Building long-term value
based on trust
Annual Report and Accounts 2024
Who we are
What we do
We help our customers to Source, Transform and
Manage their technology infrastructure to deliver digital
transformation, enabling people and their business.
Our Purpose
Helping our customers change the world
Our customers are some of the world’s greatest
organisations in both the corporate and public sectors.
They make world-changing decisions and investments
and, while we do not change the world ourselves, we
enable success for our customers so that they can realise
the transformative benefits of IT for their organisations,
people, and the world. We work hard to get to know our
customers, understand their needs and put them at the
heart of everything we do.
Computacenter plc
229 Alternative performance measures
231 Terminology
232 Disclaimer: forward-looking statements
To view all of our results and presentations go to:
investors.computacenter.com/results-centre
002 Our highlights in 2024
004 Our financial KPIs
005 Computacenter at a glance:
five key differentiators
008 Our integrated portfolio
010 Chair’s statement
011 Business resilience
012 Business model:
our purpose-driven approach
013 Our strategy
014 Our Group Operating Model
015 Our market
018 Our strategic KPIs
020 Chief Executive Officer’s review
022 Our performance in 2024
032 Financial review
038 Stakeholder engagement
045 Principal risks and uncertainties
053 Sustainability
065 Task Force on Climate-Related
Financial Disclosures
076 Ethics and compliance
078 Other non-financial disclosures
079 Other compliance statements
082 Chair’s governance overview
084 Governance at a glance
085 Compliance with the Code
087 Board activity and decision-making
090 Division of responsibilities
094 Board of Directors
096 Group Executive Management Team
098 Measuring Board effectiveness
099 Our Purpose, strategy, Values and culture
102 Nomination Committee report
105 Audit Committee report
113 Directors’ Remuneration report
141 Directors’ report
146 Directors’ Responsibilities
148 Independent Auditor’s report to the
members of Computacenter plc
159 Consolidated Income Statement
159 Consolidated Statement of
Comprehensive Income
160 Consolidated Balance Sheet
161 Consolidated Statement of Changes
in Equity
162 Consolidated Cash Flow Statement
163 Notes to the Consolidated Financial
Statements
218 Company Balance Sheet
219 Company Statement of Changes in Equity
220 Notes to the Company Financial Statements
225 Group five-year financial review
226 Corporate information
226 Financial calendar
227 Principal offices
Building long-term value based on trust
GlossaryStrategic Report Governance Financial Statements
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 001
Contents
21 22 23
24
352.7
343.6
117.2
95.3
20
51.1
21 22 23 24
6,964.8
6,922.8
6,470.5
5,034.5
21 22 23 24
152.9
173.2
159.1
160.9
20
133.8
21 22 23
24
244.6
272.1
249.0
248.0
20
206.6
21 22 23
24
482.2
459.0
244.3
241.4
20
188.6
21 22 23
24
9,916.5
10,081.4
9,052.2
6,923.5
20
5,441.3
21 22 23 24
159.9
174.8
169.7
165.6
20
126.4
21 22 23
24
254.0
278.0
263.7
255.6
20
200.5
21 22 23 24
73.2
55.4
42.9
52.2
20
46.7
21 22 23
24
70.7
70.0
67.9
66.3
20
50.7
Our highlights in 2024
Financial highlights
1. For details of our Alternative Performance Measures, including links to reconciliations, and other terms used in this Annual Report and Accounts, please refer to our Glossary on page 229.
6.1%
Adjusted¹ diluted
earnings per
share
Four-year annual
compound
growth rate
6.1%
Adjusted¹ profit
before tax
Four-year annual
compound
growth rate
Net funds (£m)
352.7
+2.6%
Revenue (£m)
6,964.8
+0.6%
Diluted EPS (p)
152.9
-11.7%
Profit before tax (£m)
244.6
-10.1%
Return on capital
employed (%)
73.2
+17. 8 pts
Dividend per share (p)
70.7
+1.0 %
Adjusted
1
diluted EPS (p)
159.9
-8.5%
Adjusted
1
profit before tax (£m)
254.0
-8.6%
Adjusted
1
net funds (£m)
482.2
+5.1%
Gross invoiced income
1
(£m)
9,916.5
-1.6%
Our highlights in 2024
Strategic Report
Computacenter plc Annual Report and Accounts 2024002
GlossaryFinancial StatementsGovernance
21 22 23
24
8,278.1
8,444.9
7,481.6
5,472.6
20
4,180.1
21 22 23 24
5,326.4
5,286.3
4,899.9
3,583.6
21 22 23
24
778.3
711.2
664.8
585.7
20
460.1
21 22 23 24
860.1
925.3
905.8
865.2
20
801.1
Operational highlights
Gross invoiced income (£m)
8,278.1
-2.0%
Revenue (£m)
5,326.4
+0.8%
Revenue (£m)
778.3
+9.4%
Revenue (£m)
860.1
-7. 0 %
Technology Sourcing
Professional Services Managed Services
Group
Solid 2024 performance despite a tough
comparative and a more challenging IT market,
with a record second half.
Customers
Good progress in growing the number of
customers generating over £1m of gross profit
per annum, with a net 13 added across the Group
bringing the total to 192.
North America
Another strong year in North America with
adjusted operating profit growth of 14.0% in
constant currency, as we continue to leverage
Computacenter’s broader capability and resources.
Balance sheet
Strong balance sheet with adjusted net funds
of £482.2m despite completion of £200m share
buyback programme, demonstrating the highly
cash generative nature of our business.
Germany
Robust performance in Germany underpinned
by our market-leading position.
Investments
Continued delivery of Group-wide investment
programmes to underpin our long-term resilience,
competitiveness and growth.
Professional Services
Strong Professional Services revenue growth
of 11.9% in constant currency, ahead of
market growth.
Sustainability
Circular Services growth with 895,000 devices
recovered, up 15%.
Our highlights in 2024 continued
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 003
Gross invoiced income and revenue measure our growth with
existing and new customers.
2024
The more modest growth achieved in 2024 versus previous years
reflected a combination of tough comparatives in 2023 and a more
challenging backdrop for corporate IT demand across the year.
Gross invoiced income decreased by 1.6% on a reported basis and
increased by 0.5% in constant currency. Revenue increased by
0.6% on a reported basis and by 2.9% in constant currency.
Technology Sourcing revenue increased by 3.2% and Services
revenue increased by 2.1%, both in constant currency.
Gross profit measures the conversion
of revenue into absolute profit, after
deducting the cost of goods sold.
2024
Gross profit decreased by 0.9% on a
reported basis and increased by 1.2% in
constant currency, reflecting the slight
increase in revenue and a robust gross
margin performance.
Adjusted diluted EPS measures our net
profit generation after administrative
costs, Group-wide investment, net
finance income and tax on a fully diluted
per-share basis.
2024
Adjusted diluted EPS decreased by 8.5%.
This result reflects a similar decline in
adjusted profit before tax, an increase in
the effective tax rate and a reduction in
the average number of shares due to the
share buyback programme.
Adjusted net funds or adjusted net debt
includes cash and cash equivalents, other
short- or long-term borrowings and
current asset investments. Following the
adoption of IFRS 16, this measure excludes
all lease liabilities. Computacenter has
a track record of positive adjusted net
funds and of distributing surplus capital
to shareholders and reducing the number
of shares in issue.
2024
Adjusted net funds increased by £23.2m
to £482.2m at 31 December 2024. This
performance reflects excellent cash
generation during the year, supported by
a strong working capital performance,
outweighing the impact of the £200m
share buyback programme that was
completed during the year.
21 22 23
24
9,916.5
10,081.4
9,052.2
6,923.5
20
5,441.3
21 22 23
24
1,035.0
1,044.0
947.1
867.8
20
720.5
Gross invoiced income (£m)
9,916.5
-1.6%
Gross profit (£m)
1,035.0
-0.9%
21 22 23
24
6,964.8
6,922.8
6,470.5
5,034.5
Revenue (£m)
6,964.8
+0.6%
Our financial KPIs
21 22 23
24
159.9
174.8
169.7
165.6
20
126.4
Adjusted diluted EPS (p)
159.9
-8.5%
21 22 23
24
482.2
459.0
244.3
241.4
20
188.6
Adjusted net funds (£m)
482.2
+5.1%
To read more about our strategic KPIs
See page 018
Strategic Report
Computacenter plc Annual Report and Accounts 2024004
GlossaryFinancial StatementsGovernance
Our financial KPIs
Computacenter employs more than 20,000 people in 22 countries.
As we’ve grown, our Winning Together Values have remained a fundamental
constant across all our locations, shaping our open, supportive and ‘can
do’ culture and ensuring we put our customers first.
We encourage our people to thrive, which includes empowering them
to make responsible decisions that meet our customers’ needs faster.
In turn, our customers prize our people’s attitude and behaviour and
note the importance of our culture when we ask for their feedback.
Our culture helps us to build incredible loyalty – from our customers
and our people. In 2024, we had 192 major customers who generate
more than £1m of gross profit for us. Of these, 47% have been major
customers for at least five years and 27% for a decade or more. Our
people also stay with us to build their careers, with an average length of
service of 9.4 years across the Group and 10.9 years in our main selling
countries. Their positive experience is reflected in the many awards we
win for being a great place to work.
This combination of engaged people and satisfied customers is
mutually reinforcing. Business growth creates more opportunities for
our people to develop their careers within the Group and enables us to
invest in their skills and capabilities. In turn, this reinforces the great
customer service that is central to our continued success.
Our culture helps us to build long-term customer
relationships
Customer longevity – based on customers with greater
than £1m of gross profit in 2024
1. Over 10 years: 27%
2. 5–10 years: 20%
3. Under 5 years: 47%
4. Acquisitions
within past 5 years: 6%
3
4 1
2
We are regularly recognised for being a great place to work
Our Values
To read more about our people
See page 055
See more on our values on our website
www.computacenter.com/who-we-are/our-values
Computacenter at a glance: five key differentiators
These are the values on which we built this Company and they are
the values on which we will continue to grow Computacenter.
Putting customers first
We work hard to get to know our customers, understand their needs
and put them at the heart of everything we do. This lets us use our
skills and experience to help them in the right way at the right time.
Keeping promises
We’re straightforward, open and honest in all of our dealings.
We’re pragmatic and do our very best to keep our promises.
When that’s difficult, we help our customers find other ways
to solve their problems.
Understanding people matter
We’re committed to being diverse and inclusive. We build supportive,
rewarding relationships and celebrate success. We’re proud of the
people we work with and we treat people as we expect them to
treat us.
Considering the long term
We’re building a sustainable and efficient business for the long term.
This leads our decisions and actions and helps people trust us.
