Computacenter shares down despite record profit performance in 2023

(Alliance News) - Computacenter PLC on Wednesday said that the company proved resilient in the face of "an uncertain macroeconomic backdrop" in 2023, with revenue up and profit reaching record levels.

Computacenter is a Hatfield, England-based computer technology and IT service provider. Shares in the company were down 7.6% at 2,718.44 pence each in London on Wednesday morning.

In 2023, Computacenter's pretax profit was GBP272.1 million, up 9.3% from GBP249.0 million in 2022.

Revenue rose 7.0% to GBP6.92 billion from GBP6.47 billion.

Basic earnings per share were up 8.0% to 175.0p from 162.1p a year prior.

Computacenter proposed a final dividend of 47.4p, ahead of 2022's final dividend of 45.8p. This brings the total dividend for the year to 70.0p, up 3.1% from 67.9p in 2022.

Net cash at the year-end was GBP471.2 million, up 78% from GBP264.4 million at the end of 2022.

Chief Executive Officer Mike Norris said: "We managed an uncertain macroeconomic backdrop and inflationary pressures effectively, reduced our inventory significantly, resulting in a record net cash position."

Looking ahead, Norris added that 2024 is expected to be "another year of progress" for Computacenter, and said that growth will be weighted toward the second half of the year.

By Hugh Cameron, Alliance News reporter

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