Computacenter PLC Pre-Close Trading Statement (6544A)
23 1월 2020 - 4:00PM
UK Regulatory
TIDMCCC
RNS Number : 6544A
Computacenter PLC
23 January 2020
Computacenter plc
Incorporated in England
Registration number: 03110569
LEI: 549300XSXUZ1I19DB105
ISIN: GB00BV9FP302
FOR IMMEDIATE RELEASE
Computacenter plc
Pre-Close Trading Update - 23 January 2020
Computacenter plc ("Computacenter" or the "Group"), a leading
independent technology partner trusted by large corporate and
public sector organisations, today publishes a trading update,
based on preliminary unaudited financial information, for the year
ended 31 December 2019 ("the year").
Overview
We very much look forward to the announcement of our full year
results for 2019 on Thursday 12 March 2020 as they will show that
2019 has been one of the most successful years in Computacenter's
history. Not only have we recorded our best ever revenue, profit,
earnings per share and cash generation from ongoing operations, but
we have increased our profitability by the largest absolute amount
ever. Having recently upgraded our full year guidance again in our
unscheduled Trading Update on 10 December 2019, the Board remains
comfortable with the upper end of current market expectations(1)
for the 2019 financial year.
Financial Performance
Total revenue for the Group grew by 16 per cent and by 17 per
cent in constant currency. Excluding the effect of recent
acquisitions, particularly the US and the Netherlands businesses
purchased in 2018, organic revenue grew by 3 per cent and by 4 per
cent in constant currency.
UK
Overall reported UK revenue has been broadly flat with some low
margin deals being reported on an agency basis under IFR15 which
contributed to an increase in Technology Sourcing gross margin. The
total adjusted gross profit contribution in the UK was a record
performance with strong margin growth in both our Technology
Sourcing and Services businesses.
Germany
Despite the well-publicised industrial slow-down in Germany and
the substantial slow-down during 2019 from our largest customer in
2018, where we maintained our market share, we saw continued good
growth in Germany particularly aided by the performance of both
existing and new public sector customers.
France
France built on the performance we have seen over the last few
years, with strong growth from our large customers and a material
increase in our customer base as we have increased sales capacity,
which bodes well for the future.
While much work is to be done to broaden the offering and
strengthen the business still further, 2019 saw France deliver its
largest ever profit contribution to the Group.
International
The Netherlands has contributed to the profitability of the
Group. In future we will be able to develop the business more
effectively now that it has been fully integrated onto the Group's
ERP system and into the management structures from 1 November
2019.
Both Switzerland and Belgium have performed in line with our
expectations.
USA
After 15 months of ownership, we remain pleased with our
acquisition in the US and the on-going integration into the Group.
While the financial performance in the first half of 2019 was
somewhat disappointing as previously announced, we have recovered
strongly in the second half. However, it is important to point out
the nature of the business acquired is slightly more volatile than
the Group as a whole and until we have fully integrated and
expanded the offering in the US, this will remain so.
Financial Position
At the end of the year, Group cash and cash equivalents were
ahead of the Board's expectations. We were extremely pleased with
both the cash generation during the year and the closing cash and
cash equivalents position and note the strong performance from our
Finance Shared Service Centre cash collection teams.
During the second half of the year, helped by the strong cash
performance, we paid down GBP30 million of the Group's debt
facility, earlier than planned, which was taken out to finance the
FusionStorm acquisition in the US, leaving a balance of GBP56
million drawn under the facility.
Group Outlook
The results of 2019 set a high bar for the business as we go
into 2020. However, we go into the year with confidence, helped by
the strong momentum within the Group and the broader market. We
have multiple growth drivers. Geographically, we have expanded our
footprint; technologically, we continue to develop our capability
in areas such as Networking, Security and Cloud; and in Services,
as we continue our long-term investment in the development of our
portfolio of propositions.
As we continue to grow Computacenter on multiple fronts, it is
obviously not without risk, but we believe our opportunities are
vast.
We look forward to publishing our final results for the year
ended 31 December 2019 on Thursday 12 March 2020.
Enquiries:
Computacenter plc
Mike Norris, Chief +44 (0) 1707
Executive 631 601
Tony Conophy, Finance +44 (0) 1707
Director 631 515
Tulchan Communications
James Macey White / +44 (0) 2073
Matt Low 534 200
Conference Call:
There will be a conference call for analysts and investors this
morning at 08:30. For dial-in details, please contact Yasemin
Balman at Tulchan Communications at
Computacenter@tulchangroup.com
(1) Market expectations for the year ended 31 December 2019 are
assessed as at 13 January 2020 as being GBP140.8 million of
adjusted profit before tax within a range of GBP136 million to
GBP143 million. Market expectations are assessed by the Group as
the average of the consensus indications given by the investment
analysts that regularly provide guidance and analysis on the
Group's future performance to the market.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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