1
Our business is about technology. But first of all, it’s about people
MAY 2023 – MAY 2024
INDIA
OCT 2024-OCT 2025
UK
Computacenter at a glance: five key differentiators
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 005
3
Powerful partnerships
We have built powerful partnerships with the world’s
leading technology vendors, who can rely on our
reach and scale. We are among the top five partners
in EMEA for most of the major technology vendors.
We are increasingly recognised for our achievements
at a global level where we are also among the top
five partners globally for many of the major
technology vendors.
The increasing pace of technological change and
the diversity of the landscape has made our vendor
independence more critical to our customers.
WorkplaceData Center SecurityNetworkingCloud &
Applications
Procurement and logistical services
Configuration, lifecycle and circular services
IT strategy, advisory and application services
Integration, deployment and expert services
Maintenance, field and managed lifecycle services
Remote user support and digital operations
Source
Transform
Manage
Our skills and experience
Our integrated portfolio see page 008
3,700
Service Center agents
5,000
Engineers and
Technicians
2,200
Project, Service and
Delivery Managers
1,600
Consultants
We are trusted to provide impartial and
knowledgeable advice and to integrate
solutions comprising products from multiple
technology vendors.
See more on our partnerships here
www.computacenter.com/partners
60
Awards received from
23 technology vendors
14,000
Technical certifications
held by our people
2
Services breadth and scale
We have the largest service capability of any VAR in
the world, with over 12,500 billable people helping
our customers. This allows us to support our
customers to Transform and Manage their digital
technology at scale, in addition to our Technology
Sourcing activities.
Additionally, our Services scale provides our
business with better resilience, as well as access
to broader growth opportunities.
Our people have skills and experience across the
key technology areas. This is underpinned by the
breadth and depth of our technology vendor
partnerships, which allow us to help our customers
navigate the complexity and speed of change in the
current market.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024006
Computacenter at a glance: five key differentiators continued
4
Market-leading international coverage
We have what we believe to be the best international capability of any VAR in the world. This enables us to help
customers to deploy and support IT standards consistently worldwide. We Source, Transform and Manage
technology for our customers in over 70 countries worldwide.
Computacenter’s coverage Regional headquarters
Service Centers
Integration Centers
Professional Services
Delivery Centers
Livermore, CA, US
Alpharetta, GA, US
Moordrecht, Netherlands
Brussels, Belgium
Braintree, UK
Gustavsburg, Germany
Gonesse, Paris, France
Kerpen, Germany
Indianapolis, IN, US
Buffalo Grove, IL, US
Hatfield, UK
Dallas, TX, US
Mexico City, Mexico
Markham, ON, Canada
Barcelona, Spain
Hatfield, Milton Keynes,
Nottingham, Sheffield, UK
Lyon, Montpellier,
Paris, Perpignan, France
Budapest, Hungary
Cluj, Romania
Berlin, Dresden, Erfurt,
Kerpen, Germany
Poznan, Poland
Cape Town, South Africa
Kuala Lumpur, Malaysia
Bengaluru, India
Bengaluru, India
Tunis, Tunisia
Circular Services
Centers
Buffalo Grove, IL, US
San Francisco, CA, US
Atlanta, GA, US
Hatfield, UK, EMEA
Kuala Lumpur, Malaysia, APAC
Bengaluru, India
Computacenter’s coverage Regional headquarters
Service Centers
Integration Centers
Professional Services
Delivery Centers
Livermore, CA, US
Alpharetta, GA, US
Moordrecht, Netherlands
Brussels, Belgium
Braintree, UK
Gustavsburg, Germany
Gonesse, Paris, France
Kerpen, Germany
Indianapolis, IN, US
Buffalo Grove, IL, US
Hatfield, UK
Dallas, TX, US
Mexico City, Mexico
Markham, ON, Canada
Barcelona, Spain
Hatfield, Milton Keynes,
Nottingham, Sheffield, UK
Lyon, Montpellier,
Paris, Perpignan, France
Budapest, Hungary
Cluj, Romania
Berlin, Dresden, Erfurt,
Kerpen, Germany
Poznan, Poland
Cape Town, South Africa
Kuala Lumpur, Malaysia
Bengaluru, India
Bengaluru, India
Tunis, Tunisia
Circular Services
Centers
Buffalo Grove, IL, US
San Francisco, CA, US
Atlanta, GA, US
Hatfield, UK, EMEA
Kuala Lumpur, Malaysia, APAC
Bengaluru, India
We sell to customers in eight countries We have nearshore and offshore operations
in another eight countries
We have support operations in another eight
countries/territories
Belgium Netherlands Hungary Poland Australia Ireland
Canada Switzerland India Romania Brazil Japan
France United Kingdom Malaysia South Africa China Philippines
Germany United States Mexico Spain Hong Kong (SAR) Singapore
5
Resilient scale infrastructure
We have invested over many years to build resilient
and market-leading scale infrastructure, to meet
the demanding requirements of our customers.
We continue to invest for the long term.
Facilities
Our Integration Centers are among the largest and
most capable in each of our markets, providing
customers with the capability to deploy technology
at scale. Our Service Centers across the world
provide support for our customers’ IT infrastructure
and users 24 hours a day, seven days a week.
They can operate independently or as a group, to
provide both capability and resilience as part of
our Services business.
Systems
The systems underpinning our operations provide
flexibility for our customers. They have to be
secure to protect both us and our customers, while
supporting us to meet service level agreements
through automation and innovation. We continue
to invest in improving our platforms to provide
improved customer service, efficiency and
innovation, including Artificial Intelligence (AI),
using technology from among the world’s leading
providers, including Microsoft, SAP, ServiceNow
and Salesforce.
Standards and certifications
Our systems and processes are certified to high
standards to underpin the consistency of our
service delivery.
ISO 20000-1
ISO 27001
ISO 14001
ISO 45001
ISO 9001
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 007
Computacenter at a glance: five key differentiators continued
CIO
PEOPLE
BUSINESS
SOURCE
TRANSFORM
MANAGE
CIO
PEOPLE
BUSINESS
SOURCE
TRANSFORM
MANAGE
CIO
PEOPLE
BUSINESS
SOURCE
TRANSFORM
MANAGE
CIO
PEOPLE
BUSINESS
SOURCE
TRANSFORM
MANAGE
We help our customers to Source, Transform and
Manage their technology infrastructure to deliver digital
transformation, enabling people and their business.
Computacenter’s integrated offering provides three
complementary entry points for our customers, delivering
increased value and helping us to achieve sustained long-
term growth. The three parts of our portfolio are: Technology
Sourcing (Source), Professional Services (Transform) and
Managed Services (Manage). We want to build strength and
depth across all three parts of the portfolio.
We gain new customers through Technology Sourcing,
Professional Services and Managed Services individually,
however, we have longer customer relationships when we
work across all three parts of the portfolio.
Our integrated portfolio
Technology Sourcing
Procurement and logistical services
Configuration, lifecycle and circular services
Professional Services
IT strategy, advisory and transformation services
Integration, deployment and expert services
Managed Services
Maintenance, field and managed lifecycle services
Remote user support and digital operations
Computacenter plc Annual Report and Accounts 2024008
Strategic Report Governance Financial Statements Glossary
Our integrated portfolio
CIO
PEOPLE
BUSINESS
SOURCE
TRANSFORM
MANAGE
CIO
PEOPLE
BUSINESS
SOURCE
TRANSFORM
MANAGE
CIO
PEOPLE
BUSINESS
SOURCE
TRANSFORM
MANAGE
We help our customers to determine their technology needs and,
supported by our technology vendors, we provide the commercial
structures, configuration and supply chain services to meet these
needs reliably.
Technology Sourcing is our traditional core and we continue to see it
as both fundamental to our customers and a significant growth driver.
We earn revenue from large contracts, with thinner margins and lower
visibility than for Services, but with fantastic customer loyalty, which
we earn through reliability, agility and scale.
We provide our customers with huge flexibility, adapting our processes
to fit their quotation, order management, shipment, receipt and
documentation requirements, which are often very specific. This
flexibility comes from our significant long-term investment in our
people, systems and Integration Centers. Our Technology Sourcing
Services range from pre-configuration of all types of technology to
end-of-use management. Our customers value our ability to support
them across the entire hardware and software lifecycle, and to act
as a partner who can deliver at scale and, increasingly, globally.
We provide structured solutions and expert resources to help our
customers select, deploy and integrate technology, so they can
achieve their business goals. Our revenue depends on our forward
order book, which contains a multitude of short-, medium- and
long-term projects.
As the technology landscape has become more complex, our
1,600 consultants play an increasingly important role in advising
our customers. Our Professional Services and Technology Sourcing
businesses have always been linked and we see this increasing,
as our customers need our help to make wise choices in the
complex technology landscape and to then deploy and integrate
these technologies.
Our Professional Services revenue also reflects some of our 5,000
engineers and 750 project managers, who are charged as part of
customer integration and deployment projects. These engagements
range from workplace rollouts to complex network and data center
solution integrations. Our Professional Services business continues
to be a major source of Services growth, as customers look to us for
help to deploy new digital technology.
Source:
Technology Sourcing
Transform:
Professional Services
Manage:
Managed Services
We maintain, support and manage IT infrastructure and operations
for our customers, to improve quality and flexibility while reducing
costs. Despite competitive pricing in the market, our revenue under
contract has high visibility and is long term and stable. We see this
recurring income as a strategic means of balancing our business,
as well as being essential to our Source, Transform and Manage
customer offerings.
Customers ask us to reduce their costs by managing some of their
support operations, as well as taking end-to-end responsibility for
sourcing, deploying, transforming and then providing the ongoing
managed support of digital projects.
We have continued to improve the predictability of our Managed
Services, to the benefit of our customers and our own business.
As our customers’ businesses evolve and face new challenges,
we will continue to adapt our offerings to remain relevant and
competitive. We see significant opportunities to add value to our
customers. Our Service Centers are the core of our Managed Services
capability and we continue to invest in improving and updating the
technology underpinning them.
16m
Items supplied
3,000
Technology vendors
2.1m
Items configured in our
Integration Centers
12.3m
Automated tasks completed
5.3m
Devices under management
3.7m
Incidents and requests managed
4,000+
Completed projects
1.5m+
Billed consultancy hours
2.5m
Billed project management
and engineering hours
Procurement and logistical services IT strategy, advisory and application services Maintenance, field and managed lifecycle services
Configuration, lifecycle and circular services Integration, deployment and expert services Remote user support and digital operations
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 009
Our integrated portfolio continued
Chair’s statement
I am pleased to present my first report as Chair of Computacenter. I know
that this is an outstanding company, and I was delighted to take on the
role following the 2024 Annual General Meeting (AGM). Firstly, on behalf of
the Board, I want to thank my predecessor Peter Ryan, who presided over
a period of sustained growth and success for the Group. I would also like
to acknowledge Mike Norris’s 30 years as CEO, navigating through seismic
changes to the technology landscape, as well as expanding the
Computacenter footprint.
