Computacenter has reported its full-year results for 2011, confirming the mixed bag of numbers it presented in its pre-close statement back in January. As we noted then, a drop in UK revenues was more than compensated for by much stronger performances in Germany and France (see Computacenter delivers positives despite tough year in UK). Shares in the company are flat in early trading this morning.
The pre-close statement pointed to a profit performance in line with expectations, and today’s full results confirm that. EBIT (excluding a small amount of exceptionals) was £72.0m, up 9%. So Computacenter’s EBIT margin held steady at 2.5%. Profits took a hit in the UK (adjusted EBIT was down 14% - broadly in line with the revenue fall), but mainland Europe came to the rescue with profit gains.
The UK operation looks to be heading for a better performance this year. The recent win-rate and some growth in contractual service revenues both point to something a lot steadier, if not exactly stellar growth. In any case, we’ll find out more when we speak to CEO Mike Norris later this morning. More comment to follow for HotViewsExtra subscribers after that.