Computacenter 2015 interim results

DividendMax Ltd.

Computacenter 2015 interim results

Cash and Return of Value

Cash flow was again strong during the first half of 2015 and Underlying Net Funds increased by £35.0 million, from £9.9 million as at 30 June 2014 to £44.9 million at the period end. Underlying net funds for H1 2014 are adjusted for the sale of RDC for £56 million announced on 2 February 2015, and the Return of Value completed for £97.9 million on 10 March 2015. After disposal costs, transaction costs, cash disposed of and the RDC cash balance at 30 June 2014 this results in a net adjustment of £44.1 million removed from the H1 2014 reported balance which allows a more relevant comparison to the 30 June 2015 cash balance.

The Return of Value, as announced by the Group on 2 February 2015, was the Company's third significant one-off return of value to shareholders, and the second such transaction in two years. Approximately £98 million was returned to shareholders during H1 2015, being 71.9 pence for every share held in the Company as at the close of trading on 19 February 2015. As part of the transaction, an associated share capital reorganisation took place on 20 February 2015, whereby every 17 ordinary shares of 6 2/3 pence each in the Company were effectively consolidated into 15 ordinary shares of 7 5/9 pence each (the "Share Consolidation").


We are pleased to announce an interim dividend of 6.4 pence per share. The total interim dividend paid out in 2014 was 5.9 pence per share or 6.7 pence per share on a pro forma basis, after taking account of the Share Consolidation.

The dividend announced is in line with our policy that the interim dividend will be approximately one-third of the previous year's full dividend. The interim dividend will be paid on 16 October 2015. The dividend record date is set on Friday 18 September 2015, and the shares will be marked ex-dividend on Thursday 17 September 2015.

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