The Board in 2024
One of my first tasks was to refresh the Board by recruiting three
independent Non-Executive Directors. Adam Walker and Kelly Kuhn
joined in August and September 2024 respectively, and we appointed
Simon McNamara shortly after the year end. Each brings highly valuable
knowledge and skills to the Board, including expertise in finance,
customer experience, and technology and digital transformation, gained
through leadership roles at major corporations in important regions such
as the US and Asia. Ros Rivaz announced in April 2024 that she would step
down once new Board members were identified and so retired from
Computacenter in September 2024. I would like to thank Ros, on behalf
of the whole Board, for her contribution to the Group in her roles as Senior
Independent Director, Remuneration Committee Chair and Workforce
Engagement Director.
Changes to the Board necessitated a review of Committee membership
and responsibilities. Adam is our new Senior Independent Director and
Chair of the Audit Committee, René Carayol is chairing the Remuneration
Committee and is our Workforce Engagement Director, while I chair the
Nomination Committee. There was a short period of three and a half
months, between my appointment as Chair and Adam joining the Board,
where the number of independent Directors was temporarily reduced.
We have also begun a thorough process to find a successor for Chris Jehle
as Chief Financial Officer, following his departure at the end of the year. The
Board thanks Chris for his contribution and wishes him well for the future.
We are proposing an update to our remuneration policy to reflect the size
and scale of our business and to ensure that we are well placed to attract
and retain the best talent for the future. We are in a unique position of
having a CEO with such tenure who remains committed to building the
business and his team for future success. Our proposed remuneration
policy is designed to recognise the importance of this leadership, while
establishing the basis to find and reward future Executive Directors.
More information can be found on page 113.
Performance
There is a lot to be proud of in our performance for 2024, not least in
achieving the most profitable second half in the Group’s history,
significant year-end cash and a record number of major customers.
We are, of course, disappointed that we did not achieve the financial
performance we expected at the start of the year. This partly reflected
a more difficult trading environment, with some customers delaying or
reducing their spend in tough macroeconomic conditions, particularly in
the UK and Europe. Elections in our core markets of the UK and the US also
contributed to customers’ attitude to spending.
Against that backdrop, our Technology Sourcing business performed
solidly in 2024, and we have maintained our momentum in Professional
Services, where our pipeline continues to grow. Managed Services had
a more challenging year, and whilst the vast majority of our portfolio
performed as expected, a small number of contracts significantly
impacted the overall result. The Chief Executive Officer’s performance
review, on pages 020 to 021, provides more detail.
Long-term thinking with short-term execution is a key part of our
success. The Board continued to approve significant capital and
operational expenditure during the year, to ensure that we sustain
the fundamentals to win in the marketplace and evolve our customer
offering. This includes our investment in systems and technology
where we build for the future, and our ongoing spend on cyber protection,
in response to the changing environment.
During 2024, we reviewed the Group’s stakeholder engagement,
considering and discussing in-depth surveys of our customers and our
senior people, to give us insight into changing customer and employee
needs. Using these insights allows us to continue to improve our services,
relationships and unique culture for the benefit of our business,
customers and people. You can read more about this on page 038. Our
people are responsible for everything we achieve, and we were pleased
that our regular employee surveys showed that they feel included and can
be themselves at Computacenter, while being appropriately stretched
and challenged. Thank you from the Board to each and every one who
makes us a success, both financially and as a place to be.
Environmental, Social and Governance matters
While the landscape of regulation and reporting may change, we at
Computacenter maintain our approach as a responsible organisation
that cares about people, communities and the world in which we operate,
without losing sight of our purpose. Our careful consideration and
execution in these important areas is set out on pages 053 to 075.
We feel confident that our offerings which support this approach, in
addition to enabling our customers to fulfil their own ESG ambitions and
responsibilities, will endure, and that treating people fairly and well
benefits our stakeholders and, ultimately, our business.
The year ahead
We continue to see a pathway to growth in 2025 that will require very
strong execution in a competitive environment.
Pauline Campbell
Non-Executive Chair
17 March 2025
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024010
Chair’s statement
Business resilience
Diversified across markets
We have a strong presence across the largest IT markets in Europe
and North America.
Diversified across technology areas
We have strength in multiple key technology areas.
Customer focus and longevity
Our focus is to build long-term relationships with our customers in our
target market of the largest corporate and public sector organisations.
We earn incredible long-term customer loyalty, which underpins our
growth and development, while investing in building value to win
new customers.
Diversified across sectors
Our focus on the largest organisations in each of our markets gives us
a diversified and high-quality corporate and public sector customer
base, making the Group more resilient.
Growing with market evolution to software
Our position as trusted partners with our major customers makes us
the natural choice as they evolve their IT infrastructure to leverage
more software-based solutions.
Gross profit by Segments
Technology Sourcing
Gross invoiced income by technology area
Our customer longevity
Based on customers with greater than
£1m of gross profit in 2024
Total gross invoiced income by customer sector
Based on customers with greater than £1m of gross profit in 2024
Technology Sourcing
Gross invoiced income by product type
Read more on our performance in 2024 see page 022
1. United Kingdom: 22%
2. Germany: 35%
3. Western Europe: 12%
4. North America: 27%
5. International: 4%
1. Workplace: 37%
2. Apps, Cloud & Data Center: 29%
3. Networking & Security: 34%
1. Over 10 years: 27%
2. 5–10 years: 20%
3. Under 5 years: 47%
4. Acquisitions within past 5 years: 6%
1. Industrial, retail and consumer: 21%
2. Public sector, education
and healthcare: 29%
3. Financial services, banking, insurance
and professional services: 15%
4. Telecoms, media and technology: 35%
1. Hardware: 62%
2. Software: 26%
3. Resold Services: 12%
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Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 011
Business resilience
GlossaryFinancial StatementsGovernance
Business model: our purpose-driven approach
Keeping our
business on
track
Managing our
principal risks and
uncertainties
See page 045
The influences
on our strategy
Our ambitions
See page 014
Market and
customer trends
See page 015
Delivering for our customers every day: our business model
Ensuring we continue to deliver for the long term: our strategy
• We put customers at the heart of everything we do
• Service Lines build capabilities that can scale to meet
customer needs efficiently and consistently
• Our Sales teams are totally focused on our customer’s needs
• Business Services functions maximise leverage
and efficiency, and ensure compliance
• Focus on target market customers
• Build Service Line scale and competitive advantage
• Empower our people
Shaped by our Winning
Together Values
• Putting customers first
• Understanding people matter
• Keeping promises
• Considering the long term
See page 005
Guided by our principles
• Winning together for our people
and our planet
• The long-term future of our
Company, our people and our
planet relies on an enduring
commitment to sustainability
See page 053
Governed with integrity
• A clear governance framework
guides all decisions and provides
the structure for successful
delivery and strategic progress
See page 082
Our foundations
Measuring our progress: our key performance indicators
Our Purpose: helping our customers change the world
• Strategic
Customer relationships,
Services growth, productivity
See page 018
• Financial
Revenue/gross invoiced income, gross profit,
adjusted diluted EPS, adjusted net funds
See page 004
• Sustainability
Employee engagement, Net Zero
roadmap, devices recovered
See page 053
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GlossaryFinancial StatementsGovernance
Business model: our purpose-driven approach
Our purpose is helping our customers change the world
We help our customers to realise the transformative benefits of IT for their organisations, people and the world.
Focus on target market customers
We focus only on a target market of the largest 500–1,000
corporate and public sector organisations in each of our
sales countries. These target market customers require
us to offer significant flexibility to meet their specific
needs, while also being competitive in each part of
our portfolio.
• We invest in sales and customer engagement
teams to build long-term relationships which earn
customer loyalty.
• We work hard to get to know our customers,
understand their needs and put them at the heart
of everything we do.
• Feedback from our customers helps prioritise our
decisions on investments in capability and their
loyalty underpins our growth and development.
Build Service Line scale and
competitive advantage
We want to be the logical choice for our target market
customers in the activities on which we focus. Our Service
Lines of Technology Sourcing, Professional Services and
Managed Services are focused on building and leveraging
capabilities to meet customer needs efficiently and
consistently, and to build economic advantage.
• In Technology Sourcing, we are one of the six largest
value-added resellers (VARs) by gross invoiced income
in the world and the largest headquartered outside
the United States.
• We have the largest Services business, and have built
what we believe to be the best international capability,
of any VAR. By growing our Services, we aim to build
value for our customers and technology vendors,
in addition to scale leverage.
• We compete in Services with VARs, and small service
companies through breadth and scale, as well as with
systems integrators which do not have competitive
Technology Sourcing capability.
Empower our people
We work hard to understand the needs of our customers
and empower our customer-facing people to make
responsible decisions that help us meet the needs of our
customers faster. This remains, and has always been,
a fundamental strategic pillar for Computacenter.
• Empowerment is an essential part of our culture
and helps to differentiate us from our competition,
ensuring that we are focused on the needs of our
target market customers and that our investments
deliver an effective return.
• We empower our customer-facing people, while
ensuring that all decisions are taken within a clear
governance framework, supported by strong
customer profitability reporting and clear
remuneration plans.
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GlossaryFinancial StatementsGovernance
Our strategy
Our strategy
Sales and Customer Engagement
Working hard to get to know our customers, understand their needs
and put them at the heart of everything we do.
Service Lines
Developing and leveraging capabilities to meet customer needs efficiently and
consistently while building economic advantage in the activities on which we focus.
Business Services
Providing a robust underpinning business framework to maximise leverage,
efficiency and compliance across all our activities, giving customers confidence
in working with us.
Our Group Operating Model was first introduced in 2012 and has evolved since then, with a
major change in 2023 to introduce three Service Lines with clearer end-to-end responsibility
for the success of each respective unit.
Europe
Technology Sourcing
Development,
strategy &
marketing
Information
services
Legal &
compliance
Human
resources
Finance &
governance
Professional Services Managed Services
North America
Our ambitions
Creating value for all our stakeholders
Customers
Our customers will strongly recommend us for
the way we help them achieve their goals
People
People will want to join us, stay with us and grow
with us
Shareholders
We will be an agile, innovative and sustainable
provider of technology and services across the
world – creating, maintaining and delivering
long-term value
Technology vendors
We will be the preferred route to market for
technology vendors
Communities
We will create value for communities by winning
together for our people and our planet
Our resources
The skills and experience of our people
• Our business is about technology. But first of all, it’s about people.
