Computacenter has blamed the slowdown in the IT sector for a fall in full year profits. Pre-tax profits fell to £34.9 million, from £55.6 million. This was despite the fact sales increased 5.3% to £2.09 billion.
Ron Sandler, Chairman of Computacenter plc, commented:
In the context of difficult trading conditions we regard this as a creditable performance. During the year we maintained tight control over costs and took appropriate steps to eliminate areas of unnecessary expenditure. The benefits of our strategy to expand Computacenter’s services activities were evident in 2001, and served to mitigate the decline in product revenue during the second half of the year.
Whilst we remain cautious about the trading outlook for 2002 for as long as present market conditions persist, we have a robust, cash generative business, with an increasing proportion of our income arising from the provision of services.