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Computacenter shares drop as it reveals financial results

“The growth rates we recorded in 2017 meant we achieved record group revenues, adjusted profit before tax and adjusted diluted EPS, and set ourselves a high bar to outperform in 2018."
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Revenue amounted to £3.7bn

Computacenter Plc (LON:CCC) shares dropped back on its financial results despite revealing improved revenue and adjusted earnings.

The IT group generated £3.7bn of revenue, up 16.9% from £3.2bn, and it reported an adjusted profit of £106.2mln. It generated £106mln of cash flow from operating activities.

READ: Computacenter upgrades 2017 expectations again but warns of one-off costs for 2018

Adjusted earnings per share amounted to 65.1p, up 20% from 54p, and dividend per share came in at 26.1p up from 22.2p in the year before.

“The growth rates we recorded in 2017 meant we achieved record group revenues, adjusted profit before tax and adjusted diluted EPS, and set ourselves a high bar to outperform in 2018,” said Mike Norris, Computacenter chief executive.

Norris added: “The UK business should return to operating profit growth in 2018, helped by recent contract wins and solid market conditions.

“In France, where we have experienced strong operating profit growth for the last two years, we expect 2018 to be challenging as we have significant contract renewals and we will not have the benefit of a particularly successful project that finished at the end of 2017.

“We are hopeful that we will grow our footprint beyond our current geographies more successfully in the coming years.”

Computacenter shares were down 78p or 6.9% changing hands at 1050p.

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