Computacenter PLC Interim Management Statement (9312U)
22 10월 2014 - 3:01PM
UK Regulatory
TIDMCCC
RNS Number : 9312U
Computacenter PLC
22 October 2014
Computacenter plc
Interim Management Statement
'The outlook for the Group's trading result in 2014 remains in
line with the Board's expectations'
22 October 2014
Computacenter plc ("Computacenter" or the "Group"), the
independent provider of IT infrastructure services that enables
users, today publishes its Interim Management Statement covering
the period from 30 June 2014 to date. Figures below are based on
unaudited financial information, for the third quarter of 2014.
Financial Performance
Overall revenue for the third quarter was flat in constant
currency, with a decline of 3% on an as reported basis to GBP707
million (2013: GBP729 million). Year-to-date revenue grew by 3% in
constant currency, and was flat on an as reported basis. Group
Services revenue grew by 2% in constant currency and was flat on an
as reported basis in the third quarter, bringing the year-to-date
position to growth of 4% and 2% respectively. Group Supply Chain
revenue reduced by 2% in constant currency and by 4% on an as
reported basis in the third quarter, bringing the year-to-date
position to a growth of 2% and a reduction of 1% respectively. The
outlook for the Group's trading result for the whole of 2014
remains in line with the Board's expectations.
UK
The UK continued to perform well in the third quarter with
overall revenue growth of 5% to GBP314 million (2013: GBP299
million), bringing year-to-date growth to 11%. Each of Services and
Supply Chain revenue grew by 5% in the quarter, and by 7% and 14%
respectively against the prior year-to-date position.
As previously announced, the Group signed a significant Managed
Services Agreement with a delivery and logistics company early in
the quarter. Wins of this nature have sustained Services growth in
the UK business over the last few years and securing this contract,
together with the current strength of our pipeline, will help to
underpin the Group's growth outlook for Services in 2015 and 2016,
despite the likely significant reduction of one contract at the end
of the first quarter of next year, previously disclosed.
Germany
German revenue for the third quarter decreased by 8% in constant
currency and by 12% on an as reported basis to GBP281 million
(2013: GBP320 million). This brings the year-to-date position to a
decline of 9% in constant currency and 13% on an as reported
basis.
Services revenue declined by 4% in the third quarter resulting
in a flat year-to-date position in constant currency. Going
forward, a significant Services contract that was lost towards the
end of Q3 2013 will no longer affect comparative Services
performance. The impact of this, coupled with that of on-boarding
the new Services contract signed and previously announced during
the third quarter, should see Services growth rates increase.
Supply Chain revenue in constant currency declined by 10% in the
quarter bringing the year-to-date position to a decline of 13%. The
rate of decline in the Supply Chain business has reduced, and
further improvement in its performance is expected during the
fourth quarter.
The Group's three onerous contracts have performed within the
provisions previously taken, and one of these contracts came to an
end as of 30 September 2014. The Group is pleased to note that a
related legal dispute with a sub-contractor on one of these
contracts has now been resolved. Given these factors and ongoing
operational improvements within the contracts, we will release in
the final quarter of the year some of the provision previously made
as an exceptional item. This is likely to be in excess of GBP1
million.
France
French revenue increased by 5% in constant currency, and was
flat on an as reported basis at GBP99 million, bringing the
year-to-date position to growth of 11% in constant currency and 7%
on an as reported basis. Services revenue growth in France in the
third quarter in constant currency was 15%, bringing the
year-to-date position to growth of 5%. Supply Chain revenue in the
third quarter increased by 3% in constant currency, bringing the
year-to-date position to growth of 13%.
Whilst much work remains to be done in France, we are starting
to see payback from our significant effort to date, with a marginal
reduction in the loss in the third quarter compared with the same
period a year ago. This trend is expected to improve in the fourth
quarter, as implementation of the Social Plan for France has now
commenced. The costs of the Social Plan are expected to be in line
with the provision taken at 30 June 2014.
Financial Position
Group net funds excluding customer specific finance (CSF)
increased by over GBP36 million to approximately GBP62 million.
Group Outlook
As is the case every year, the fourth quarter is always the most
important for the Group's annual financial performance. It is clear
that in the year-to-date Computacenter has had a strong performance
in the UK, but also that the Group has been held back by the
performance in both France and Germany. We expect to show some
improvement in both France and Germany in the fourth quarter
compared with the same period in 2013. This, coupled with continued
progress in the UK, means the outlook for the Group's trading
result for the whole of 2014 remains in line with the Board's
expectations.
Looking beyond the end of this year, the significant wins
Computacenter has had to date in the UK and, to a lesser extent
Germany, positions the Group well, particularly for Services
revenue growth in 2015 and beyond. The Group has made some progress
in France, and throughout 2015, year-on-year comparative
improvement is expected within the French business. After what has
been a tough year in Germany, particularly due to strong
comparative periods, a more stable position going forward is
expected. Significant effort is being focussed on accelerating
Services revenue growth and margin.
Computacenter's propositions and financial strength makes the
Group the logical choice for Enterprises throughout Europe looking
to enhance their users experience with technology and as such we
believe the Group's growth prospects remain significant.
Computacenter's next scheduled trading update will be the
pre-close briefing, prior to the annual results, which is scheduled
for 21 January 2015.
Enquiries
Computacenter plc
Mike Norris, Chief Executive 01707 631601
Tony Conophy, Finance Director 01707 631515
Tulchan Communications 020 7353 4200
James Macey White
Christian Cowley
APPENDIX
REVENUE GROWTH Q3 AND YTD
Change vs Q3 2013 Q3 Change Q3 Change Q3 YTD Q3 YTD
As Reported Constant Change Change
Currency As Reported Constant
Currency
---------------------- ------------- ---------- ------------- ----------
Supply Chain Revenue
UK 5% 5% 14% 14%
Germany (14%) (10%) (17%) (13%)
France (1%) 3% 8% 13%
Group (4%) (2%) (1%) 2%
---------------------- ------------- ---------- ------------- ----------
Services Revenue
UK 5% 5% 7% 7%
Germany (8%) (4%) (5%) 0%
France 10% 15% 1% 5%
Group 0% 2% 2% 4%
---------------------- ------------- ---------- ------------- ----------
Total Revenue
UK 5% 5% 11% 11%
Germany (12%) (8%) (13%) (9%)
France 0% 5% 7% 11%
Group (3%) 0% 0% 3%
---------------------- ------------- ---------- ------------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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