Computacenter posts full year results

Source: Computacenter

Computacenter plc, the European IT infrastructure services provider, today announces final results for the twelve months ended 31 December 2009.

Financial performance

  • Group revenues decreased 2.2% to £2.50 billion (2008: £2.56 billion)
  • Adjusted* profit before tax increased 25.8% to £54.2 million (2008: £43.1 million)
  • Adjusted* diluted earnings per share increased 31.9% to 27.7p (2008: 21.0p)
  • Additional interim dividend of 8.0p, in lieu of final dividend, bringing the total dividend for the year to 11.0p (2008: 8.2p)
  • Net cash prior to customer specific financing (CSF) was £86.4 million (2008: £4.6 million)

Statutory Performance

  • Profit before tax increased 22.4% to £48.4 million (2008: £39.5 million)
  • Diluted EPS increased 2.9% to 24.9p (2008: 24.2p)
  • Net funds after CSF was £37.3 million (2008: net debt of £84.6 million)

OPERATING HIGHLIGHTS

  • Group annual services contract base grew over 9% to £503.6 million, at constant currency
  • Contract wins and extensions included Produban (Santander Group IT Business), Threadneedle, BP, Schroders and Severn Trent Water
  • Operating expenses reduced by over £30 million, in constant currency
  • Successful exit of trade distribution business which freed c. £20 million of working capital
  • Two acquisitions made during the year; TCS in UK and becom in Germany
  • Group-wide ERP project remains on track

 

Mike Norris, Chief Executive of Computacenter plc, commented:
"Computacenter has delivered a strong performance in 2009 with increased profits, earnings per share and a materially improved cash position. The increase in the Group's annual service contract base is clear evidence that customers are turning to Computacenter to help them to reduce their operating costs. As a result we expect steady revenue growth in 2010.

"We enter 2010 in good shape with a lower cost base and having secured our largest services contract win to date in the first quarter of the year. The economic climate across Europe is still fragile and while the UK has begun the year very well, Germany has experienced a challenging start. In spite of this we believe that the investments we are making in our business, together with our strong balance sheet, position the Group well to take advantage of market opportunities and capture further share."

* Adjusted for exceptional items and amortisation of acquired intangibles.

Read the full statement here:

 

 

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