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Final Results 2014

Computacenter 2014 Final Results Announcement

Final Results 2014

12/03/2015

COMPUTACENTER 2014 FINAL RESULTS ANNOUNCEMENT

Computacenter plc (“Computacenter” or the “Group”), the independent provider of IT infrastructure and services that enables users, today announces its final results for the twelve month period ended 31 December 2014.

FINANCIAL HIGHLIGHTS

  • Group revenue increased 1.2% to £3.11 billion (2013: £3.07 billion) and was up 4.2% in constant currency
  • Group adjusted* profit before tax increased by 5.1% to £85.9 million (2013: £81.7 million) and was up 6.8% in constant currency
  • Adjusted* diluted earnings per share (‘EPS’) of 46.8p (2013: 43.3p), an increase of 8.1%
  • Net funds of £119.2 million (2013: £71.4 million), an increase of 66.9%
  • Final dividend of 13.1p (2013: 12.3p), for a total dividend of 19.0p (2013: 17.5p), an increase of 8.6%

*Adjusted profit before tax and adjusted diluted earnings per share are stated prior to exceptional items and amortisation of acquired intangibles

Statutory Highlights:

  • After exceptional items, the 2014 Group statutory profit before tax was £76.4 million (2013: £50.5 million)
  • Total exceptional items of £7.6 million (2013: £28.8 million)
  • Statutory diluted earnings per share of 40.0 pence (2013: 23.0 pence)
  • Net funds of £119.2 million (2013: £71.4 million)

Operating Highlights:

  • The Group reported record revenues of £3.1 billion, following a fifth successive year of revenue growth
  • Services revenue up by 4.8 per cent in constant currency to £985.5 million, and by 2.0 per cent on an as reported basis
  • UK reported strong revenue and profit growth across both services and supply chain
  • The overall performance in Germany was disappointing, although the business finished the year strongly and enters 2015 in a more positive position than it started 2014
  • Poor performance by the French business, and charge of £9.1 million taken in respect of the comprehensive restructuring in France to improve competitiveness
  • Post the year-end, the Group completed a £100 million Return of Value to shareholders, driven by the disposal of our non-core asset R.D Trading Limited and our strong cash generation through the year

* Adjusted profit before tax and adjusted diluted earnings per share is stated prior to exceptional items and amortisation of acquired intangibles. Adjusted operating profit is also stated after charging interest on customer specific financing.

** Figures provided are on an as reported basis.

*** Please note that the dividend (pence per share) figures provided have not been adjusted for the share capital consolidation that took place on 20 February 2015. The dividend (pence per share) figures for 2013 and 2014, as adjusted for the share capital consolidation, have been provided within the Chief Executive’s Performance Review under the section entitled ‘Dividend’.

Mike Norris, Chief Executive of Computacenter plc, commented:

‘The ongoing strategic development of the Group, the associated investments it has made since the beginning of 2013 and our recent services wins, particularly in the UK but also more latterly in Germany, gives us confidence for the future.

The short-term will not be without its challenges. In the UK, there will be a significant number of our 2014 services wins taken on during this year, and these will take time to mature. Whilst we are encouraged by the fourth quarter performance in Germany, it is too early to tell whether this is a substantial move in the right direction, or simply represents a good quarter.

The Group has transitioned over the last few years to become a business with greater visibility of earnings due to increased services content. Our French business clearly remains in the early stages of making this transition, and whilst it has a small number of attractive existing contracts, it otherwise remains out of date and uncompetitive. Whilst we are confident of reducing the loss materially in France during 2015, a return to profitability is some way off.

However, our business remains highly cash generative, as evidenced by the recent Return of Value to shareholders, and notwithstanding the challenges outlined above, we are determined to make 2015 a year of progress for the Group.’

The ongoing strategic development of the Group, the associated investments it has made since the beginning of 2013 gives us confidence for the future.


For further information, please contact: 
Computacenter plc.
Mike Norris, Chief Executive                01707 631 601
Tony Conophy, Finance Director          01707 631 515
www.computacenter.com

Tulchan Communications                020 7353 4200
Christian Cowley 
James Macey White
Rebecca Scott
www.tulchangroup.com

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