Feeds

Compel issues profit warning

Y2K bug eats into resellers sales -- hungry little bleeder

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

Compel joined the plethora of IT companies issuing profit warnings yesterday. The UK company warned that results for the year ending June 2000 were expected to fall materially below forecasts. It blamed a worse than expected slowdown in customers buying IT. "As the year 2000 date change draws closer it is becoming increasingly apparent that the slowdown in expenditure in the corporate sector is more marked than originally envisaged," said Neville Davis, Compel chairman and chief executive. "In recent weeks an increasing number of customers have announced IT expenditure lockdowns, which are being rigorously and comprehensively implemented. In addition, it is now clear that many other customers are reducing IT expenditure and taking a very careful approach to their activities in the run up to the date change." However, Davis said this downturn in demand caused by Y2K was a "one-off and limited phenomenon", and remained upbeat about the future. "We expect a marked upturn in expenditure levels to begin during the first half of 2000 as organisations fulfil pent up demand. "Over the longer term, we anticipate growth in IT expenditure to continue as large organisations use IT not just to make themselves more efficient, but to transform their activities." ®

The Essential Guide to IT Transformation

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.