Computer 2000's parent, Tech Data saw its shares rise slightly yesterday, despite the company posting a big fall in first quarter profits.

The distie watched turnover fall by 2.4 per cent to $4.9bn for the first quarter of 2007, ended 31 April 2006.

Gross margins also declined from 5.22 per cent a year ago to 4.8 per cent.

In Europe the firm spent $4.9m sacking staff and $1.6m writing off fixed assets. It espects the total cost to reach or exceed the high end of estimates.

Looking forward, Tech Data forecasts restructuring costs in Europe of between $11m and $13m in the current quarter. It predicts net sales of between $4.95bn and $5.1bn and profits of $17m and $20m.

See all the figures on Tech Data's website here. ®

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