March 21, 2024

London-based tech company Computacenter has achieved record revenue and profit, driven by significant investments from large businesses in IT services. During the full financial year 2023, total sales surged 11.3 per cent to over £10bn, while gross profit rose over 10 per cent to surpass £1bn for the first time. Computacenter reported a seven per cent increase in revenue, reaching £6.9bn. Adjusted net funds increased by £215m to £459m.

The firm, which helps businesses set up and manage their computer systems and software efficiently, said momentum in its technology sourcing business was boosted by “resilient large enterprise spend” and market share gains. Its North America region saw robust growth, with an adjusted operating profit increase of 24 per cent in constant currency, showing “long-term growth opportunity”.

Mike Norris, chief executive of Computacenter, highlighted the company’s nineteenth consecutive year of growth in adjusted earnings per share, outperforming markets in 2023. “We managed an uncertain macroeconomic backdrop and inflationary pressures effectively and reduced our inventory significantly, resulting in a record net cash position. As planned, we invested in strategic initiatives to underpin our competitiveness and future growth.”

During 2024, Computacenter anticipates growth to be weighted more heavily to the year’s second half. Norris expressed confidence in the company’s long-term growth prospects, citing the strength of their integrated Technology Sourcing and Services model and geographic diversity.

The company’s success is mirrored in its soaring stock performance, with shares rising nearly 50 per cent in the past year. Computacenter’s robust financial performance and strategic investments position it well for continued growth and innovation in the ever-evolving tech landscape.