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Computacenter chief trims holding

Chief executive Michael Norris sold 8.2 per cent of his holding the same week as shares hit a record high
Computacenter chief trims holding

Computacenter (CCC) chief executive Michael Norris has earned £2.4m in a share disposal, as the company’s share price hit a record high at the end of last week. Indeed, a wave of corporate clients transitioning to remote working has buoyed the IT reseller’s market value, which has more than doubled since its nadir during the March sell-off.  

IC TIP: Buy at 2,360p

Small wonder given the company’s remarkably resilient performance in the first half, which prompted it to announce expectations for adjusted pre-tax profits of £180m in 2020, almost a fifth higher than consensus forecasts. The market was unsurprisingly upbeat on the news, pushing Computacenter’s share price up 4 per cent on the release, though Mr Norris’ disposal two days later did pare back some of that rise.

But investors should not be skittish: overall the outlook for the company remains unchanged. Its two biggest markets in Germany and the UK pulled through the first half relatively unscathed, with only a modest 2.8 per cent revenue decline in the former. A difficult macroeconomic backdrop typically affects an IT company’s sales in services – but so far Computacenter has been sheltered by the growth in its professional services segment, which was up 14 per cent in the last half. 

Buys      
CompanyDirector/PDMRDateNo. of sharesPrice (p)Aggregate value (£)Comments
AvivaAmanda Blanc (ceo)11 Sep 20324,887307.81,000,002First purchase
Cairn HomesMichael Stanley (ceo)14 Sep 20500,00072.3361,667Shares priced in Euros (£1 = €1.08)
Cairn HomesAlan McIntosh14 Sep 20500,00072.3361,667Shares priced in Euros (£1 = €1.08)
Concurrent TechnologiesMark Cubitt (ch)11 Sep 2020,00011022,000Now holds 0.03% of company
Domino's PizzaUsman Nabi11 Sep 20432,596352.51,524,754Average price, purchased by PCA.
Domino's PizzaUsman Nabi10 Sep 20681,351352.02,398,341Average price, purchased by PCA.
Domino's PizzaUsman Nabi9 Sep 20861,840348.23,001,023Average price, purchased by PCA.
ImmediaMatt Horrocks15 Sep 202,000,00010200,000Subscription, includes purchases by PCA.
London Stock ExchangeVal Rahmani11 Sep 203009065.727,197Purchased by PCA
McBrideChris Smith (ceo)9 Sep 2039,6826325,000 
McBrideJeff Nodland (ch)10 Sep 2090,00062.2556,025 
Ninety OneHendrik du Toit/Kim McFarland10 Sep 20938,518212.41,993,108Purchased by PCA
Ninety OneHendrik du Toit/Kim McFarland11 Sep 20907,000213.91,940,364Purchased by PCA
Ninety OneHendrik du Toit/Kim McFarland14 Sep 201,000,000213.52,135,169Purchased by PCA
Phoenix Spree DeutschlandQuentin Spicer15 Sep 208,000315.925,272 
Photo-Me InternationalSerge Crasnianski (ceo)11 Sep 20384,81849.94192,178Purchased by PCA
Resolute MiningJohn Welborn (ceo)10 Sep 20103,12556.057,751Shares priced in AUD (£1 = A$1.75)
SeniorAndrew Bodenham11 Sep 2050,00049.724,835 
SimplyBizNeil Stevens (ceo)15 Sep 2025,000156.139,025Part of group purchase by directors.
UnipharPaul Hogan9 Sep 2025,002231.557,875Shares priced in Euros (£1 = €1.08)
Wm Morrison SupermarketsJeremy Townsend10 Sep 2025,000187.246,800 
Wm Morrison SupermarketsLyssa McGowan12 Sep 2020,000180.836,151 
Sells      
CompanyDirector/PDMRDateNo. of sharesPrice (p)Aggregate value (£)Comments
Belvoir GroupIan Maclean11 Sep 2020,000158.355231,671Immediate sale of exercised options.
ComputacenterMichael John Norris (ceo)10 Sep 20100,0002369.22,369,200Residual interest: 0.98% (including PCA holdings)
IntegraFinChristopher Munro11 Sep 2050,000511255,500 
IntegraFinChristopher Munro13 Sep 20100,000506.25506,250 
Sirius Real EstateAlistair Marks (cfo)14 Sep 206,032,00074.34,481,776Encumbrance of shares in exchange for €1.75m personal rolling credit facility
TBC GroupGiorgi Shagidze14 Sep 2023,000960220,800 
UnipharPadraic Staunton9 & 10 Sep 20333,334232.66775,526Shares priced in Euros (£1 = €1.08)