Computacenter PLC Half Year Pre-Close Update (7798H)
17 7월 2012 - 3:00PM
UK Regulatory
TIDMCCC
RNS Number : 7798H
Computacenter PLC
17 July 2012
Computacenter plc
Trading Update
17 July 2012
Computacenter plc ("Computacenter" or the "Group"), the
independent provider of IT infrastructure services and solutions is
today providing an update on trading based on unaudited financial
information for the six months ended 30 June 2012, in advance of
the announcement of its interim results on Friday, 31 August
2012.
Group
Group revenue for the first half increased by 4% on a reported
basis and 8% in constant currency. These growth rates include
acquisitions made during 2011, for which the impact was
minimal.
Group Services revenue increased by 12% on a reported basis and
15% in constant currency. Group Supply Chain revenue grew by 1%
over this period on a reported basis and 4% in constant currency.
Focussing on the second quarter, we saw an increase in our Group
Service revenue of 16% in constant currency and a decline in Group
Supply Chain revenue of 2% in constant currency.
As we stated in our trading update on 14 June 2012, while we
have been pleased with the growth in our Services revenue, the
increase in new business has come with significant additional
start-up costs that will adversely impact profit in 2012. However,
the Board believes that this incremental cost, which remains in
line with our statement of 14 June 2012, will help secure
Computacenter's long term growth potential and enhance the quality
of earnings.
Cash Position
Net cash before customer specific financing (CSF) was GBP96.6
million, compared to GBP104.3 million on 30 June 2011. Net funds,
including CSF was GBP79.3 million, compared to GBP80.9 million on
30 June 2011. During the last 12 months, we completed the
acquisition of a majority stake in Damax and made significant
capital investments, more specifically in equipping our new French
warehousing facility, refurbishing our new property for our
recycling business, RDC and expanding our Service Desk in
Barcelona, at a total cost of approximately GBP7 million. We have
additionally seen some increase in the working capital, resulting
from general growth in our business.
UK
UK revenue grew by 5% in the first half of the year with
Services revenue increasing by 14% and Supply Chain growing by 1%.
In the second quarter, Services revenue was up 18% with Supply
Chain up 8%. Services growth has accelerated, due to new contract
start-ups progressing over the term. These new contracts have
started successfully, both financially and from a customer service
point of view and we are pleased with the progress of our Services
business. Supply Chain margins are slightly weaker than a year ago,
due to a particularly profitable one-off contract in 2011 and a
change in sales mix, with a lower proportion of high-end servers
sold during the period than the same period last year, in favour of
lower margin PC roll-outs relating to Windows 7 projects.
Germany
German total revenue increased by 7% in constant currency during
the first half, with 16% growth in Services and 4% growth in Supply
Chain. In the second quarter, the Services revenue increased by
13%, whilst Supply Chain reduced by 10%. We have seen a significant
slowdown in Supply Chain revenues as the year has progressed,
although this has been exaggerated by very buoyant sales in the
comparative period in 2011, leading us to believe that this rate of
decline is unlikely to continue through the second half of 2012.
While our Services growth has been strong, we have had significant
start-up challenges, requiring us to deploy material additional
resources to ensure successful implementation. We are confident
that this is the right thing to do for the long term success of the
Company.
France
As we have previously stated, France is having a busy 2012,
completing the final integration of the acquisition of Top Info,
which we concluded on 1 April 2011, implementing the relocation and
consolidation of all of our offices and warehouse facilities in and
around the Paris area, and preparing for the deployment of Group
ERP in the first half of 2013. In addition, we believe that the
uncertainty associated with the election and change of Government
in the second quarter, has had a detrimental effect on business
volumes from the Public Sector. Nevertheless, France grew revenues
by 9% in constant currency in the first half of the year, with
Services growing by an encouraging 17%. Supply Chain revenue grew
by 8% and if the Top Info Supply Chain revenue for the full
comparative period was included, the overall Supply Chain revenue
would have declined by 7%. While the Services margin on our new
business has been slightly below where we would like going forward,
it has not replicated the challenges we have had in Germany. Our
office moves and consolidations are now complete and we expect our
warehousing and logistics facilities to complete their relocations
by the end of the third quarter. These significant investments in
capital and management time should provide a solid platform for
future growth.
Outlook
We are making good progress in addressing the challenges in
Germany and strengthening our contract take-on processes across the
whole Group, in order to ensure that we do not miss the opportunity
for Computacenter to grow its Services revenue and market share.
The Board believes, following completion of these actions, we will
be well placed to continue responding to these opportunities.
Overall, the Group continues to trade in line with our
expectations and the outlook for the full year to 31 December,
remains consistent with our trading update on 14 June 2012.
We will be announcing our interim results for the six months to
30 June 2012 on Friday, 31 August 2012.
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
Rebecca Scott
Conference call
There will be a conference call for analysts and investors this
morning at 9.30am
This information is provided by RNS
The company news service from the London Stock Exchange
END
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