Computacenter (CCC) H2 2024 earnings summary

Executive summary

• Delivered solid 2024 results with record second half profit, overcoming a challenging first half comparative.

• Achieved strong cash generation and maintained balance sheet strength after a £200m share buyback.

• Continued strategic progress with growth in major customers and Professional Services, and another record year in North America.

• Robust product order backlog and positive start from large contracts secured in 2024.

Financial highlights

• Gross invoiced income: £9.9bn (+0.5% CCY, -1.6% reported); Revenue: £7.0bn (+2.9% CCY, +0.6% reported).

• Gross profit: £1,035m (+1.2% CCY, -0.9% reported); Adjusted profit before tax: £254m (-6.3% CCY, -8.6% reported).

• Adjusted diluted EPS: 159.9p (-8.5%); Dividend: 70.7p (+1.0%).

• Free cash flow: £349m (+2.6%); Adjusted net funds: £482m (+5.1%).

• H2 2024 delivered record gross profit and adjusted operating profit, with H2 adjusted operating profit up 11.2% in constant currency.

Outlook and guidance

• Strong product order backlog and positive start to 2025, but mindful of geopolitical and macroeconomic uncertainty.

• 2025 technical guidance: central costs £50-55m, capex c.£35m, adjusted effective tax rate 29.5-31.5%, dividend cover 2-2.5x adjusted diluted EPS.