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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. 

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UnipharPadraic Staunton9 & 10 Sep 20333,334232.66775,526Shares priced in Euros (£1 = €1.08)