Interim Management Statement


 

TIDMCCC 
 
RNS Number : 4093U 
Computacenter PLC 
15 October 2010 
 

                          Interim Management Statement 
 
Computacenter plc the independent IT services provider, today, publishes its 
Interim Management Statement based on unaudited financial information, for the 
third quarter of 2010. 
Financial Performance 
Trading in the third quarter has strengthened from an already positive position 
in the first half. 
Revenue growth for the quarter, on a reported basis, increased by 13% to GBP621 
million (2009: GBP548 million), or 16% in constant currency.  This brings our 
year to date reported revenue growth to 7%, or 10% at constant currency. On a 
like-for-like basis, adjusting for the effects of acquisitions and disposals 
made in the fourth quarter of 2009, revenue growth on a reported basis was 14% 
in the third quarter, or 17% at constant currency and 8% year to date, or 11% in 
constant currency. We have seen an improved rate of growth in the third quarter 
in both products and services, in all countries in which we operate compared to 
the first half of 2010. The overall growth rate compared to third quarter 2009 
for product, excluding the effects of acquisition and disposal, was 17% in the 
third quarter 2010 with a 9% growth in services. 
In the UK, excluding the disposal of our distribution business ("CCD"), overall 
growth has increased on the first half of the year to bring the overall year to 
date growth figure to 15%, equivalent to a growth rate of 20%, in the third 
quarter alone.  As expected, our services business grew more strongly in the 
third quarter than in the first half at 16%, as we benefitted from new managed 
services contracts that started in Q2 2010 and contributed for the entire 
quarter. Our UK product business continued its positive first half growth, with 
22% growth, excluding CCD, in Q3, in spite of a Government expenditure decline, 
which has been more than compensated by growth rates elsewhere, particularly 
financial services. 
The performance of Germany was particularly pleasing with overall growth in the 
third quarter, including the becom acquisition, in local currency of 19% and 
10%, excluding the effect of the acquisition. As expected, the performance of 
our services business has shown a major improvement over the first quarter, 
where we had some difficulties, with a 9% growth in Q3 over Q3 2009, bringing 
the year to date performance to a modest, but at least positive 1%.  Our German 
product business, aided by the acquisition of becom, grew by 25% in local 
currency and by 12%, excluding the effect of becom in the quarter, compared to 
2009. 
Third quarter revenue in France grew by 14% in local currency, bringing the year 
to date growth to 12% with a 9% growth in services, bringing the year to date 
position to 8% and a 16% growth in product, bringing the year to date position 
to 13%. 
Financial Position 
Our cash position continued to strengthen in the third quarter and at the end of 
the period, we had net cash, excluding customer specific financing, of 
approximately GBP100 million, compared to GBP56 million at the end of Q3 2009. 
Net funds, including customer specific financing, was GBP70 million, compared to 
net debt at the end of Q3 2009, of GBP4 million. This cash position continues to 
be flattered by approximately GBP25 million, due to the ongoing credit terms 
extended to all its partners, by one of our key vendors. 
2010 Tax Rate 
As always, our tax rate is a blended rate depending on the performance of 
different countries remembering we have considerable tax losses to carry forward 
in France and Germany. In 2010, certain one-off items in the UK reduce our tax 
rate by around 4%, which will result in a Group tax rate of approximately 22% of 
adjusted PBT, for the year as a whole. 
 Group Outlook 
We have been encouraged by our performance in the third quarter and our growth 
rates exhibited year to date. It is unlikely that we will achieve the same 
levels of growth in Q4, as experienced in Q3, due to the more difficult 
comparisons in the fourth quarter, as our performance in Q4 last year had been 
particularly strong.  We do however, expect our services growth rate to continue 
at similar levels as experienced in the year to date and our product business 
growth rates to remain positive in all countries. The fourth quarter, as it is 
every year, is the most important quarter  for the company's overall 
performance, so much remains to be done, but the results to date makes us 
confident that we are on track to deliver on our expectations for 2010. 
Our next scheduled trading update will be the pre-close briefing, prior to our 
annual results, which is scheduled for 11 January 2010. 
Enquiries 
Computacenter plc 
Mike Norris, Chief Executive                      01707 631601 
Tony Conophy, Finance Director               01707 631515 
Tessa Freeman, PR Manager                       01707 631514 
Tulchan Communications                            020 7353 4200 
Andrew Grant 
Christian Cowley 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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