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Computacenter shares surge

by LLB Finance Reporter
9th Sep 20 12:35 pm

Shares of IT services company Computacenter (CCC) were trading 0.83% higher at 2,193p on Wednesday.

The computer services company reporting earnings for the first half of the year said it was resuming payment of its dividend, suspended in April.

CCC also announced that they are to acquire the Toronto Stock Exchange-listed IT solutions company Pivot Technology Solutions.

CCC reported a 1.5% increase in group revenues in the first half of the year to £2.46bn, whilst revenue increased by 0.6% in constant currency terms.

Services revenues dropped by 0.2% to £594m over the period while Technology Sourcing revenues rose by 2% to £1.86 bn.

Adjusted profit before tax increased by 39.4% year to over to £74.6m in the same period. They also reported cash and cash equivalents of £222.1m to the end of June, compared to £114.3m the previous year.

Mike Norris, Chief Executive of Computacenter said, “As previously stated, our business has performed well this year to date and proven to be flexible in these extraordinary times.”

He added, “While nothing can be taken for granted, it is the Board’s view that, based on current business activity levels, our adjusted profit before tax for the year is unlikely to be less than £180m. We feel it is important to give specific guidance given the broad range of market expectations concerning our likely results.”

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