The Channel logo

News

By | Paul Kunert 24th May 2013 15:18

Computacenter: We've so much cash we're GIVING AWAY MEELLIONS

One-off 'return of value' to lucky shareholders

One of Europe's largest resellers, London-based Computacenter, has helped investors get the Bank Holiday weekend off to a good start by confirming plans to return £75m to them.

Computacenter said in a statement to the City that it is proposing a one-off "return of value" to shareholders of 48.7 pence per ordinary share.

The £75m total is equivalent to roughly 10.8 per cent of Computacenter's market cap.

"The cash generative nature of Computacenter's business has resulted in a net cash balance in excess of our current needs," said chief executive Mike Norris.

He added it was now able to make the "second significant one-off return" to shareholders and still keep the balance sheet sufficient to cater for working capital needs and to fund growth plans.

Group revenues edged up 2.2 per cent in calendar 2012 to £2.91bn but pre-tax profits fell to £64.8m, down from £72.1m in 2011. It ended the year with £126.7m of cash and cash equivalents.

Computacenter had a strong start to the year in the UK with Q1 revenues up six per cent to £294.9m, but its operations in France and Germany were more challenged. ®

alert Send corrections

Opinion

Lightning

Jack Clark

Just as Jeff Bezos did to books and CDs, Amazon's rivals are now doing to it
Microsoft CEO Satya Nadella
ARA_LIbertad

Chris Mellor

Elliott Management sinks its teeth into retiring godhead

Features

Sinofsky's hybrid strategy looks dafter than ever
Failure to crack next-gen semiconductors threatens to set back humanity
SMEs get lip service - what they need is dinner at the Club
SAP Match Insights
Vorsprung durch grossendatatechnik, as we like to say in Germany