a single view. Instead of parsing lengthy PDF accounts manually, analysts access structured KPIs, automated margin calculations, and real-time monitoring alerts in one centralized dashboard.
FAQ
Who is the ultimate parent company of CAPGEMINI UK PLC?
CAPGEMINI UK PLC is an indirectly wholly-owned subsidiary of Capgemini SE, a corporate entity incorporated in France and listed on the Euronext Paris exchange. The immediate parent company is CGS Holdings Limited, which holds 69.8% of the company's share capital.
What was CAPGEMINI UK PLC's revenue and profit in 2024?
In the financial year ended 31 December 2024, CAPGEMINI UK PLC generated revenue of £2,415,857,000 and achieved a profit after tax of £210,502,000. Operating profit before fair value movements was £281,059,000.
Does CAPGEMINI UK PLC hold any outstanding mortgage charges or debentures?
As recorded in recent annual disclosures, CAPGEMINI UK PLC has no external bank debt or borrowing facilities. To verify current filings or check for recent security registrations, run a company charge check.
How does the defined benefit pension scheme impact the balance sheet?
As of 31 December 2024, CAPGEMINI UK PLC reported a net defined benefit pension surplus of £195,067,000 across its two schemes. Excluding this pension surplus, the company's net assets stood at £891,178,000 (compared to total net assets of £1,086,245,000).
Who audits CAPGEMINI UK PLC?
The company's statutory financial statements are audited by Forvis Mazars LLP (formerly Mazars LLP), who issued an unqualified audit opinion for the 2024 financial year. Mazars LLP replaced PricewaterhouseCoopers LLP in 2020.
What recent acquisitions has CAPGEMINI UK PLC completed?
On 1 January 2025, the company acquired the trade and assets of fellow group company Quorsus Limited for £27,000,000. In 2024, it acquired assets of Unity Software Limited ($1). Previous acquisitions include Exiger's Financial Crime Compliance division (£16.62m in 2023), Information Risk Management (£6.20m in 2023), Rufus Leonard (£6.83m in 2023), and Altran UK (£73.79m in 2022).
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