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Computacenter says FY results to be above expectations; shares rise
November 14, 2017 / 8:48 AM / in 11 days

Computacenter says FY results to be above expectations; shares rise

(Reuters) - British IT services company Computacenter Plc (CCC.L) said its trading results for the year would be “comfortably in excess” of its previous expectations as it saw a strong start to the fourth quarter and a growing pipeline for the rest of the year.

Computacenter shares jumped 8.2 percent to 1069 pence as of 0823 GMT on the London Stock Exchange on Tuesday.

The company said it would delay return of 100 million pounds to shareholders through a tender offer to January from its earlier plan of fourth quarter.

“Due to the increases in profit expectations as a result of strong trading performance during 2017, the board now believes it would be inappropriate to launch a tender offer in the fourth quarter of 2017,” Computacenter said in a statement.

The company, which provides computer services to customers including Domino’s Pizza (DOM.L) and department chain John Lewis Plc [JLPLC.UL], earlier said it had remained on track for a “record performance.”

Computacenter, which had been hurt by weakness in its domestic market as the UK prepared to leave the European Union, earlier said it did not see any “major impact” on its day-to-day business activities other than a drop in short-term demand for its products and services and a change in forex rates.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier

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