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Interim Results

Computacenter adjusted pre-tax profits fall

26 August 2016 07:22

Computacenter's adjusted pre-tax profits fell to £25.3m in the six months to the end of June - 13.1% down on last time. Statutory profit before tax fell to £23.6m - down from £70.7m a year ago.

The group's adjusted revenues decreased by 0.6 per cent in constant currency to £1,478.2 million, and increased by 2.8 per cent in actual currency (H1 2015: £1,438.0 million).

The group's adjusted profit before tax decreased by 13.9 per cent in constant currency to £25.3 million, and by 13.1 per cent in actual currency (H1 2015: £29.1 million).

This profit performance is marginally ahead of Management's expectations for the period as set at the time of our Q1 Trading Update in April 2016, with the comparative performance in H1 2015 benefiting from a one-off gain of approximately £3 million was not expected to repeat in future years.

It said that at a country level, a somewhat disappointing result in the UK was offset by a stronger than expected performance across the rest of the Group, particularly in France.

Due to the decrease in the Group's overall profitability, adjusted diluted earnings per share decreased by 10.0 per cent to 15.3 pence (H1 2015: 17.0 pence) in the first half of 2016.

The group made a statutory profit before tax of £23.6 million, a decrease of 66.6 per cent in actual currency (H1 2015: £70.7 million), with the comparative performance in H1 2015 significantly enhanced by the disposal of the Group's subsidiary, RDC, in February 2015.

The Group's statutory diluted earnings per share decreased by 73.0 per cent to 13.2 pence for the period (H1 2015: 48.8 pence).

In the first half of 2016, the Group reported a net cost of £1.7 million from exceptional and other adjusting items, with the exceptional cost of restructuring activity in our French business during the period totalling £1.1 million.

Story provided by StockMarketWire.com

Related Company: CCC

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