• 20,000 people across 22 countries
• 12,500 billable people
Digital technology from our technology vendors
• Powerful partnerships with 3,000 technology vendors
• 14,000 technical certifications held by our people
• 60 awards from 23 technology vendors in 2024
Resilient scale infrastructure
• Facilities: Integration and Service Centers across the world
• Systems: secure platforms that support scale, service, efficiency
and innovation
• Market-leading international coverage
Brand and reputation
• Long-term relationships with a diverse and high-quality
customer base
• Largest service capability of any VAR in the world
• Our Winning Together Values
• Winning together for our people and our planet
Financial strength and stability
• Strong cash generation underpinned by low capital
expenditure requirements
• Robust balance sheet with historically positive net funds
• Track record of growth and stability as a partner
Our Group Operating Model
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Our Group Operating Model
Our market
Market and customer trends
Our market
The parts of the addressable business IT market
where Computacenter is active are expected to grow
at an average of over 5%
a
per annum in 2025–2028
in our sales countries. This provides a positive
economic backdrop for Computacenter’s growth
and development.
Computacenter is focused on the largest corporate
and public sector organisations in our sales
countries and this is a subset of the Computacenter
addressable business market. Based on an estimate
of this subset, we believe that we have an overall
market share in our target accounts of no greater
than 5%. In our most mature area of Technology
Sourcing, we estimate that our market share in our
target accounts is approximately 2% in the United
States, rising to approximately 15% in Germany.
We believe we have substantial opportunity to both
grow with the market, as well as to take increased
market share in every one of our sales countries.
Total IT market
in Computacenter
sales countries
~£1,790bn
a
Computacenter’s
addressable business
market:
~£904bn
a
Computacenter
gross invoiced
income:
£10.2bn
Agility and speed
Organisations rely on technology to drive the
efficiency and flexibility they need to bring new
capabilities to market for their own customers.
Computacenter impact
• Organisations are deploying standardised
infrastructure at scale globally, to allow them
to leverage hybrid and multi-cloud platforms
for application delivery.
• Our customers are demanding access to
broader sets of skills on a more flexible basis.
• Some services buying cycles are speeding up,
with contracted outcomes simplified to allow
for more competition.
• There is increased demand from certain
customer sectors for data center, cloud and
application services.
Our response
• Investments in our Integration and Service
Centers to allow standardised deployment and
support of technologies.
• Access to expert resources in near and
offshore Delivery Centers in Romania and India,
with flexible commercial terms to facilitate
agile contracting.
• Globally consistent best-of-breed tooling
infrastructure, including our upgrades to our
Enterprise Resource Planning (ERP) and IT
Service Management tools.
>5.0%
a
2025–2028 average annual growth
rate of Computacenter’s addressable
business market
a. Source: Computacenter estimates based on available
market data.
Trends in our market
Our investment strategy is
informed by these trends,
helping us to be resilient and
responsive to the needs of our
target market customers.
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GlossaryFinancial StatementsGovernance
Our market
Resilience and security People experience Value and efficiency Sustainability
The challenging threat landscape is continually
evolving, while the demand for highly available and
responsive systems grows. Regulatory pressures
command greater visibility and control.
The hybrid working environment for employees
requires different forms of service delivery and
greater innovation to provide secure, engaging
and flexible support.
Organisations seek to maximise the return on
investment and business efficiency they achieve
from their existing IT environments and from new
investments in technology and services.
With increased market and consumer pressure,
along with a rapidly expanding regulatory burden,
sustainability is becoming a more common factor
in strategic decision making for our customers.
Computacenter impact
• Customers are investing more in their network
and security infrastructure, with a particular
focus on cyber-defence measures to protect
their business and reputation.
• Organisations demand high-performance
infrastructure, leveraging hybrid platform
designs and solutions.
• Regulatory changes introduce increased oversight
of our assurance measures, as well as driving
greater customer scrutiny in line with their
compliance needs.
Computacenter impact
• Our people have adapted to hybrid working,
evolving the way we interact and share.
• Continued demand from our customers for our help
to enable collaboration through systems, tools and
facility upgrades.
• Increased demand for workplace technology
lifecycle solutions.
• Greater desire for flexible technology provisioning
solutions such as pre-configuration, Tech Centers
and lockers, and consumer-like courier experiences.
Computacenter impact
• Customers are expecting value and competitive
pricing from suppliers.
• Customers are extending the lifetime of some
IT asset investments.
• Customers require highly efficient deployment
solutions.
• Continued pressure on customers to justify their
investment in IT.
Computacenter impact
• Our customers want to do business with
responsible suppliers who have similar
sustainability commitments, and who can
help them to achieve their goals and meet
regulatory obligations.
• Forthcoming regulation increases the need
for transparency throughout the value chain,
increasing the demand for general and
contract-specific reporting.
• Supply chain transparency is becoming
increasingly important.
Our response
• Ongoing investment in our own networking and
security infrastructure, to protect ourselves
and our customers.
• Delivering reliable outcomes through our
Technique Professional Services framework.
• Embedding improved security within our core
Managed Services offerings.
• Accelerating the development of networking
and security capabilities.
Our response
• Our own infrastructure upgrades in networking and
security to facilitate remote and hybrid working for
our people.
• We continue to invest in leveraging the systems that
enable an analytics, automation and AI approach,
focused on user experience.
• Our IT Service Management upgrade programme
increases flexibility in our support and engagement.
Our response
• Investments in our underpinning systems
infrastructure will provide greater global
standardisation and scalability, as well as improved
ability to support software and technology vendor
‘as a service’ offerings.
• Circular Services helps customers extend the life
of assets or recover their residual value.
• Development of skills in our Sales & Customer
Engagement and Service Lines will enable
information-driven decision making and business
case achievement for our customers.
Our response
• Our SBTi approved targets and clear social
strategy help to give confidence to all
our stakeholders.
• Our investment in our Circular Services business
will help our customers make a real difference
in carbon avoidance and sustainable IT use.
• We are driving sustainable procurement with
our vendors to help create the transparency and
choice our customers need.
Our market continued
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Artificial Intelligence
We are excited by the opportunities
that AI represents for our customers
and our business.
We believe that AI will be pervasive but it is also a
continuation of existing digital transformation
trends. We are adapting our plans to maximise the
impact of AI on our business, based on the following
framework, and have established an AI Strategy
Board to help shape, drive and oversee the adoption
of AI, to ensure we deliver our AI vision and achieve
our goals.
Managed Services
Customer trend: Customers expect us to
continue to invest in AI to
make our Managed Services
more effective
Computacenter
impact:
AI is helping us to improve the
quality and efficiency of our
user and customer experience
Our target: We optimise key AI
capabilities that are used to
deliver our Managed Services
and provide increased value
to our customers
Business Services
Customer trend: We already use AI solutions to
support our Business Services
and will continue to leverage
more over time
Computacenter
impact:
AI can help us to reduce costs
and improve productivity, as
well as providing tangible use
case models to help build
credibility with customers
Our target: We will maximise the adoption
of AI internally and across all
customer-facing processes
and services
Policies and Governance
Ensuring that we adopt AI responsibly for the benefit of our customers, employees and other stakeholders.
The focus is on adoption, regulations, ethics and compliance.
Professional Services
Customer trend: Customers are asking us to
advise them on the best ways
to design and implement their
AI solutions
Computacenter
impact:
AI advisory and deployment
services build credibility with
our customers and strengthen
both new and existing
relationships
Our target: We have advanced AI expertise
in key areas to help customers
to plan their strategies and
leverage AI
Technology Sourcing
Customer trend: Customers will continue
to invest in additional
infrastructure to help them
leverage AI
Computacenter
impact:
AI implementation for
customers should help us
to grow and generate
additional revenue
Our target: We are market leaders in
infrastructure for AI workloads
at scale
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Our market continued
The measures set out opposite address what
we believe to be the key drivers of successfully
delivering our strategy.
Customer relationships
Retain and maximise the relationships with our
large corporate and public sector customers
over the long term
Services growth
Lead with and grow our Services
Productivity
Increase the adjusted operating profit we retain
as a proportion of our gross profit
Customer relationships
Retain and maximise the relationships with our large corporate and
public sector customers over the long term
Our strategic KPIs
Performance in 2024
In 2024, we finished with 192 customers generating
over £1m of gross profit, a net increase of 13 from
the previous year. We were pleased to resume
growth in this important KPI during 2024.
Furthermore, the growth was spread across
Germany, North America and the UK, with a mix of
existing and new customers and all resulting from
organic growth. This broader base of major
customers generated gross profit growth of 1.2%
in 2024 in constant currency.
How we define customer accounts with
gross profit of over £1m
A customer account is the consolidated spend by a
customer and all of its subsidiaries. Where a customer
account exceeds £1m of gross profit, it is included
within this measure. The prior-year comparatives
are restated on a constant currency basis, to provide
a better indicator of underlying growth.
Why this is important
Computacenter is focused on securing, growing
and maintaining our relationships with large
corporate and public sector customers. Our
customers which contribute more than £1m of gross
profit are of strategic importance and their overall
number is a key driver of our profitability. We focus
on understanding why customers have exceeded
or dropped below this £1m threshold, and the extent
to which this correlates with, and is driven by, our
quality of service or wider market trends which are
outside of our control.
21 22 23
24
192
179
184
162
20
155
Number of customer accounts
with gross profit of over £1m
192
+7. 3 %
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GlossaryFinancial StatementsGovernance
Our strategic KPIs
Services growth
Lead with and grow our Services
Productivity
Increase the adjusted operating profit we retain as a proportion
of our gross profit
Performance in 2024
In 2024, we grew Services revenue by 2.1% in
constant currency, in a market where several
services competitors saw revenue declines. Group
Professional Services revenue grew by an excellent
11.9% in constant currency, with growth in Germany,
the UK, and North America. We have organised our
Professional Services resources into a single Group
Service Line, to provide the necessary focus and to
leverage our success in Germany across the Group,
and we are now starting to see the benefits of a
more consistent approach. We believe there is a
large market opportunity across our Professional
Services portfolio and that we can grow Professional
Services across the Group significantly.
Group Managed Services revenue declined by 5.3%
in constant currency. We renewed a number of large
contracts during the year and ended the year with
a significantly increased pipeline.
How we define Services revenue
Services revenue is the combined revenue of our
Professional Services and Managed Services
business. The prior-year comparatives are restated
on a constant currency basis, to provide a better
indicator of underlying growth.
Performance in 2024
Gross profit conversion decreased to 23.8% in 2024
from 25.9% in 2023, driven by a 1.2% increase in
gross profit and a 6.8% decrease in adjusted
operating profit, all in constant currency. The decline
in gross profit conversion was primarily driven by
our UK performance and the increase in strategic
investments, with Germany broadly similar to the
prior year and North America continuing to improve.
We believe this investment is essential to underpin
our long-term competitiveness and we expect it to
continue at a similar level in 2025. We believe our
ambition of achieving gross profit conversion of over
30% in the medium term can be delivered through a
combination of revenue growth and realising scale
benefits from our Group Operating Model.
