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I agree, the update was positive in general albeit short on detail, which will no doubt come in Sept. It's very apparent that CCC is so geographically widespread that any weakness in one market need not cause too much angst. Some competitors, less so.

As far as I understand the share buy back ended in late October so that was reflected in 2024 YE numbers and even though they are investing heavily, I thought it was more in the tens of millions rather than the hundreds.

I’m seeking clarity on this one. At the end of 2024 they had Adjusted net funds of £482m and yet at half way point of 2025 this has dropped to £278m. There’s been no further capital return. Am I missing something as to the £200m difference?

Chelsea11, I said everything I had to say at the pre close statement.

As ever, you twist the facts to cover yourself in glory. A keyboard warrior who fails to appreciate other views…

Reference the link - click refine and search on Computacenter and Awards

Markets jittery and there's still a shorter on CCC. It's a few weeks before they will do a trading update so always hard to predict if the market has changed since Q1 update. We have to take some solace that CCC is geographically diverse. I do think that Bytes is in the spotlight more as it is being talked up on certain forums. On fundamentals alone I continue to add CCC on dips.

This site is worth tracking - it shows recent contract wins https://bidstats.uk/tenders/?ntype=tender

Not sure the catalyst for today’s surprise drop against the flow of the mkt but it may have coincided with this report from Jefferies which I perceive to be more positive than negative. https://www.tipranks.com/news/ratings/optimistic-buy-rating-for-computacenter-amid-german-market-challenges-and-balance-sheet-optimization-ratings

There is adverse exchange as £ is +6% stronger v the forecast $ but that is slightly offset by a 2% weaker € figure.

I used the opportunity ahead of next week’s dividend payment to reinvest.

Can’t agree more. Who goes into selling a key brand when the brand isn’t firing on all cylinders?!

At least they have the sense to back away from the fire sale…..

A tad harsh but I agree that there feels a disconnect between these numbers and the mid term ambition of doubling sites.

How exactly will they fund that, even with the sale of a freehold site or two.

I've long felt this is a Lipman vanity project and the management would take an offer for the company were it not for the core 'family office' investor stakes who have been in from floatation. I see net asset value has slipped 6% but an offer of 47p+ is the only way we will see an uplift in share price - otherwise it's a plodder.

I used to be with II some years ago when they had a brilliant chat board system and it was very active but then they focussed more on the commercials and ditched the watchlist board. Have they reintroduced the chat facility?

I've hadn't heard of Global data but I see they have a similar turnover to Byte. I am also invested in Made Tech which is a practical minnow in comparison but is on a turnaround with a new CFO and decent contract wins. I entered at 17p and have added on the way up with the highest at 28p.

I see consolidation in the sector. Globally, it seems to me that it is about breadth of skill-set and geographical spread for the big multi nationals but I am sure there's good business also to be had in SMEs.

JGGI's share price prior to the merger with HINT tended to sell at a premium to NAV. Since the merger it is at a 2-3% discount. Not a huge shift but notable....any thoughts as to whether this is a temporary thing whilst they get on top of the merging of portfolios or is this to do with a change of mix?

It's a quiet board RF and those that follow it seem to be seasoned CCC investors, myself >20 years but I'll try and be non biased (difficult!).

There's a few companies in the VAR IT resellers space and size/valuations vary widely. CCC T/O £7b Net 3% profit, Bytes you mention T/O£217m but operates net profit of c.25%, SCT c. £1b T/O and c 12% net. Valuations on the other hand leave me non plussed - CCC has a PE ratio of 16, Bytes 22 and SCT 31. All vary in terms of geographical font print with CCC having the broadest network of the 3 mentioned and arguably is the only one of the 3 to be seriously ranked on a global scale alongside the Tata Consultancy, CDW, SHI of this world. I believe CCC has similar ambitions to these giants.

In a nutshell, I think the management of CCC is A1 - longest serving CEO in the FTSE 250 and fabulous record of consistent growth earnings and capital return. £1b returned to shareholders since floatation in '98, great cash generation, essentially debt free and cash rich.

CCC invest conservatively and consistently for long term growth and at PE of 16 I feel they are significantly undervalue - there's no reason why it shouldn't be 25-30x IMO. Good luck.

And yet you’ve lowered your share price forecast since this time last year from £1.75 to £1.50?!

Same arguments I see Chelsea and yet on a 12 month basis the shares are down 8%!. Over 2 years it’s down 23%.

The only thing we have ever agreed on is that it simply should be higher, to which I’ve tried to offer some reasons why they aren’t. You on the other hand have offered nothing. The business model is definitely more robust whereas FRP are totally counter cyclical but that model at least is clear to the city and perhaps why they are up 8% over the same period. Turnover wise the two companies are identical.

My point has always been have the acquisitions added to the profitability….compared to sticking to the knitting of business recovery. Margins differ significantly 26% versus 17% for property. Hence BEG have £31m EBITDA V FRP at £41m.

No doubt your retort will be why am I still here when I remain in profit. To which my response is the div has almost doubled since I bought and I await Traynor’s exit plan when true value will be achieved.

Now tell me why you think the share performs so badly with results like these?!

A further litmus test is the shorters are retreating! GLG have closed their short position and MW are reducing theirs!

Fingers crossed, for an upbeat update in March.

They have to be a net beneficiary of the AI revolution in the US!

@EquityDevelopment You are a regular poster and clearly you have an commercial angle on this one.

You've effectively downgraded the stock from £1.75 to £1.45 since your last post on 17th September which indicates less confidence! Why the change in sentiment?!

Another £2.7m of contract wins for MTEC this month for the Ministry of Justice

It's a quiet board Steve but having held CCC over 20 years and added at times of weakness IMO it is one of the most underestimated stocks in the FTSE250. The BoD are extremely prudent and seek organic growth with highly targeted acquisitions keeping the balance sheet healthy at all times. Since their first major foray into US in 2018 the biggest global market already makes up 41% of group turnover and with 99.4% of the gross potential IT market still to go for in their markets the opportunity is immense.

Regarding the valuation, you are right the shares have tracked down during the share buy back of 7.9m and canx of 3m

shares. My rough calculations indicate that despite the 'profit warning' EPS will increase modestly from 1.73 to about 1.77 having spent £30m on technology to advance AI for customers in the year. I therefore can't see how broker estimates can change greatly.

I think a Trump presidency will be good for technology and only wish that the BoD would consider a dual US listing to rebalance a somewhat dreary and sideways trading UK stock exchange! Whilst this may read as a sales pitch I would politely add the caveat DYOR. Good luck.

This business has been on a blinder since they replaced the CFO about 18 months ago - he has got a real grip on cash flow and reduced the contract to perm ratio driving margin improvements. Long may this continue - it's helping re-balance my under water position in Kainos!

Give the media an inch and they’ll overly sensationalise things either positively or negatively.

The update today doesn’t read too bad considering the position at the half year and the strength of the dollar. It would have been nice for the update to spell out what it means for EPS - whilst I haven’t worked it out I suspect with the £200m share buy back EPS will continue its uninterrupted positive ascent…,,