Interim Management Statement (2114F)
20 4월 2011 - 3:00PM
UK Regulatory
TIDMCCC
RNS Number : 2114F
Computacenter PLC
20 April 2011
Computacenter plc
Interim Management Statement
20 April 2011
Computacenter plc, Europe's leading independent provider of IT
infrastructure services, publishes its Interim Management Statement
based on the unaudited financial information for the period from 1
January 2011 to date.
Financial Performance
We have made a satisfactory start to the year. Group revenue for
the first quarter increased by 2%, on a reported basis, unaffected
by disposals or acquisitions and minimal impact from currency
movement. Our services revenue grew by 6% in Q1 2011. Group product
revenue was flat overall with strong growth in Germany and France
offsetting expected weakness in the UK.
United Kingdom
UK services revenue grew by 3% while product revenue declined by
23%, in part due to the anticipated reduction in spending in the
government sector and a reported one-off large product transaction
in Q1 2010. The government spending reduction has a more meaningful
impact in Q1, due to this being the largest quarter for government
expenditure. This downturn in product sales has not had anywhere
near the same effect on our contribution and even less impact on
our profitability. The UK services new business pipeline, for the
rest of the year, looks promising due to contracts already won, but
not yet started, as well as prospects. Additionally, we are
managing to implement new contracts at improved margins, when
compared to the past.
Germany
Germany bounced back after a tough Q1 2010 last year with
product growth of 28%, as the market continued the strength shown
in Q4 2010. Services growth was 9%, with a strong pipeline of
projects. We are particularly pleased with this performance, as it
was achieved while we went live successfully, with our new Group
ERP project in Germany, at the beginning of February 2011. On 11
April 2011, we announced our intention to acquire the whole of the
German Apple integrator, HSD Consult GmbH, from the Gravis Group,
subject to competition authority clearance, for a maximum
consideration of EUR5.4million. This acquisition will strengthen
Computacenter's position in the growing German mobility integration
solution market.
France
In France, during the first quarter, services revenue increased
by 10% and product revenue grew by 22%. From the beginning of April
2011, we are benefiting from the acquisition of Top Info. The
integration process of Top Info has started smoothly and the
acquisition of Top Info will enhance Computacenter France's
presence within the IT infrastructure supply market, to the large
corporate and government market and will provide growth
opportunities for its services and infrastructure solutions.
Financial Position
At the end of Q1 2011, net cash excluding Customer Specific
Financing (CSF) was approximately GBP120 million (GBP139 million at
end Q4 2010). Net cash including CSF was approximately GBP94
million (GBP111 million at end Q4 2010). The Group spent EUR21
million (GBP17.7 million) on the acquisition of Top Info, before
the end of the quarter. We continue to benefit from the extended
credit scheme with one of our major vendors, by approximately GBP30
million, which has declined by GBP7 million due to the seasonal
sales patterns of this particular vendor. Excluding these two
factors, Computacenter's cash position continues to increase.
Outlook
We remain confident that 2011, as a whole, will be another year
of improvement for Computacenter's performance. Our services growth
is solid across the Group and we have again benefitted from our
portfolio of countries, in the product business. While much remains
to be done, we are trading in-line with management expectations for
the year.
Our next scheduled trading update will be the pre-close briefing
prior to our Interim Results, which is scheduled for 12 July
2011.
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
Christian Cowley
Lucy Legh
This information is provided by RNS
The company news service from the London Stock Exchange
END
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