--Computacenter shares surge on news of net cash rise

Internet Business News
01-12-2011
--Computacenter shares surge on news of net cash rise

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

12 January 2011 - Shares in IT services provider Computacenter (LON:CCC) surged yesterday to their highest in six years after it reported a massive increase in its net cash pile, adding that annual profits are expected to land within the upper range of forecasts, the Financial Times wrote.
Chief executive Mike Norris stated that most customers showed all signs of possessing both the desire and the money for IT infrastructure upgrades. Computacenter has improved revenues in all of its three key markets -- the UK, Germany and France.

Customer financing excluded, net cash reserves grew from GBP86.4m (USD139.9m/EUR104.1m) at end-2009 to GBP138.6m. While this provides the firepower for acquisitions, Norris said Computacenter will stay put until it completes the upgrade of its own IT system in the summer.

The shares ended the day at GBP4.20, closing 9% higher.

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