Computacenter PLC Half Year Pre-Close Update (3764J)
16 7월 2013 - 3:00PM
UK Regulatory
TIDMCCC
RNS Number : 3764J
Computacenter PLC
16 July 2013
Computacenter plc
Trading Update - Overall trading in line with expectations
16 July 2013
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 2013, in advance of
the announcement of its interim results on Friday, 30 August
2013.
Group
Group revenue for the first half was flat on an as reported
basis and reduced by 2% in constant currency. Group Services
revenue increased by 4% on a reported basis and 2% in constant
currency. Group Supply Chain revenue reduced by 2% on a reported
basis and by 4% in constant currency.
Cash Position
We announced a one-off return of value to shareholders of GBP75
million on 24 May 2013. This resulted in a GBP31 million outflow in
the first half, and therefore our net cash position before customer
specific financing (CSF) reduced to GBP80 million at the end of
that period. This outflow masks an underlying improvement of GBP9
million on a like-for-like basis compared with the position on 30
June 2012 of GBP102 million. The return of value will impact the
Group's cash position in the third quarter, due to the remaining
GBP44 million having been paid out to shareholders in early July,
following the successful completion of the transaction. The Group
has the benefit of a committed facility of GBP40 million, which is
wholly unutilised.
Net funds excluding CSF June June Change
in GBP million 2013 2012
---------------------------- ------ ------ -------
Net funds prior to return
of capital 111 102 9
Return remitted in late
June 2013 (31) 0 (31)
------ ------ -------
As reported at 30 June
2013 80 102 (22)
Return remitted in early
July 2013 (44) 0 (44)
Net funds post return
of capital 36 102 (66)
------ ------ -------
Total return of capital
impact on net funds (75)
------
We expect the return of value to reduce our interest income by
approximately GBP1 million annually, with earnings per share
augmented by around 9%. In 2013, the impact felt will amount to
approximately half of these annual amounts.
Including CSF of GBP16 million (2012 : GBP18 million), our net
funds position reduced to GBP64 million (2012: GBP84 million). Our
cash position is enhanced by GBP26 million (GBP26 million in 2012)
due to the ongoing improved payment terms from one of our major
vendors.
UK
UK revenue grew by 2% in the first half of the year with
Services revenue increasing by 5% and Supply Chain revenue flat. As
we indicated at the time of our interim management statement on 24
April 2013, a substantial volume of take-on billing during the
second quarter of last year has produced a very challenging
comparison for the same period in 2013. This means that, despite a
strong UK Services performance during the second quarter of 2013,
Services revenue has been flat against that achieved during the
second quarter of 2012. The comparison in the second half of the
year is somewhat easier and we are confident that our Services
growth rate will return to levels broadly in line with those
experienced in the first quarter of the year. Within the last few
weeks we have successfully reached exclusive negotiations on a
number of new contracts within the UK which, if successfully
concluded, should enable us to maintain our Services growth into
2014 and beyond.
Supply Chain margins have seen a small improvement relative to
the same period in 2012, as the product mix has remained similar
between our high end products and our lower margin PC sales.
Germany
German total revenue fell by 1% in constant currency during the
first half, with a 1% reduction in Services and 2% reduction in
Supply Chain. We saw a strong recovery in the second quarter with
Services revenue flat and Supply Chain revenue growing by 15%.
Excluding the three loss-making contracts, we are pleased that
after some time, our Services business is stabilising and we are
seeing an improvement in margins. Whilst we still have a long way
to go to reach an acceptable level, we are making meaningful
progress. We are stepping up our campaigning for new Services
contracts and while we are still in the early stages of that
process, the prospect pipeline looks substantial. The recent
implementation of new Group processes in our German business has
significantly increased our confidence that if we are able to
secure these contracts we will on-board them successfully, from
both a customer service perspective and in respect of the Group's
financial position.
Turning specifically to our three loss-making contracts, whilst
they have performed in line with our recent expectations in the
second quarter, we are of the belief that these contracts are now
highly likely to be loss-making from 1 July 2013 until the end of
life. There is further work to do and customer negotiation to be
undertaken to assess the full quantum of these losses. However, we
expect that, once finalised, these losses will require an
additional provision to be made, which due to its nature and size
will be stated as an exceptional item. As previously stated in our
interim management statement on 24 April 2013, we will give further
details on the potential quantum of any provision that will be made
at the time of our interim results on Friday, 30 August 2013.
France
French revenue declined by 12% in constant currency in the first
half of the year, with Services revenue falling 5% and Supply Chain
revenue falling 13%. The revenue performance of the business
deteriorated in the second quarter, with relative growth rates
showing a 20% reduction in Supply Chain and a 9% reduction in
Services against those seen for the same period last year. We are
pleased to note that our French business successfully migrated to
our Group ERP system at the beginning of June. This completes our
Group ERP roll-out on time and in line with our agreed financial
plan excluding the impact of currency fluctuation. While this
migration has been consistent with the successes in Germany and the
UK, its timing has meant some orders could not be processed by the
end of June. There will be a catch up early in the third quarter,
which we estimate could account for up to half of the revenue
decline in Supply Chain during quarter two. In the second half of
2013, we will endeavour to implement our Group Operating model
within the French business. Market conditions within France are
clearly challenging but we are confident that our new ERP system
now in place and our Group Operating model will go some way to
improving the financial performance in the business over the medium
term. We believe that the financial performance during the first
half of the year will prompt a non-cash impairment to non-current
assets in the French cash-generating unit, principally relating to
goodwill and acquired intangibles from the Top Info acquisition
back in 2011. On a positive note, we are particularly encouraged by
a significant large Services contract within the French market
where we are at the final contract negotiation stage.
Outlook
With the finalisation of the exceptional provision we expect to
make for the three German loss-making contracts at the time of our
interims, we will better be able to understand the positive impact
this is likely to have on expectations for 2013 and 2014.
The UK business continues to perform in line, supported by some
improvement within our German business, which is offset by a
further deterioration in France.
The continued strong performance of our UK business is
encouraging for the future, along with the improvement we are
starting to see in Germany, both of which are supported by
significant new business pipelines.
We will be announcing our interim results for the six months to
30 June 2013 on Friday, 30 August 2013.
Enquiries:
Computacenter plc
Mike Norris, Chief Executive: 01707 631601
Tony Conophy, Finance Director: 01707 631515
Simon Pereira, Company Secretary: 01707 639072
Tulchan Communications
James Macey White 020 7353 4200
Conference call
There will be a conference call for analysts and investors this
morning at 9.30am.
Appendix
Revenue growth summary by segment for Q2 2013 vs Q2 2012 and H1
2013 vs H1 2012
Q2 Change Q2 Change H1 Change H1 Change
As Constant As Constant
Change vs Reported Currency Reported Currency
2012
------------------ ---------- ---------- ---------- ----------
Supply Chain
Revenue
UK -3% -3% 0% 0%
Germany 19% 15% 2% -2%
France -17% -20% -10% -13%
------------------ ---------- ---------- ---------- ----------
Group 1% -1% -2% -4%
------------------ ---------- ---------- ---------- ----------
Services Revenue
UK 0% 0% 5% 5%
Germany 3% 0% 3% -1%
France -6% -9% -2% -5%
------------------ ---------- ---------- ---------- ----------
Group 1% 0% 4% 2%
------------------ ---------- ---------- ---------- ----------
Total Revenue
UK -2% -2% 2% 2%
Germany 14% 10% 2% -1%
France -15% -18% -9% -12%
------------------ ---------- ---------- ---------- ----------
Group 1% -1% 0% -2%
------------------ ---------- ---------- ---------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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