Computacenter (CCC) Q3 2024 TU earnings summary

Executive summary

• Q3 performance was broadly in line with the prior year, with a strong start but softer end due to cautious corporate spending and delayed North American orders.

• Technology Sourcing revenue increased, mainly driven by North America, though some US shipments shifted to Q4 and early 2025.

• Services revenue grew year-over-year, with Professional Services growth offsetting a decline in Managed Services.

Financial highlights

• Technology Sourcing revenue rose year-over-year, led by North America.

• Services revenue increased, with Professional Services outperforming Managed Services.

• £191.7m of the £200m share buyback program completed by quarter-end.

Outlook and guidance

• Q4 is expected to be the largest quarter, with a healthy and growing product order backlog.

• Second half performance is expected to be ahead of last year, but full-year adjusted profit before tax is now forecast to be modestly behind last year on a constant currency basis.

• Currency translation is expected to negatively impact adjusted profit before tax by £7-8m in FY 2024.

• Long-term growth confidence remains due to integrated model and geographic diversity.