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Thursday 09 September 2021

Computacenter H1: Feeling fine at 40

cccAn impressive set of first half results show Computacenter is feeling just fine in this its 40th year.

For the six months to the end of June, Group revenues were up 31.4% (constant currency) and by 9.0% organically to £3.18bn. This is the first time the company has passed the £3bn milestone for a six-month period. There was a very meaty 59.4% increase in adjusted profit before tax to £118.9m. Margins are up in both Services and Technology Sourcing (resale).

By country, the performance varied. In the UK, revenue moved closer to the £1bn mark with the top line up 9.4% to £939.5m. Resale revenues were up 10% while Professional Services grew a mighty 36.6%. Managed Services decreased slightly. 

In Germany, “excellent” managed services and resale growth was accompanied by a “very strong performance” in Professional Services. It was a different tale in France where the business experienced a “difficult start to the year". Organic revenue slipped 8.5% on a constant currency basis, while the business moved into losses (adjusted operating) of €2.3m from profits of €4.3m last year (including the results of the Computacenter NS acquisition). The North America business saw incredibly strong organic growth of 18.1%, or 164.7% including the Pivot acquisition.

Computacenter’s CEO, Mike Norris, says that it’s the firm’s ability to adapt to an ever-changing market that has enabled it to trade successfully over the past 40 years. The company says that COVID is now having very little impact on the business, with the “vast majority” of customers have now returned to business as usual. Norris also reiterated his intention to endeavour to beat last year’s strong H2 performance and “not just match it”.

Computacenter says it’s “well set for our seventeenth year of uninterrupted earnings per share growth”. Now that really is well and truly ‘boring’!

Posted by: Kate Hanaghan at 09:40

Tags: results  

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