Computacenter PLC (LSE:CCC), the FTSE 250 technology infrastructure and services group, dropped 5% to 3,002p on Thursday after full-year results met but did not exceed expectations, with investors finding little in the numbers to justify a re-rating of a stock that has already run hard.
Adjusted pre-tax profit for 2025 came in at £272 million, up 7% year on year and consistent with the upgraded guidance the company issued in January, when it flagged earnings of no less than £270 million.
Gross profit grew 11% and adjusted operating profit rose 11.3% in constant currency, with the second half particularly strong, delivering a record adjusted operating profit up nearly 15% in constant currency as momentum built through the year.
North America, now accounting for around 40% of group revenues, was again the standout performer, driven by growth in enterprise and hyperscale customers, the large data centre operators that are expanding rapidly to meet artificial intelligence-related demand.
The UK returned to growth, with gross invoiced income up 27% and professional services revenues climbing 28%, a positive signal for the broader UK technology reseller sector.
Germany recovered in the second half as public sector activity picked up, delivering a result broadly similar to 2024, while France was the weakest region, held back by lower hardware volumes in the public sector.
Computacenter exited the year with a record committed product order backlog of £7.1 billion, with growth across all geographies, though both Panmure Gordon and Peel Hunt left forecasts unchanged, citing ongoing industry hardware component shortages as a constraint on near-term upgrades.
Both brokers maintain 'hold' ratings, with target prices of 3,205p and 3,160p respectively, though Peel Hunt flagged potential mergers and acquisitions activity in 2026 as a source of upside risk to its cautious stance.