Computacenter PLC Pre-Close Trading Statement (3047Z)
January 24 2022 - 2:00AM
UK Regulatory
TIDMCCC
RNS Number : 3047Z
Computacenter PLC
24 January 2022
Computacenter plc
Incorporated in England
Registration number: 03110569
LEI: 549300XSXUZ1I19DB105
ISIN: GB00BV9FP302
FOR IMMEDIATE RELEASE
Computacenter plc
Pre-Close Trading Update - 24 January 2022
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 2021 ("the year").
Overview
Computacenter finished the year with a strong fourth quarter,
ahead of our expectations. We now believe adjusted profit before
tax(1) for the year will be slightly in excess of GBP250 million
and the Group will deliver its seventeenth year of uninterrupted
earnings per share growth in spite of head winds from a strong
pound and product supply shortages.
Financial Performance
Total revenue for the Group grew by 23 per cent including the
effects of acquisitions made since the beginning of 2020, and by 27
per cent in constant currency(2) .
During the year we experienced the highest growth in Services
revenue for the last 20 years, coupled with continued strength from
Technology Sourcing product sales which was more broadly based in
2021 than the previous year.
Financial Position
The Group's adjusted(3) net funds, excluding IFRS16 lease
liabilities, finished extremely strongly at around GBP241 million.
The Group is currently carrying a higher level of inventory than it
would normally as we have used the strength of our balance sheet to
support our customers during times of product shortages. We expect
inventory to return to normal levels as supply constraints
alleviate.
Group Outlook
The robustness of the business throughout 2021 and particularly
the strength of the fourth quarter gives us encouragement as we
enter 2022. Our product order backlog is at an all-time high and
considerably larger than a year ago. This is due to two factors,
product supply constraint meaning customers are ordering earlier
but there is also a significant underlying strength to the market.
We are pleased that the stronger Services pipeline we saw a year
ago delivered increased revenue and we are hopeful of repeating
this performance in 2022.
While as always there is much to do, we enter 2022 growing in
multiple geographies, across product and services, which means we
feel the business is well placed for another year of progress.
We look forward to publishing our final results for the year
ended 31 December 2021 on Wednesday 16 March 2022.
Enquiries:
Computacenter plc
Mike Norris, Chief
Executive 01707 631601
Tony Conophy, Finance
Director 01707 631515
Tulchan Communications
James Macey White / 020 7353
Matt Low 4200
(1) Adjusted profit before tax is stated before: exceptional and
other adjusting items including gain or losses on business
acquisitions and disposals, and amortisation of acquired
intangibles, as Management do not consider these items when
reviewing the underlying performance of the Group. Further detail
on the impact of exceptional and other adjusted items when compared
to the non-Generally Accepted Accounting Practice financial
measures, in addition to those reported in accordance with IFRS, is
provided within our 2020 Annual Report and Accounts.
(2) We calculate constant currency percentages by converting our
prior year local currency financial results using the current year
average exchange rates and comparing these recalculated amounts to
our current year results or by presenting the results in the
equivalent local currency amounts. Further information on this
measure is included within our 2020 Annual Report and Accounts.
(3) Adjusted net funds includes cash and cash equivalents, other
short or other long-term borrowings and current asset investments.
Following the adoption of IFRS 16 this measure excludes all finance
lease liabilities. A table reconciling this measure, including the
impact of finance lease liabilities, is provided within our 2020
Annual Report and Accounts.
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END
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