Computacenter PLC (LSE:CCC) issued an early full-year trading update, highlighting performance that came in materially ahead of expectations across revenue, profitability, cash generation and order intake.
The UK-listed IT services group reported that gross invoiced income increased by 31% year on year in 2025, or 32% at constant currency. This was around 14% ahead of market expectations, according to Jefferies. Profitability also strengthened, with adjusted profit before tax now expected to be at least £270 million, implying growth of no less than 6% versus last year and around 6% above consensus forecasts.
“This growth has been delivered while absorbing additional investments, additional employee-related costs, and lower interest income following the buyback,” Jefferies analyst Charles Brennan said.
By region, the US led performance, with strong growth across both hyperscaler and enterprise customers. This more than offset softer trading conditions in France, while trends in the UK and Germany continued to show improvement.
Cash generation was another key highlight. Year-end adjusted net funds were around £600 million, equivalent to roughly 20% of the company’s market capitalisation. Management attributed this in part to early customer payments, alongside cash outflows related to the AgreeYa acquisition.
“However, this clearly highlights a strong balance sheet position, which continues to provide strategic optionality,” Brennan said.
Looking ahead, Computacenter pointed to robust order intake, particularly in the US. The committed order backlog across all regions is described as “significantly” ahead of levels seen at the end of 2024 and in mid-2025, underpinning confidence in continued organic growth and strategic progress into 2026.
Brennan described the update as positive “on all fronts,” citing the scale of the beat versus consensus and the strength of cash flow. He added that there is potential for upgrades to 2026 forecasts and reiterated a Buy rating, arguing that the shares remain among the cheapest in the sector given the company’s balance sheet strength and earnings momentum.
“The shares should respond well to the announcement,” he said.
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