Computacenter PLC Interim Management Statement (0615D)
24 4월 2013 - 3:00PM
UK Regulatory
TIDMCCC
RNS Number : 0615D
Computacenter PLC
24 April 2013
Computacenter plc
Interim Management Statement
24 April 2013
Computacenter plc ("Computacenter"), the independent provider of
IT infrastructure services and solutions, today publishes its
Interim Management Statement from 1 January 2013 to date. Figures
below are based on unaudited financial information, for the first
quarter.
Financial Performance
Revenue for the first quarter, on an as reported basis was
unchanged at GBP659.4 million (2012: GBP659.1 million). In constant
currency, it declined by 3%. Group Services revenue grew by 7% as
reported and by 4% in constant currency. Additionally, Group Supply
Chain revenue reduced by 3% as reported and 6% in constant
currency.
UK
The momentum we have built up in the UK business continued in
the first quarter with a revenue increase of 6% to GBP294.9 million
(2012: GBP276.9 million) with Services growth at 11% and Supply
Chain growth at 4%. The comparator from 2012 for Services growth
will get more challenging from now, but our prospect pipeline has
increased since we last reported giving us more confidence that our
Services growth rate can be maintained for some time to come.
Germany
German revenue declined by 7% to GBP280.6 million (2012:
GBP302.5 million) on an as reported basis and by 12% in constant
currency. In constant currency, Services revenue shows a decline of
2% and Supply Chain revenue a decline of 17%. The Supply Chain
revenue decline relates predominantly to a large one-off low margin
deal in the previous year. The moderate revenue performance in
Services was as expected due to our focus on resolving existing
contractual issues over the winning of new Services business
throughout 2012.
Our new Group structure is helping us to get to grips with our
challenges in Germany and we have made some important progress in
this regard. The two fundamental issues for our business in Germany
are the performance of our problem contracts this year, and our
ability to secure new and profitable contracts going forward. We
are content with the progress we are making in improving the
operational and financial performance on the majority of these
problem contracts. Whilst three contracts remain stubbornly
financially and operationally challenging, it is important to note
that maintaining our overall relationship with these customers, as
well as our reputation in the market place, makes us determined to
ensure that we deliver on agreed service levels, in spite of any
short or medium-term impact that this approach may have on our
profitability.
We are now more confident in our ability to secure new contracts
profitably and are therefore starting to grow our prospect
pipeline. Whilst it is still early days, we are encouraged by the
number of opportunities available.
France
French revenue increased by 2% to GBP107.4 million (2012:
GBP105.4 million) on an as reported basis but declined by 3% in
constant currency. In constant currency, Services revenue declined
by 7% and Supply Chain revenue by 2%. The challenging economic
environment in France has resulted in a distinct lack of
Professional Services projects which affects our Services margin
and our performance on the bottom line. We see very little prospect
of this abating this year. Taken together with the major contract
renewal that will take place in the second half of 2013, which we
have noted previously, 2013 will be a tough year for Computacenter
in France.
Financial Position
At the end of Q1 2013, net cash excluding Customer Specific
Financing (CSF), was approximately GBP98 million (GBP106 million at
end Q1 2012). Net cash including CSF was approximately GBP81
million (GBP86 million at end Q1 2012). We continue to benefit from
the extended credit scheme with one of our major vendors, by
approximately GBP27 million (GBP26 million at end Q1 2012). The
timing of Easter at the end of the period meant that the month end
cut off was made 2 days earlier than the previous year which masked
the underlying improvement in the cash position.
We are in the process of undertaking the various preparatory
activities required to complete a return of capital to shareholders
of c GBP75 million, as noted in the final 2012 results announced on
12 March 2013.
Group Outlook
The UK's performance to date has been encouraging and we feel
comfortable with our UK business expectations for the year. As
outlined above, while the majority of our problem contracts in
Germany are responding positively to the action we have taken,
three have yet to do so. In respect of these three contracts, there
are ongoing commercial counterparty negotiations. The outcome is
thus not yet known, but may result in an increased provision this
year for costs in future reporting periods. We expect to have
concluded these negotiations by no later than the time of the
release of our Interim Results on Friday 30 August 2013.
As noted in our 2012 Operating Review, the new Group operating
model was implemented in the UK and Germany at the start of 2013.
We are confident that this new model will significantly reduce the
risk of a recurrence of similar contractual issues in the future
and is, in addition, assisting the resolution in respect of the
three contracts referred to above. The introduction of this
operating model has resulted in a number of Management changes in
our German business.
As previously highlighted, Computacenter France is working
within a particularly difficult market environment. However, it is
now performing below our previous expectations, broadly at
breakeven for the year.
Overall, given the impact of the ongoing German contractual
issues and our current in-year performance in France, we now expect
to make only modest progress against the overall Group performance
achieved in 2012.
It has clearly been a mixed performance for the business through
this quarter, but we have a great deal to be excited about,
particularly the UK performance and the underlying growth in our
Managed Services pipeline across the Group which continues to
deliver exciting new opportunities.
However, this fundamental improvement in the business is being
masked by the remaining three problem contracts in Germany and
challenging market conditions in France.
Our next scheduled trading update will be the pre-close briefing
prior to our Interim Results, which is scheduled for 16 July
2013.
Enquiries
Computacenter plc
Mike Norris, Chief Executive 01707 631601
Tony Conophy, Finance Director 01707 631515
Simon Pereira, Company Secretary 01707 639072
Tulchan Communications 020 7353 4200
James Macey White
Rebecca Scott
This information is provided by RNS
The company news service from the London Stock Exchange
END
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