Computacenter PLC Pre-Close Trading Statement (7794X)
16 1월 2014 - 4:00PM
UK Regulatory
TIDMCCC
RNS Number : 7794X
Computacenter PLC
16 January 2014
Computacenter plc
Trading Update - 16 January 2014
Computacenter plc ("Computacenter"), the independent provider of
IT infrastructure services and solutions, is today holding an
investor and analyst conference call to provide an update on
trading for the year ended 31(st) December 2013 ("the year").
The Group will announce its results on 11(th) March 2014, which
are anticipated to be slightly ahead of the Board's previous
expectations for the year.
Group revenue for the year increased by 6% on a reported basis
and 3% in constant currency. Group Services revenue increased by 6%
on a reported basis and 4% in constant currency. Group Supply Chain
revenue increased by 5% on a reported basis and 2% in constant
currency. Focusing on the fourth quarter, we saw an increase in our
Group Services revenue of 1% in constant currency and an increase
in Group Supply Chain revenue of 8% in constant currency.
Cash position
At the end of the period, net cash excluding customer-specific
financing ("CSF") was GBP89 million [GBP72 million at 31(st)
December 2012]. Including CSF, net cash was GBP69 million [GBP54
million at 31(st) December 2012]. The year-end cash position
continues to benefit by approximately GBP41 million [GBP34 million
at 31(st) December 2012], from the extended credit facility
provided by one of our major suppliers. The 31(st) December 2012
figures provided above exclude the GBP75 million of cash returned
to shareholders during 2013, in order to show a like-for-like
comparison against the cash position as at the end of 2013. We are
pleased with the year-end cash position, which clearly demonstrates
once again Computacenter's ability to turn operating profit into
free cash, despite being impacted by our second half challenges in
France which have temporarily tied up cash in working capital.
United Kingdom
UK revenue grew by 8% for the year, with Services revenue
increasing by 6% and Supply Chain revenue growing by 9%. In the
fourth quarter, Services revenue grew by 5% with an 18% growth in
Supply Chain revenue. We are pleased with the growth in our
Services business in 2013 and we have secured some new contracts in
the fourth quarter that will aid our growth from the second half of
2014 onwards. As previously indicated, the particularly strong
contribution from successful business take-ons in 2012 has made
contribution growth more challenging than revenue growth, but this
is now behind us. We have been particularly pleased with the growth
in Supply Chain revenue in the fourth quarter, which is a strong
testament to the strength of our customer relationships and
positive market conditions.
Germany
German revenue, in local currency, increased by 2% for the year
as a whole, with a 2% growth in Supply Chain and flat in Services.
In the fourth quarter, Supply Chain revenue was flat with a decline
of 3% in Services revenue. This small decline in Services revenue
was expected and was primarily due to the significant reduction in
size of one particular customer contract. 2013 has been a year of
stability for us in Germany, with significant improvement in
Services margins as the year has progressed, and a positive overall
performance in our Supply Chain business. We certainly exit 2013 in
a much stronger position than we entered it.
France
In France, revenue in local currency fell by 7%, with a
reduction of 1% in Services revenue and a reduction of 8% in Supply
Chain revenue. In the fourth quarter Services revenue declined by
6%, while Supply Chain revenue grew by 5% in local currency. Our
revenues in France in the fourth quarter, particularly in Supply
Chain, show a significant improvement over the fourth quarter of
2012. Much of this was due to the fact that the majority of issues
relating to our Group ERP systems deployment in France are now
behind us. Furthermore, late in 2013, we were pleased to start
extending our Group Operating Model into France. However,
considerable work still needs to be done in 2014 and beyond to
strategically shift our business to be more robust and Services
focused.
Highlighted items for 2013
Our three onerous contracts in Germany have continued to perform
as expected and in line with the provisions laid out at the time of
our Interim Results in August 2013.
As part of our normal processes, we are currently carrying out a
detailed evaluation of other long-term Services contracts across
the Group and, at this time, believe it is likely that positive
changes in some estimates will result in a one-off gain. The
accounting judgements will be considered further as part of our
financial year-end processes and disclosed appropriately in our
final results release on 11 March 2014. The guidance for the full
year set out above does not take account of any one-off gain
arising from these contracts.
As previously indicated, in implementing our Group Operating
Model and simplifying the management structure across the group, we
have incurred restructuring charges of approximately GBP4 million
in 2013 as a whole. Finally, as highlighted in our interim
statement, a non-cash impairment of goodwill and acquired
intangibles has been required in France.
Outlook
The Group enters 2014 expecting to make further progress in our
performance during the year. The momentum we have built up over the
last three years in the UK should be maintained due to recent
Services wins, and the German Services margin improvement has
further to run. While we would expect an improvement in our French
performance, we will resist the temptation of improving the
short-term and not fixing it fundamentally to improve the
long-term.
We look forward to presenting our Final results for the year
ending 31(st) December 2013 on Tuesday, 11(th) March 2014.
Enquiries:
Computacenter plc
Mike Norris, Chief Executive 01707 631601
Tony Conophy, Finance Director 01707 631515
Tulchan Communications
James Macey White 020 7353 4200
Conference Call
There will be a conference call for analysts and investors this
morning at 09:00. For dial-in details, please contact Charlie
Carter at Tulchan Communications at
computacenter@tulchangroup.com
Appendix
Revenue growth summary by segment for Q4 2013 vs Q4 2012, and
Full Year 2013 vs Full Year 2012.
Change vs 2012 Q4 Change Q4 Change FY Change FY Change
As Reported Constant As Reported Constant
Currency Currency
---------------------- ------------- ---------- ------------- ----------
Supply Chain Revenue
UK 18% 18% 9% 9%
Germany 5% 0% 7% 2%
France 10% 5% -4% -8%
Group 11% 8% 5% 2%
---------------------- ------------- ---------- ------------- ----------
Services Revenue
UK 5% 5% 6% 6%
Germany 1% -3% 5% 0%
France -2% -6% 4% -1%
Group 4% 1% 6% 4%
---------------------- ------------- ---------- ------------- ----------
Total Revenue
UK 14% 14% 8% 8%
Germany 4% -1% 7% 2%
France 9% 4% -2% -7%
Group 9% 6% 6% 3%
---------------------- ------------- ---------- ------------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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