How we define productivity
Adjusted operating profit (£m) divided by gross
profit (£m), expressed as a percentage. The
prior-year comparatives are restated on a constant
currency basis, to provide a better indicator of
underlying growth.
Why this is important
We understand that having a significant Services
element within a customer engagement generally
increases the value to the customer and the
longevity of the relationship. Management remains
focused on growing our Services revenue, through
both in-year and long-term incentive plans.
Why this is important
Productivity is an important driver of value for the
Group. We use gross profit conversion as the best
overall productivity measure for our business
across all our activities. It measures how much of
our gross profit we convert into adjusted operating
profit and helps measure how effectively we use our
scale to improve operational leverage.
21 22 23
24
1,638.4
1,604.1
1,557.8
1,447.3
20
1,225.0
21 22 23
24
23.8
25.9
28.4
30.1
20
28.4
Services revenue (£m)
1,638.4
+2.1%
Adjusted operating profit as
a percentage of gross profit (%)
23.8
-2.1pt s
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Our strategic KPIs continued
Summary of 2024 performance
Computacenter delivered a solid performance in 2024 reflecting a
combination of tough comparatives in the prior year, a more challenging
backdrop for corporate IT demand across the year and our continuing
commitment to invest in world-class, Group-wide systems. While it is
disappointing not to deliver another year of growth after 19 consecutive
years of increased earnings per share, 2024’s performance was derived
from a broader base of major customers generating over £1m of gross
profit per annum, and we delivered our strongest-ever performance in
the second half of the year, following a weaker first half. We ended 2024
with 192 major customers, an increase of 13 on 2023. Growing the number
of major customers in our target market of large corporate and public
sector customers ensures greater resilience and underpins Computacenter’s
long-term growth. We see significant opportunities for growth across all
of our geographies.
Cash generation was strong. Even after completing a £200m share
buyback programme, we ended the year with £482.2m of adjusted net
funds, £23.2m ahead of 2023. Since 2013, Computacenter has distributed
nearly £1bn in capital to shareholders via dividends and special returns,
while continuing to invest organically for the long term and creating value
through targeted acquisitions, which have increased our geographic
diversity and long-term growth opportunity. Since our first acquisition
in late 2018, North America has grown to become a material profit
contributor, now accounting for nearly a quarter of Group operating
profit (before central costs).
As outlined at our Capital Markets Day in June 2024 – ‘Building Long-Term
Value’ – we continue to execute on our strategy of growing our target
market customers, scaling our activities and empowering our people.
Our 20,000 colleagues worldwide drive our success through their
commitment to our customers and I thank them all for their contribution.
Delivering digital transformation
In 2024, customers continued to pursue their digital transformation
agenda, albeit with a degree of caution, given the uncertain
macroeconomic and geopolitical backdrop. In Europe, our public sector
business grew while corporate sector demand was more selective.
Technology areas such as security were prioritised over, for example,
workplace refreshes despite the ageing profile of PCs. Corporate and
public sector organisations continue to assess the opportunities and
returns that AI can deliver, with many now trialling and experimenting
with new products. While some of this innovation is most immediately
accessible through software, customers are also evaluating their own
infrastructure requirements.
Hyperscalers meanwhile continue to allocate significant capital into
AI-centric infrastructure. In North America, we have established a track
record of delivering a high-quality service for hyperscale customers given
our expertise in the areas of high-performance computing, networking,
low-latency storage, data center infrastructure and software
components. We won major new hyperscale business in the US during
the year, helping to diversify our portfolio of hyperscale customers.
Additionally, we won AI-related infrastructure projects in Europe and
anticipate more in 2025.
Computacenter has always helped customers to evaluate new
technologies, to navigate rising complexity of their IT estates and to
achieve the return on investment they need. Our customers are looking
to work with fewer suppliers, and for their partners to have a deep
understanding of their requirements, as well as the scale, financial
strength, flexibility and cost competitiveness to meet their specific
needs. Our three core activities – Technology Sourcing, Professional
Services and Managed Services – are all critical in helping customers
to achieve their IT goals and in Computacenter they have a partner that
can deliver for them across each.
A record second-half performance
In 2024, as anticipated, Technology Sourcing volumes, with some of our
large customers normalised following an exceptional 2023, which
especially impacted our first-half performance. It was therefore pleasing
to win a number of new customers and large projects which meant, at a
Group level, we delivered a much stronger result in the second half of the
year. This was particularly evident in North America where we won two
new hyperscale customers and continued to grow our enterprise
business, resulting in another record year of operating profit from the
region. We ended 2024 with a significantly stronger committed order
backlog than both at the end of 2023 and June 2024. While North America
was the single largest contributor to the growth in the backlog at a Group
level, Germany, the UK and France were also ahead of the prior year.
In Services, Professional Services delivered a strong performance that
was partly offset by a softer performance in Managed Services. We made
a commitment from the start of 2024 to grow and enhance Professional
Services by having a broader and scalable portfolio across all countries,
based on a common operating framework and a stronger sales approach.
We are starting to see the benefits of this approach, achieving double-
digit revenue growth in 2024, with solid growth in our largest market in
Germany, a strong return to growth in the UK and an excellent year in the
US, leveraging our expertise in hyperscale data center deployment.
Professional Services has been a strong driver of growth for Services over
the last five years and we see it as an important future driver of revenue
and profit growth for the Group.
Managed Services revenues declined during the year, albeit at a slower
rate in the second half. This weaker revenue performance reflected the
timing of certain contract losses, while the onboarding of some large
contracts has taken longer than anticipated. Our margin was also
impacted by two large underperforming contracts, one in Germany and
one in the UK which, following remedial action, we do not expect to repeat
at the same level in 2025. While it is disappointing when contracts do not
meet our financial expectations, we have gained critical operational
insights that will serve us well for future contracts, and the rest of our
portfolio is performing as anticipated.
Chief Executive Officer’s review
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024020
Chief Executive Officer’s review
To offer increased value to our customers we continue to invest in new
and improved systems, greater automation and offshoring. We now
have approximately 1,500 colleagues serving our customers from India.
The market opportunity for Managed Services is substantial in our core
areas of workplace, networking, infrastructure and cloud. These services
are important to the longevity of our customer relationships, with more
than three-quarters of our major European-headquartered customers
contracting with us, supported by our Service Centers globally.
Our Managed Services pipeline is significantly larger than a year ago
and we are focused on contract conversion in the year ahead.
Diversified geographic exposure
While IT spending is expected to grow across all of our markets over the
long term, our diversified geographic exposure provides us with greater
protection from any short-term weakness in particular geographies. In
2024, another record year in North America and robust performance in
Germany cushioned the impact of a weaker performance in the UK.
North America’s performance was particularly impressive given an
exceptionally strong comparative and starting the year knowing that we
would need to win material new business to grow. We won significant new
hyperscale and enterprise business and grew our order book substantially.
We remain excited by the clear long-term growth opportunity in this highly
fragmented market, as we continue to leverage Computacenter’s
broader capability and resources.
Germany’s robust performance was also delivered against a strong
comparative. This resilience is a function of deep capabilities across all
major technology areas and our ability to support customers at every
stage of the IT lifecycle. It also means we remain well-positioned in the
context of a more uncertain political and macro environment in 2025.
Our UK performance was disappointing, with the market for hardware
proving weaker than anticipated at the start of the year. While this
outweighed the improvements we have made in how we approach the
market, we delivered a more stable performance in the second half and
ended the year with six more major customers. We are also encouraged
by the excellent growth achieved in Professional Services revenue,
positioning us well as market conditions improve. Our integrated offer
remains compelling to our target market, as evidenced by some
significant renewals including a six-year contract worth approximately
£1bn with an existing customer, covering all three Service Lines.
Investing to secure future growth
We continue at pace with the rollout of our strategic initiatives which will
improve our capabilities and productivity, enable us to further leverage
AI solutions, underpin our systems for the future, and create competitive
advantage. This investment of £36.8m (2023: £28.1m) increased
operating costs by £8.7m year-on-year.
While moving all our Service Desks onto a common platform, we are
migrating from our legacy service management tool to a new platform
and building new functionality within it for our modern workplace
solutions, such as Device Lifecycle Management. We are also upgrading all
our Integration Centers across the world to a new standard. This includes
the latest warehouse management software, a Group standard for
configuration, new scanning functionality and a more sophisticated
capability for courier integration. We have finished the rollout of our CRM
system and will complete the implementation of a new configuration and
pricing tool, and ultimately will upgrade our current ERP system to a new
cloud-based version. At the same time, we continue to invest significantly
to mitigate evolving cyber risks.
Continued cash generation and capital discipline
Given the Group’s continued strong cash generation and robust balance
sheet, we announced in late July 2024 that we would return up to £200m
to shareholders via a share buyback programme. The programme was
completed by the end of October, reducing the number of total voting
rights by 6.9%. This is in line with our disciplined capital allocation policy
to invest organically, make targeted acquisitions and distribute surplus
capital while retaining a strong balance sheet. It brings the total value of
capital distributed to shareholders since 2013 to nearly £1bn.
Outlook
We exited 2024 in a robust position, with a committed product order
backlog which is significantly ahead of our position in December 2023,
as well as at the end of June 2024, with all regions ahead. The size of
the projects we are currently delivering gives us good momentum at the
start of 2025.
Looking to 2025 as a whole, we remain mindful of the uncertain
macroeconomic and political environment. In North America, following
a strong performance in 2024, we continue to be excited by the growth
opportunities we see ahead. We have started the year positively and
overall, we expect to make progress in 2025, with earnings per share
benefiting further from the impact of the share buyback.
Looking further ahead, we remain excited by the pace of innovation and
growth in demand for technology. Our strength in Technology Sourcing,
Professional Services and Managed Services, combined with our global
reach and our continued focus on retaining and maximising customer
relationships over the long term, means we are well-placed to deliver
profitable growth and sustained cash generation.
Mike Norris
Chief Executive Officer
17 March 2025
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 021
Chief Executive Officer’s review continued
21 22 23
24
9,916.5
10,081.4
9,052.2
6,923.5
20
5,441.3
21 22 23
24
246.7
271.5
269.1
262.8
20
206.4
3
1
2
21 22 23 24
6,964.8
6,922.8
6,470.5
5,034.5
Our performance in 2024
Group
Overview
Total gross invoiced income decreased by 1.6% on a reported basis and
increased by 0.5% in constant currency. Total revenue was 0.6% higher
and rose by 2.9% in constant currency. This performance reflected an
exceptionally strong comparative in Technology Sourcing and, as
expected, more normalised activity levels with some of our larger
customers in 2024. This was largely offset by significant new customer
wins during the year, resulting in a record performance in the second half.
