Bid pipeline: Our bid pipeline shows the total contract value of our major sales bids at a specific point in time, which we disclose 3 times a year. It contains all bids with total contracted revenue worth between £25m and a capped ceiling of £1bn, where we have been short-listed to the last 4 or fewer. The total contract value of the bid pipeline currently stands at £5.1bn (February 2016: £4.7bn), comprised of 36 bids including 92% new business and 8% renewals and extensions, with a weighted average contract length of 7 years. We are seeing steady activity in both the private sector (50% of the pipeline), particularly in telecoms, retail and financial services, and the public sector (50% of the pipeline), in defence, local government, and transport and infrastructure. We continue to have a large, active prospect list of opportunities behind the pipeline and there are no material contracts, defined as having forecast annual revenue in excess of 1% of 2015 revenue, up for rebid until 2019.
Summary and future prospects: In the first half of 2016, Capita achieved good profit growth driven organically by major contracts and our trading businesses, and through acquisitions made part way through 2015. We also delivered strong cash flow and robust sales and operational performance.
While it is too early to know the impact of the recent EU referendum, it has created increased uncertainty, particularly in the financial services sector, and we are continuing to experience some delays in decision making in the short term. However, we expect this to be more than offset in the medium-term by incremental opportunities that arise as clients respond to the impacts of the UK leaving the EU.
The structural drivers for our services remain strong and Capita has a good track record of operating through political and economic cycles. We are making steady progress towards achieving around 4% organic growth in 2016 and remain confident of the strength of our business model in creating continued profitable growth into the future.