Capita PLC (LON:CPI) isn't the only FTSE 250 company to have taken a battering today.
Broadband and telephone provider Talktalk Telecom Group PLC (LON:TALK) is down almost 10% to 118p after analysts at Exane BNP Paribas cut their price to target price to 90p (from 140p).
They argue that broadband customers are increasingly price sensitive - i.e. looking for bargains - which is putting pressure on margins across the industry.
In the past, TalkTalk had been the low-cost option and was the main beneficiary of people switching to cheaper deals, but this position is now "coming under growing pressure".
"Their trading momentum appears to have peaked, and their share of the discount market is coming under renewed pressure," said the research note.
Perhaps the biggest concern for investors was Exane's call that the dividend could be chopped in half, while analyst reckons they could also make a "bear case" where the stock is worth as little as 30p.
Catalyst Media Group PLC (LON:CMG) galloped higher after it released a cheery update on Sports Information Services (SIS), in which it has a 20.54% stake.
SIS - which provides horse and greyhound racing content, data and prices to the betting industry - has extended its partnership with Racecourse Media Group until March 2023.
RMG is the umbrella organisation for 37 racecourses including Aintree, Cheltenham and Newmarket and holds those courses' interest in television channel Racing UK.
Catalyst arranges deals with betting shops across the UK and Ireland to allow them to show the various racing channels, but the new agreement will also let the firm distribute those media rights internationally.
On a separate note, AIM-quoted Catalyst said SIS was also looking at selling off its SIS LIVE business, adding that there have been "various expressions of interest".
SIS is also expected to make a ?6.0mln profit before tax for the year to March 2018.
Shares jumped 8% to 69.5p early on Wednesday afternoon.
By far the biggest story of the day is Capita Group PLC (LON:CPI), which dealt another blow to the outsourcing sector after it issued a shock profit warning this morning.
The FTSE 250 company - which collects the licence fee on behalf of the BBC and operates the London congestion charge - said it was now "too widely spread across multiple markets" to deliver a world-class service to all of its clients.
In response, new boss Jonathan Lewis said the company would sell off some of its divisions, including its car park management business ParkingEye and contractor registry Constructionline.
Net debt at the end of December stood at ?1.15bn, and the proceeds from the sales will be used to pay down some of that as well as being reinvested in Capita's core operations.
Capita also plans to raise ?700mln from shareholders later this year and will suspend its dividend until it generates a "sustainable free cash flow".
With Carillion's recent plight still at the front of investors' minds, the markets were understandably nervous. The shares, which were up above 700p in June, are down 42.3% today to 200.6p.
Upland Resources Ltd (LON:UPL) raced higher on Wednesday after the junior oiler announced that former Lotus F1 team and QPR Football Club owner Tony Fernandes is to take a 16.2% stake in the business.
Fernandes, through his Tune Group holding company which he founded alongside Kamarudin Meranun, has subscribed for 74.1mln shares at 1.35p apiece.
That will raise ?1mln for Upland, which it will use to fund work on its existing assets as well as on new ventures.
"We are very pleased to welcome Tune as a new, high profile, cornerstone investor and to be one of the few companies in which this highly successful and entrepreneurial group has chosen to invest," said Upland boss Steve Staley.
"With Tune's backing we will be able to pursue the very exciting Wick Prospect and to finance other future opportunities. The investment by Tune supports Upland's move to the second phase of our strategy, to invest in high impact assets, which will help us realise potentially transformative value growth."
Despite the shares being issued at a slight discount, the stock jumped 9.8% higher to 1.68p early on Wednesday.
Cradle Arc PLC (LON:CRA) should be able to use Dense Media Separation (DMS) to boost production substantially at the Mowana copper mine in Botswana. An independent test report from SGS South Africa confirmed its suitability and Cradle Arc now intends to go ahead and install a plant.
Echo Energy PLC (LON:ECHO) told investors it is now "ready to initiate" a busy new work programme in Argentina. The company completed its Argentina acquisition earlier this month, and it has already issued tenders for the planned seismic programme.
Satellite Solutions Worldwide Group PLC (LON:SAT), the provider of alternative super-fast broadband services, expects to post a "material increase" in earnings this year.