Gross profit decreased by 0.9% on a reported basis and increased by 1.2%
in constant currency. Group gross margin, expressed as gross profit as a
percentage of revenue, decreased by 22 basis points to 14.9%, reflecting
a 31 basis points decrease in Technology Sourcing and an 11 basis points
increase in Services.
Adjusted operating profit decreased by 9.1% on a reported basis and by 6.8%
in constant currency, after a 4.0% increase in adjusted administrative
expenses in constant currency. By geography, Germany was resilient,
with adjusted operating profit broadly unchanged against a strong
comparative, the UK declined, reflecting weaker market conditions than
expected at the start of the year, and North America delivered another
record performance. Group adjusted operating profit in the second half
of 2024 was £165.6m, an increase of 11.2% or £16.7m in constant currency
over the prior period (8.2% or £12.6m on a reported basis).
Adjusted profit before tax decreased by 8.6% on a reported basis,
including a £7m adverse currency translation impact from stronger
sterling, and by 6.3% in constant currency, helped by the stronger second
half performance noted above. Adjusted diluted EPS decreased by 8.5%,
with an increase in the adjusted effective tax rate to 29.3% (2023: 27.6%).
Profit before tax decreased by 10.1%. The difference between profit
before tax and adjusted profit before tax relates to the Group’s net costs
of £9.4m from exceptional and other adjusting items, related to the
acquisitions in North America. Diluted EPS decreased by 11.7%.
We maintain a strong balance sheet, with adjusted net funds of £482.2m,
an increase of £23.2m versus 2023, after completing a £200m share
buyback during the year. The year-end adjusted net funds position
benefited from strong collections and approximately £100m more of
early customer payments than in the prior year.
Gross invoiced income
(£m)
9,916.5
-1.6%
Revenue
(£m)
6,964.8
+0.6%
Adjusted operating
profit (£m)
246.7
-9.1%
Gross invoiced income
by business type
1. Technology Sourcing:
83.5%
2. Professional Services:
7.8%
3. Managed Services:
8.7%
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024022
Our performance in 2024
Technology Sourcing
Group Technology Sourcing gross invoiced income increased by 0.1%
in constant currency. After a 12.2% decline in the first half in constant
currency, driven by the anticipated normalisation of Technology Sourcing
activity, we delivered a much stronger second half, achieving 13.2%
growth in constant currency, 10.6% on a reported basis, recouping all of
the first-half decline. Gross margin decreased by 31 basis points, mainly
due to the growth in North America.
Our committed product order backlog has grown significantly across
the year, driven by notable Technology Sourcing wins in North America,
and is significantly higher than the prior-year equivalent and the position
at 30 June 2024. Our product order backlog measures the total value of
committed outstanding purchase orders placed with our technology
vendors against non-cancellable sales orders for delivery within
12 months. As at 31 December 2024, the product order backlog was
£2,414.9m on a gross invoiced income basis, a 115.9% increase since
31 December 2023 (£1,118.9m) and a 34.7% increase since 30 June 2024
(£1,793.1m) in constant currency. The Technology Sourcing backlog,
alongside the Managed Services contract base and the Professional
Services forward order book, provide visibility of future revenues.
Our Circular Services business, which supports our customers’
environmental goals, grew strongly. This year we remarketed, redeployed
or recycled over 895,000 devices, representing an increase of 15%.
Services
Total Services revenue increased by 2.1% in constant currency during the
year. Services gross margin increased by 11 basis points, driven by a
strong performance in Professional Services which offset the impact of
two underperforming Managed Services contracts in Germany and the UK,
as well as onboarding costs for contracts won towards the end of 2023.
Professional Services revenue grew by 11.9% in constant currency and
accounted for 48% of total Services revenue. We delivered growth across
all our larger geographies with Germany, our largest source of Professional
Services revenue, continuing its strong performance and growing by
6.2% in constant currency, the UK increasing by 19.4% and North America
by 30.2% in constant currency. Through our Group-wide approach in
Professional Services we are starting to drive greater consistency across
our geographies, which will help us continue to build scale, gain market
share and drive efficiency across the portfolio.
Managed Services revenue declined by 5.3% in constant currency and
accounted for 52% of total Services revenue. The revenue decline was
primarily driven by the loss of low-margin contracts in France and exiting
of non-core activities in the UK and Germany. We managed our margin
well across our Managed Services portfolio, with the exception of the
two underperforming contracts noted above, which we do not expect to
repeat at the same level in 2025. During the year we renewed several large
and strategically important contracts and invested in our sales
development. As a result, we have grown our Managed Services pipeline
substantially, with notable opportunities for our Device Lifecycle
Management proposition, where we are responsible for the complete
lifecycle of devices, from procurement to disposal. Our focus in 2025 is
to convert the pipeline and improve our win rate to underpin growth
further out, while continuing to improve our efficiency by leveraging our
systems investments.
Results
2024
£m
2023
£m Change
Change in
constant
currency
Technology Sourcing gross invoiced income 8,278.1 8,444.9 (2.0%) 0.1%
Services revenue 1,638.4 1,636.5 0.1% 2.1%
Total gross invoiced income 9,916.5 10,081.4 (1.6%) 0.5%
Technology Sourcing revenue 5,326.4 5,286.3 0.8% 3.2%
Services revenue 1,638.4 1,636.5 0.1% 2.1%
Professional Services revenue 778.3 711.2 9.4% 11.9%
Managed Services revenue 860.1 925.3 (7.0%) (5.3%)
Total revenue 6,964.8 6,922.8 0.6% 2.9%
Gross profit 1,035.0 1,044.0 (0.9%) 1.2%
Adjusted administrative expenses (788.3) (772.5) 2.0% 4.0%
Adjusted operating profit 246.7 271.5 (9.1%) (6.8%)
Net adjusted finance income 7.3 6.5 12.3% 12.3%
Adjusted profit before tax 254.0 278.0 (8.6%) (6.3%)
Gross profit 1,035.0 1,044.0 (0.9%)
Administrative expenses (798.9) (783.3) 2.0%
Other income related to acquisition of subsidiary – 5.3 –
Gain related to acquisition of a subsidiary 1.8 2.8 (35.7%)
Operating profit 237.9 268.8 (11.5%)
Net finance income 6.7 3.3 103.0%
Profit before tax 244.6 272.1 (10.1%)
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 023
Our performance in 2024 continued
21 22 23
24
2,211.4
2,380.0
2,324.5
2,063.7
20
1,773.4
21 22 23
24
40.7
58.8
80.5
102.9
20
90.3
3
1
2
21 22 23
24
1,158.1
1,213.7
1,269.4
1,425.4
Overview
The UK delivered a weaker result in a market that was softer than
expected at the start of the year, especially for hardware. Total gross
invoiced income decreased by 7.1%, driven by a 9.3% decline in Technology
Sourcing and 2.5% growth in Services revenue. Total revenue decreased
by 4.6%. Gross profit decreased by 8.0%, with gross margin decreasing by
73 basis points, driven largely by an underperforming Managed Services
contract. Administrative expenses decreased by 1.0% due to lower
commissions and good cost control, resulting in adjusted operating profit
decreasing by 30.8%. The second half of the year delivered a better result
than the first half, with total gross invoiced income and revenue ahead of
the prior period and gross profit broadly flat.
Customers exercised greater caution across the year, with purchasing
decisions taking longer to conclude. This behaviour was compounded by
the general election in July. As a result of the more challenging backdrop,
the competitive environment sharpened. We are however encouraged by
the better momentum we demonstrated in the second half. We added six
major customers, bringing the total to 54 at year end, matching the
number achieved in 2021. During the year, we were also pleased to renew
some very substantial contracts, including a six-year agreement worth
approximately £1bn with a large UK customer covering all three Service
Lines. We also grew our public sector business in 2024 and are optimistic
about the technology transformation opportunities in this sector.
We won large new customers to deliver high-performance AI-related
infrastructure, based on our ability to deliver complex logistics and
deployment solutions at pace.
Gross invoiced income
by business type
1. Technology Sourcing:
79.5%
2. Professional Services:
7.2%
3. Managed Services:
13.3%
United Kingdom
Gross invoiced income
(£m)
2,211.4
-7.1%
Revenue
(£m)
1,158.1
-4.6%
Adjusted operating
profit (£m)
40.7
-30.8%
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024024
Our performance in 2024 continued
Technology Sourcing
Technology Sourcing gross invoiced income decreased by 9.3%, with
gross margin on a revenue basis, increasing by 35 basis points, largely
reflecting a higher mix of software. Demand for workplace hardware
remained relatively weak despite the ageing installed base of PCs
following significant investment during the pandemic. The continuing
adoption of Windows 11 and the end of support for Windows 10 in October
2025 is expected to provide an impetus for a device refresh in 2025. We
ended the year more strongly, as we fulfilled parts of the AI data center
projects noted above.
The product order backlog at 31 December 2024 was £426.7m,
representing a 17.1% increase since 31 December 2023 (£364.3m).
Services
Services revenue increased by 2.5%, driven by excellent growth in
Professional Services, up 19.4%, partly offset by a 4.8% decline in
Managed Services. Gross margin decreased by 267 basis points driven
by Managed Services, reflecting the onboarding of a large customer,
which is now substantially complete, and the impact of an underperforming
contract. Excluding the underperforming contract, Services gross margin
increased year-on-year.
Professional Services had an excellent year after a challenging 2023.
This was driven by good demand in networking, Windows 11-related
consultancy projects and a large public sector customer. There is good
demand for our skills and the pipeline for Professional Services is healthy.
In Managed Services, the onboarding of a large public sector contract,
secured at the end of 2023, was extended and is expected to contribute
more materially in 2025. We have taken remedial action to address an
underperforming contract which we do not expect to repeat at the same
level in 2025. We are seeing strong interest in our Device Lifecycle
Management proposition, as evidenced by the six-year contract renewal
referenced above.
Results
2024
£m
2023
£m Change
Technology Sourcing gross invoiced income 1,758.6 1,938.1 (9.3%)
Services revenue 452.8 441.9 2.5%
Total gross invoiced income 2,211.4 2,380.0 (7.1%)
Technology Sourcing revenue 705.3 771.8 (8.6%)
Services revenue 452.8 441.9 2.5%
Professional Services revenue 158.2 132.5 19.4%
Managed Services revenue 294.6 309.4 (4.8%)
Total revenue 1,158.1 1,213.7 (4.6%)
Gross profit 230.8 250.8 (8.0%)
Adjusted administrative expenses (190.1) (192.0) (1.0%)
Adjusted operating profit 40.7 58.8 (30.8%)
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 025
Our performance in 2024 continued
21 22 23
24
2,661.5
2,877.2
2,395.1
2,050.1
20
1,876.3
21 22 23
24
156.9
163.0
140.9
137.8
20
112.6
3
1
2
21 22 23
24
1,986.7
2,027.5
1,843.5
1,565.0
Overview
Germany delivered a very solid performance for the year against a strong
comparative, helped by a stronger second-half performance. Total gross
invoiced income decreased by 4.9% in constant currency, driven by a
reduction in Technology Sourcing, and modest growth in Services revenue.
