As we expected, the Group has seen strong top line growth in the first quarter of 2022 with growth in adjusted profit before tax at a more modest level, due to one very large volume customer that has diluted our overall margin. Additionally, the substantial removal of lock down measures in the geographies in which we operate, has meant a return to a more normal, and more sustainable, post-COVID-19 cost base.
As we announced at the time of our final results, the first half of 2021 creates a more challenging comparison than the year as a whole, so to be ahead of 2021 in profit terms after the first quarter is pleasing.
Adjusted profit before tax at the end of H1 2022 is likely to be behind that in 2021, but we will still be operating in line with the historical seasonality of our business which gives us the confidence for the full year even though much work remains to be done. We remain confident that FY 2022 will be a year of further progress, and we remain on track for the year as a whole.
There are clearly many challenges in the world and we, like most companies, are affected by wage inflation and supply chain shortages, but these offer us opportunities to differentiate from our competition with superior execution. The momentum Computacenter has built over many years and the strength of our balance sheet gives us confidence for the future.
Our next scheduled trading update is the announcement of our Interim Results on Friday 9 September 2022.
Mike Norris, Chief Executive
+44 (0) 1707 631 601
Tony Conophy, Finance Director
+44 (0) 1707 631 515
James Macey White / Matt Low
+44 20 7353 4200
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