AIM-listed security group Westminster Group PLC (LON:WSG) saw revenues rise by 23% in 2017. The group has also raised ?750,000 to fund the potentially transformational Middle East managed services contract first announced last September, while Sir Tony Baldry is to become executive chairman from non-executive previously.
ANGLE PLC (LON:AGL) (OTCQX:ANPCY) has made excellent progress over the last six months, according to chairman Garth Selvey. The highlights included successful US and European ovarian cancer studies that underlined the potential of the company's Parsortix liquid biopsy system.
Big data analysis software provider Rosslyn Data Technologies PLC (LON:RDT) expects to achieve cash-flow break-even in 2018.
Customised electronics supplier discoverIE Group PLC (LON:DSCV) said it continued to trade strongly in its fiscal third quarter and remains on track to hit full-year targets.
Empresaria Group PLC has announced the appointment of Tim Anderson as the international staffing specialist's group finance director with effect from 21 March 2018. The AIM-listed group said Anderson will take over from Spencer Wreford, who - as previously announced on 12 September 2017 - will focus on his role as Empresaria's chief operating officer.
88 Energy PLC (LON:88E) told investors that it ended 2017 with A$14mln of cash reserves as it provided a mandatory quarterly activities update. As the Alaska-focussed explorer's primary work programme has been in hibernation over the winter months, there was little new information to glean from the statement.
Lekoil Ltd (LON:LEK) told investors that an independent technical study of the OPL 325 asset, offshore Nigeria, has revealed the potential for some 5.7bn barrels of oil in place. The study, by specialist Lumina Geophysical, identified a total of 11 prospects and leads in the area which straddles the western Niger delta.
Allergy Therapeutics PLC (LON:AGY) has told investors it expects to report a rise in revenues in line with expectations for the first half of its financial year as it continues to win market share in its key territories.
Chaarat Gold Holdings Ltd (LON:CGH) has significantly increased the resource estimate at the Tulkubash deposit, part of the Charaat Gold Project in the Kyrgyz Republic in Central Asia. The last estimate suggested there were just over 800,000 ounces of gold at Tulkubash, but today's update puts that figure closer to 1mln oz.
Range Resources Ltd (LON:RRL) confirmed a production increase of 9% in the fourth quarter as it released its periodic activities report. The company reported total production of 58,034 barrels of oil in the quarter ended December 31, up from 53,304 barrels in the preceding three month period. Daily production measured 631 barrels of oil per day in the quarter, up from 579 bopd in the third quarter.
Metal Tiger PLC (LON:MTR) said the completed Pre-Feasibility Study (PFS) for its joint venture project with partner MOD Resources Limited (ASX:MOD) in the Kalahari Copper Belt in Botswana for the T3 Open-Pit looks "very robust". In a separate announcement, Metal Tiger also announced that it has sold its remaining shares in Kingsgate Consolidated Limited bringing its holding down from 11,504,685 shares in KCN to zero.
Asiamet Resources Limited (LON:ARS) said it expects to deliver a maiden resource estimate for its BKZ polymetallic prospect in May as it updated on progress with the drill bit. The asset, located in Central Kalimantan, Indonesia, has continued to yield near-surface base and precious metal-rich mineralisation, the company said.
Ferrum Crescent Ltd (LON:FCR) said yesterday's maiden resource at Toral in Spain had underlined its 'undoubted potential' as a viable European lead, zinc and silver project. The resource currently is 16mln tonnes of ore grading 6.9% zinc equivalent, including lead credits, and 25 grams per tonne silver.
Atlantis Resources Limited (LON:ARL), a global leader in the renewable energy sector, announced the formal launch through Abundance Investment Limited of a proposed five-year bond which matures in 2023. The bond has a coupon of 8%, payable semi-annually. The bond offer seeks to raise a minimum of ?2mln and a maximum of ?5mln, and is expected to close in the first quarter of 2018.
Sound Energy PLC (LON:SOU), the North African and European gas company, announced the appointment of Macquarie Capital (Europe) Limited as joint broker to the company with immediate effect. Macquarie Capital will act alongside RBC Capital Markets as joint broker, and Smith & Williamson Corporate Finance, the company's nominated adviser.