Computacenter increases its 2014 interim dividend by 13.5%

DividendMax Ltd.

Computacenter increases its 2014 interim dividend by 13.5%

Financial Highlights

 

H1 2014

H1 2013

Change (%)

 

 

 

 

Financial Key Performance Indicators **

 

 

 

 

Group revenue (£ million)

1,458.3

1,426.3

2.2

 

 

 

 

Adjusted* profit before tax (£ million)

28.0

26.2

6.8

 

 

 

 

Adjusted* diluted earnings per share (pence)

14.5

12.5

16.0

 

 

 

 

Dividend (pence per share)

5.9

5.2

13.5

 

 

 

 

Statutory Performance **

 

 

 

 

Statutory profit/(loss) before tax (£ million)

18.0

(4.3)

N/A

 

 

 

 

Exceptional Items (£ million)

9.1

29.3

(68.9)

 

 

 

 

Statutory basic earnings/(loss) per share (pence)

7.4

(5.7)

N/A

 

 

 

 

Statutory diluted earnings/(loss) per share (pence)

7.4

(5.7)

N/A

 

 

 

 

Cash Position

 

 

 

 

 

 

 

Underlying Net Funds*** (£ million)

54.0

22.2

143.8

 

 

 

 

Net funds (£ million)

54.0

65.8

(17.9)

 

 

 

 

Revenue Performance by Sector **

 

 

 

 

 

 

 

Group Services revenue (£ million)

488.5

472.7

3.3

 

 

 

 

Group Supply Chain revenue (£ million)

969.8

953.7

1.7

Reconciliation between the Group's Adjusted* and Statutory Performance in H1 2014 

Adjusted* profit before tax (£ million)

28.0

 

 

Exceptional Item: Estimated costs of

restructuring in French business (£ million)

(9.1) (please refer to note 6 to the accounts for further

detail)

 

 

Amortisation of acquired intangibles (£ million)

(0.9)

 

 

Statutory profit before tax (£ million)

18.0

Operational Highlights:

Group Services revenue increased by 3.3% across the Group on an as reported basis

UK business generates revenue and adjusted* operating profit growth of 14.1% and 24.4% respectively

Early signs of progress in Services in Germany, but disappointing Supply Chain performance

Trading performance for the three onerous contracts continues in line with expectations

Revenue growth across the business in France, but margins remain challenging

Charge of £9.1 million taken in respect of the comprehensive restructuring in France to improve competitiveness

* 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.

*** The H1 2013 'Underlying Net Funds' Position is presented having been adjusted for the remittance of £43.6 million made in early July 2013 as part of the Return of Value to shareholders of approximately £75 million that took place in 2013.

Mike Norris, Chief Executive of Computacenter plc, commented:

'We end the first half of 2014 with the Group having made solid progress against its strategic objectives and financial key performance indicators. The delivery of 16% growth in adjusted* diluted earnings per share, Computacenter's primary measure of financial success, was especially pleasing.

Trading remains in line with the Board's expectations, and the significant incremental organic investment that we continue to make in our business, in addition to the market opportunities that are presenting themselves, gives us confidence for the rest of the year and beyond.'

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