Gross profit increased by 0.5% in constant currency with gross margin
decreasing by four basis points, with a good margin performance in
Technology Sourcing offset by a softer performance in Services. Good
cost control led to administrative expenses increasing by 1.7% in
constant currency, resulting in a decline in adjusted operating profit of
1.0% in constant currency. Adjusted operating profit in the second half
increased by 11.8% in constant currency, 8.6% on a reported basis.
In the context of a challenging overall economic backdrop in Germany,
we continue to benefit from the breadth and depth of our portfolio, our
capabilities and the strength of our relationships with both public and
corporate sector customers. As a result, we continued to broaden our
portfolio with existing customers and expanded our customer base.
At year end we had increased the number of major customers by three to
65. Looking ahead into 2025, we are mindful of the uncertain macro and
political environment following recent elections.
Germany
Gross invoiced income
by business type
1. Technology Sourcing:
71.8%
2. Professional Services:
15.3%
3. Managed Services:
12.9%
Gross invoiced income
(£m)
2,661.5
-7. 5 %
Revenue
(£m)
1,986.7
-2.0%
Adjusted operating
profit (£m)
156.9
-3.7%
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024026
Our performance in 2024 continued
Results
2024
£m
2023
£m Change
Change in
constant
currency
Technology Sourcing gross invoiced income 1,909.4 2,111.5 (9.6%) (7.0%)
Services revenue 752.1 765.7 (1.8%) 0.9%
Total gross invoiced income 2,661.5 2,877.2 (7.5%) (4.9%)
Technology Sourcing revenue 1,234.6 1,261.8 (2.2%) 0.6%
Services revenue 752.1 765.7 (1.8%) 0.9%
Professional Services revenue 407.5 394.4 3.3% 6.2%
Managed Services revenue 344.6 371.3 (7.2%) (4.6%)
Total revenue 1,986.7 2,027.5 (2.0%) 0.7%
Gross profit 366.2 374.5 (2.2%) 0.5%
Adjusted administrative expenses (209.3) (211.5) (1.0%) 1.7%
Adjusted operating profit 156.9 163.0 (3.7%) (1.0%)
Technology Sourcing
Technology Sourcing gross invoiced income decreased by 7.0% in
constant currency against an exceptionally strong comparative, which
included a large networking contract. We delivered solid growth in data
center, security and workplace. Technology Sourcing gross margin
increased by 20 basis points due to strong execution and product mix.
In addition to strong software demand, we continue to see a trend
towards bundling procurements in bigger framework contracts,
especially for global requirements of large international customers and
infrastructure demand from our major public sector clients. Demand for
security solutions remains buoyant, supported by new mandatory EU
legislation aimed at enhancing cyber security and operational resilience
across a number of sectors. We are also starting to see increasing
demand for AI-related infrastructure. In particular, the pipeline is growing
for on-premise data center infrastructure for data training purposes.
The demand for innovative and flexible workplace solutions with asset
management, deployment and maintenance services and an increasingly
international scope remains high. Following the successful implementation
of the Device Lifecycle Management solution at a global customer in the
financial sector, we have won further large and exciting projects in the
industrial, retail and travel sectors.
The product order backlog at 31 December 2024 was £270.4m, a 17.5%
increase in constant currency since 31 December 2023 (£230.1m).
Services
Services revenue increased by 0.9% in constant currency, with 6.2%
growth in Professional Services outweighing a 4.6% decline in Managed
Services. Services gross margin declined by 44 basis points, largely
reflecting one underperforming Managed Services contract which we do
not expect to repeat at the same level in 2025. Excluding the impact of this
contract, Services gross margin increased. As anticipated, our Services
performance improved in the second half of the year.
Professional Services saw continued strong demand from public
sector customers for support, engineering and consultancy services.
We also see continuing demand for project support and skills from
our corporate customers, especially in networking and security, data
center consolidation and cloud management, as well as for expanding
modern workplace infrastructures. In addition, we are increasingly
seeing a need for comprehensive advice on the use of AI in general and
AI-related infrastructure.
In Managed Services, in the context of a large portfolio of contracts that
performed as expected, it was disappointing that one contract impacted
our performance for the year. We managed our margin well during the
second half and onboarded a number of wins, including a long-term
workplace contract with a global customer in the healthcare and
agriculture sectors. Looking ahead, we have a strong pipeline particularly
in workplace and networking, where we are very well-positioned.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 027
Our performance in 2024 continued
21 22 23 24
1,200.3
1,191.3
1,034.9
836.9
20
841.2
21 22 23
24
13.7
14.9
10.6
9.4
20
14.4
21 22 23
24
819.3
901.3
833.7
714.2
3
1
2
Overview
Western Europe is a new reporting Segment, adopted at our half year
results. It combines France, which we previously reported separately,
with Belgium, Netherlands and Switzerland, which we have transferred
from the previously reported International Segment. The International
Segment aggregated selling entities with a number of purely operational
support entities that provide Services to the Group’s global customers.
The change makes a clearer distinction between the countries in which
we sell to customers and the other countries in which we operate directly
to support those customers.
Total gross invoiced income increased by 3.5% in constant currency, with
good growth in Technology Sourcing partly offset by a decline in Services
revenue. Gross profit increased by 2.6% in constant currency, with gross
margin increasing 129 basis points. Technology Sourcing gross margin
increased by 177 basis points and Services gross margin was down
12 basis points. Administrative expenses increased by 3.7% in constant
currency, resulting in adjusted operating profit declining by 4.9% in
constant currency.
France delivered increased gross invoiced income driven by good growth
in Technology Sourcing, partly offset by a decline in Services revenue,
largely reflecting the termination of low-margin Managed Services
contracts. Technology Sourcing growth was driven by an increase in sales
of lower-margin workplace hardware and software. We onboarded several
new Managed Services contracts in the public and private sectors during
2024, which we expect to deliver benefits in the coming years. In the
second half of the year we were also pleased to win a multilingual service
desk and managed network services contract for a large multi-national
fintech business. We continue to build on our enhanced market position
with combined strength in workplace, networking and data center.
Looking forward, while our pipeline of opportunities in France is
encouraging, we are also mindful of the increase in macroeconomic
and political uncertainty.
Western Europe
Gross invoiced income
by business type
1. Technology Sourcing:
81.0%
2. Professional Services:
5.2%
3. Managed Services:
13.8%
Gross invoiced income
(£m)
1,200.3
+0.8%
Revenue
(£m)
819.3
-9.1%
Adjusted operating
profit (£m)
13.7
-8.1%
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024028
Our performance in 2024 continued
Results
2024
£m
2023
£m Change
Change in
constant
currency
Technology Sourcing gross invoiced income 971.7 929.7 4.5% 7.4%
Services revenue 228.6 261.6 (12.6%) (10.4%)
Total gross invoiced income 1,200.3 1,191.3 0.8% 3.5%
Technology Sourcing revenue 590.7 639.7 (7.7%) (5.2%)
Services revenue 228.6 261.6 (12.6%) (10.4%)
Professional Services revenue 62.2 65.6 (5.2%) (2.7%)
Managed Services revenue 166.4 196.0 (15.1%) (12.9%)
Total revenue 819.3 901.3 (9.1%) (6.7%)
Gross profit 118.5 118.7 (0.2%) 2.6%
Adjusted administrative expenses (104.8) (103.8) 1.0% 3.7%
Adjusted operating profit 13.7 14.9 (8.1%) (4.9%)
Belgium delivered another strong performance, driven by growth in
both Technology Sourcing and Managed Services. After the first full year
targeting the public sector, we secured multi-year technology frameworks
with the federal government and in the defence sector. We onboarded a
multi-year outsourcing contract with a global customer in the financial
settlement services industry and have a full Managed Services pipeline.
The Netherlands performed in line with our expectations, with the result
significantly impacted by the loss of one of the largest public sector
Technology Sourcing contracts in the second half of 2023. Excluding this,
performance was stable year-on-year.
As of the beginning of 2025, Belgium and the Netherlands are operating
as a single structure, fully integrated into the Computacenter operating
model. We see benefits from creating a larger entity to better engage with
our vendor partners and to provide customers with better access to
Computacenter’s Group capabilities.
Switzerland delivered an improved performance against a weak
comparative, driven by growth in Technology Sourcing and Services.
Volumes increased for our main Services contracts and we secured a
five-year contract extension with a key customer. Technology Sourcing
volumes increased following new customer wins with international
corporate customers and the public sector. We have also taken the
decision to integrate our Swiss business into our German business, to help
us make progress in acquiring target customers that are headquartered
in Switzerland, as well as accelerate some prioritised vendor certifications.
The combined product order backlog at 31 December 2024 was £151.0m,
a 16.2% increase in constant currency since 31 December 2023 (£130.0m).
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 029
Our performance in 2024 continued
21 22 23 24
3,813.6
3,600.5
3,281.1
1,965.3
20
944.5
21 22 23
24
72.3
65.0
53.0
31.0
20
14.0
3
12
21 22 23 24
2,971.4
2,748.7
2,507.3
1,322.4
Overview
North America delivered another record year, supported by several
significant new customer wins. Gross invoiced income increased by
8.9% in constant currency, driven by a strong performance in Technology
Sourcing against a challenging comparative, as well as excellent Services
revenue growth of 27.1%. Gross profit increase by 7.8% in constant
currency, with gross margin decreasing by 29 basis points. Administrative
expenses increased by 5.9% in constant currency, largely reflecting
investment in sales capacity and increased commissions, resulting in
adjusted operating profit growth of 13.9% in constant currency. Adjusted
operating profit in the second half increased by 33.1% in constant
currency, 29.4% on a reported basis.
By the end of the year, we added four major customers bringing the
total to 51. We were pleased to continue to grow our business across
healthcare, financial services, retail and state government, as well as
adding two new large technology customers. These wins enabled us
to more than offset the anticipated normalisation of volumes with an
existing large customer. We continue to add targeted sales capacity
to capitalise on the significant market opportunity. During the year
we successfully migrated BITS and Pivot Phase 1 onto our Group-wide
ERP system.
Technology Sourcing
Technology Sourcing gross invoiced income increased by 8.1% on a
constant currency basis and gross margin in Technology Sourcing
decreased by 75 basis points, largely due to increased hyperscale
volumes in the second half of the year. Our strong track record of
delivering IT infrastructure at scale and at speed is helping us to win
new customers and broaden our hyperscale customer base. We won
significant new business with two hyperscale customers, generating
significant Technology Sourcing and Professional Services revenue.
We also grew our volumes with enterprise customers during the
year achieving growth in healthcare, financial services, retail and
state government, helped by a strong focus on selling more to
existing customers.
