Computacenter: We've so much cash we're GIVING AWAY MEELLIONS
One-off 'return of value' to lucky shareholders
One of Europe's largest resellers, London-based Computacenter, has helped investors get the Bank Holiday weekend off to a good start by confirming plans to return £75m to them.
Computacenter said in a statement to the City that it is proposing a one-off "return of value" to shareholders of 48.7 pence per ordinary share.
The £75m total is equivalent to roughly 10.8 per cent of Computacenter's market cap.
"The cash generative nature of Computacenter's business has resulted in a net cash balance in excess of our current needs," said chief executive Mike Norris.
He added it was now able to make the "second significant one-off return" to shareholders and still keep the balance sheet sufficient to cater for working capital needs and to fund growth plans.
Group revenues edged up 2.2 per cent in calendar 2012 to £2.91bn but pre-tax profits fell to £64.8m, down from £72.1m in 2011. It ended the year with £126.7m of cash and cash equivalents.
Computacenter had a strong start to the year in the UK with Q1 revenues up six per cent to £294.9m, but its operations in France and Germany were more challenged. ®