Interim Management Statement


 
TIDMCCC 
 
Interim Management Statement 
 
                                 14th May 2010 
 
Computacenter plc, the independent IT services provider, is today holding its 
Annual General Meeting and publishes its Interim Management Statement based on 
unaudited financial information, for the period from 1 January 2010 to date. 
 
Financial Performance 
 
Group revenue, for the first quarter, increased by 7% 
currency movements.  Excluding these effects, Group revenue for the first 
quarter increased by 8% to  GBP616.0m and has seen similar growth rates in Q2 to 
date.  Our Services revenue grew by 2% in Q1, and we have seen a small increase 
in this growth in Q2 to date.  Group product revenue grew by 9% in Q1, including 
disposals, acquisitions and currency movements and by 12% excluding these 
effects and the growth has been maintained in Q2. 
 
We have managed to achieve these growth rates with further reductions compared 
to Q1 2009, albeit small, to our cost base from last year's cost reduction 
program without exceptional costs. 
 
In the UK, we have seen a strong rebound in product sales, with growth of 20% 
excluding the disposal of CCD.  This growth was flattered by one large project, 
which is not ongoing.  However, excluding this project, the underlying growth 
rate was still greater than 10%, which has been maintained in Q2.  UK services 
grew by 3% in Q1 and has increased further in Q2, due to new business gains. 
 
As previously reported, we had a slow start to the year in Germany, but there 
was a material pick up in March.  In the first quarter as a whole, product 
revenues grew 12% but only 1% if the acquisition of becom is excluded.  Services 
declined by 3%, which was not materially affected by the acquisition.  The 
improved trading in March has continued into Q2. 
 
In France, the first quarter services revenue increased by 13% and product 
revenue by 7%.  However, gross margins are lower than in Q1 2009, which was an 
artificially high position.  Q2 to date has seen a similar trading performance 
to Q1. 
 
Financial Position 
 
Despite the growth in our product business, our balance sheet continues to 
strengthen.  At the end of Q1, net cash, excluding Customer Specific Financing 
(CSF), was approximately  GBP89m ( GBP86m at the end of Q4 2009).  Net Funds including 
CSF was  GBP53.3m ( GBP37.3m at the end of Q4 2009).  This position is still 
benefitting from an extended credit scheme with one of our major vendors, to the 
extent of approximately  GBP30 million.  There is no material change in this 
position since the end of Q1, despite the cash cost of paying the additional 
interim dividend totalling  GBP11.8 million on 1 April 2010. 
 
 
Outlook 
 
After a challenging 2009 for our product business, we saw a strong rebound in Q1 
2010, particularly in the UK.  Whilst it is not certain that these growth rates 
can be maintained throughout the year, the signs are encouraging.  Our services 
business has seen slower growth than we have become used to, but we are 
expecting this to improve as the year progresses.  After a slow start to the 
year, our German business is showing some improvement.  Trading this year to 
date across the Group has increased our confidence of another year of progress 
for Computacenter, in line with management expectations. 
 
Our next scheduled trading update will be the pre-close briefing prior to our 
Interim Results, which is scheduled for 13th July 2010. 
 
Enquiries 
 
Computacenter plc 
 
Mike Norris, Chief Executive 01707 631601 
 
Tony Conophy, Finance Director01707 631515 
 
Tessa Freeman, PR Manager01707 631514 
 
Tulchan Communications 020 7353 4200 
 
Andrew Grant 
 
Stephen Malthouse 
 
 
 
 
 
 
 
 
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Computacenter (LSE:CCC)
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