The product order backlog at 31 December 2024 was £1,566.7m, a 297.5%
increase in constant currency since 31 December 2023 (£394.1m),
reflecting the significant business won across the year against the low
position at the end of 2023, following high levels of order completions.
North America
Gross invoiced income
by business type
1. Technology Sourcing:
95.3%
2. Professional Services:
3.9%
3. Managed Services:
0.8%
Gross invoiced income
(£m)
3,813.6
+5.9%
Revenue
(£m)
2,971.4
+8.1%
Adjusted operating
profit (£m)
72.3
+11.2%
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024030
Our performance in 2024 continued
Results
2024
£m
2023
£m Change
Change in
constant
currency
Technology Sourcing gross invoiced income 3,632.8 3,454.4 5.2% 8.1%
Services revenue 180.8 146.1 23.8% 27.1%
Total gross invoiced income 3,813.6 3,600.5 5.9% 8.9%
Technology Sourcing revenue 2,790.6 2,602.6 7.2% 10.3%
Services revenue 180.8 146.1 23.8% 27.1%
Professional Services revenue 150.4 118.7 26.7% 30.2%
Managed Services revenue 30.4 27.4 10.9% 13.9%
Total revenue 2,971.4 2,748.7 8.1% 11.2%
Gross profit 280.7 267.5 4.9% 7.8%
Adjusted administrative expenses (208.4) (202.5) 2.9% 5.9%
Adjusted operating profit 72.3 65.0 11.2% 13.9%
Our strong backlog positions us well for the year ahead and we remain
excited by the pipeline of opportunities with both enterprise and hyperscale
customers. In addition, in 2025 we will continue to invest in the business,
building a new Integration Center in Atlanta to support our growth.
Services
Services revenue increased by 27.1% in constant currency, reflecting a
30.2% increase in Professional Services and a 13.9% increase in Managed
Services. Services gross margin increased by 676 basis points, driven
primarily by a large hyperscale project. We continue to focus on
leveraging Group-wide tools, expertise and systems to deliver long-term
Services growth.
Professional Services’ excellent revenue growth was boosted by a very
large data center project for a hyperscale customer, where we deployed
over 250 engineers to help build the world’s largest AI cluster. We also
increased our business with enterprise customers, winning several larger
projects. We continue to focus our efforts on driving efficiency and
improving utilisation across our Professional Services business.
Managed Services revenue grew strongly following new customer wins,
including a large global automotive manufacturer and a healthcare
customer. This more than offset the lower-than-expected activity from
two customers, coupled with the discontinuation of some services
previously offered by our Canadian business.
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Computacenter plc Annual Report and Accounts 2024 031
Our performance in 2024 continued
In 2024, the Group delivered a solid overall performance against a
challenging prior year and in the context of a more cautious demand
environment. After a subdued first half, the Group recovered with pleasing
execution towards the end of the year leading to the most profitable six
months in Computacenter’s history. During the year, we continued to
invest in Group-wide systems to improve our capabilities, enhance
productivity and secure future growth. Our cash performance was
excellent, driven by strong working capital management, resulting in
adjusted net funds of £482.2m at the end of the year, even after returning
£200m to shareholders via the share buyback programme. The year-end
adjusted net funds position benefited from strong collections and
approximately £100m more of early customer payments than in the
prior year.
Gross profit
Gross profit fell by 0.9% in the year following the decline in gross invoiced
income and a fall in gross margins. Group gross margin, expressed as
gross profit as a percentage of revenue, decreased by 22 basis points to
14.9% (2023: 15.1%), with a decrease in Technology Sourcing gross margin
outweighing a slight increase in Services margin.
Operating profit
Operating profit fell by 11.5% to £237.9m (2023: £268.8m). Adjusted
operating profit fell by 9.1% to £246.7m (2023: £271.5m), and by 6.8% in
constant currency.
Administrative expenses increased by 2.0% to £798.9m (2023: £783.3m).
During the year, we increased our spend on strategic corporate
initiatives by 31.0% to £36.8m (2023: £28.1m). Adjusted administrative
expenses increased by 2.0% to £788.3m (2023: £772.5m), and by 4.0%
in constant currency.
Group gross profit conversion, expressed as adjusted operating profit as
a percentage of gross profit, fell to 23.8% (2023: 26.0%) partly reflecting
the increase in investment during the year, which is detailed on page 035.
Profit before tax
The Group’s profit before tax for the year decreased by 10.1% to £244.6m
(2023: £272.1m). Adjusted profit before tax decreased by 8.6% to £254.0m
(2023: £278.0m) and declined by 6.3% in constant currency.
The difference between profit before tax and adjusted profit before tax
relates to the Group’s net costs of £9.4m (2023: £5.9m) from exceptional
and other adjusting items, associated with the acquisition of BITS and
the amortisation of acquired intangibles as a result of this and other
North American acquisitions. Further information on these items can
be found below.
Net finance income
Net finance income in the year amounted to £6.7m (2023: £3.3m).
Included within the net finance income were £5.8m of interest charged
on lease liabilities recognised under IFRS 16 (2023: £4.7m) and exceptional
interest costs of £0.6m relating to the unwinding of the discount on the
contingent consideration for the purchase of BITS, which was excluded
on an adjusted basis (2023: £3.2m).
On an adjusted basis, which excludes the £0.6m exceptional interest cost
described above, net finance income was £7.3m (2023: £6.5m).
Taxation
The tax charge was £72.7m (2023: £72.7m unchanged) on profit before
tax of £244.6m (2023: £272.1m). This represented a tax rate of 29.7%
(2023: 26.7%).
The Group recorded a tax credit of £1.6m in 2024 related to the
amortisation of acquired intangibles (2023: £4.0m). As we recognise the
associated amortisation charge outside of our adjusted profitability
(see exceptional and other adjusting items below), we also report the tax
benefit on the amortisation outside of our adjusted tax charge.
The adjusted tax charge for the year was £74.3m (2023: £76.7m) on an
adjusted profit before tax for the year of £254.0m (2023: £278.0m).
The effective tax rate (ETR) was therefore 29.3% (2023: 27.6%), on an
adjusted basis.
Overall, the adjusted ETR continues to trend upwards due to an increasing
reweighting of the geographic split of adjusted profit before tax away
from the United Kingdom to Germany and the United States, where tax
rates are higher.
The adjusted ETR is within the full-year range of 28.5% to 30.5% that we
indicated at the time of our 2024 Interim Results. We expect that the full
year ETR in 2025 will increase within a range of 29.5% to 31.5% continuing
to be subject to increasing upwards pressure, due to the changing
geographical mix of profits, as noted above, and as governments across
our primary markets come under fiscal and political pressure to increase
corporation tax rates.
The Audit Committee and the Board reviewed and approved the Group
Tax Policy during the year, with no material changes from the prior year.
We make every effort to pay all the tax attributable to profits earned in
each jurisdiction where we operate. We do not artificially inflate or reduce
profits in one jurisdiction to provide a beneficial tax result in another and
maintain approved transfer pricing policies and programmes, to meet
local compliance requirements. Virtually all of the tax charge in 2024 was
incurred in either the United Kingdom, Germany, France or the United
States tax jurisdictions, as it was in 2023.
There are no material tax risks across the Group. Computacenter will
recognise provisions and accruals in respect of tax where there is a
degree of estimation and uncertainty, including where it relates to
transfer pricing, such that a balance cannot fully be determined until
accepted by the relevant tax authorities. For 2024, the Group Transfer
Pricing Policy implemented in 2013 resulted in a licence fee of £39.4m
(2023: £36.9m), charged by Computacenter UK to Computacenter
Germany, Computacenter France and Computacenter Belgium.
The licence fee is equivalent to 1.2% of revenue and reflects the value
of the best practice and know-how that is owned by Computacenter UK
and used by the Group. It is consistent with the requirements of the
Organisation for Economic Co-operation and Development (OECD) base
erosion and profit shifting guidance. The licence fee is recorded outside
the Segmental results found in note 4 to the Consolidated Financial
Statements, which analyses Segmental results down to adjusted
operating profit.
Financial review
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024032
Financial review
Reconciliation to adjusted measures for the year ended 2024
Reported
full-year
results
£m
Adjustments
Adjusted
full-year
results
£m
Principal element
on agency
contracts
£m
Amortisation
of acquired
intangibles
£m
Exceptionals
and others
£m
Revenue 6,964.8 2,951.7 – – 9,916.5
Cost of sales (5,929.8) (2,951.7) – – (8,881.5)
Gross profit 1,035.0 – – – 1,035.0
Administrative expenses (798.9) – 10.6 – (788.3)
Gain related to acquisition of subsidiary 1.8 – – (1.8) –
Operating profit 237.9 – 10.6 (1.8) 246.7
Finance income 14.5 – – – 14.5
Finance costs (7.8) – – 0.6 (7.2)
Profit before tax 244.6 – 10.6 (1.2) 254.0
Income tax expense (72.7) – (1.6) – (74.3)
Profit for the year 171.9 – 9.0 (1.2) 179.7
Reconciliation to adjusted measures for the year ended 2023
Reported
full-year
results
£m
Adjustments
Adjusted
full-year
results
£m
Principal element
on agency
contracts
£m
Amortisation
of acquired
intangibles
£m
Exceptionals
and others
£m
Revenue 6,922.8 3,158.6 – – 10,081.4
Cost of sales (5,878.8) (3,158.6) – – (9,037.4)
Gross profit 1,044.0 – – – 1,044.0
Administrative expenses (783.3) – 10.8 – (772.5)
Other income related to acquisition of subsidiary 5.3 – – (5.3) –
Gain related to acquisition of subsidiary 2.8 – – (2.8) –
Operating profit 268.8 – 10.8 (8.1) 271.5
Finance income 13.8 – – – 13.8
Finance costs (10.5) – – 3.2 (7.3)
Profit before tax 272.1 – 10.8 (4.9) 278.0
Income tax expense (72.7) – (4.0) – (76.7)
Profit for the year 199.4 – 6.8 (4.9) 201.3
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 033
Financial review continued
The table below reconciles the tax charge to the adjusted tax charge for
the years ended 31 December 2024 and 31 December 2023.
2024
£m
2023
£m
Tax charge 72.7 72.7
Items to exclude from adjusted tax:
Tax credit on amortisation of acquired
intangibles 1.6 4.0
Adjusted tax charge 74.3 76.7
Effective tax rate 29.7% 26.7%
Adjusted effective tax rate 29.3% 27.6%
Profit for the year
The profit for the year decreased by 13.8% to £171.9m (2023: £199.4m).
The adjusted profit for the year decreased by 10.7% to £179.7m (2023:
£201.3m) and by 8.4% in constant currency.
Exceptional and other adjusting items
The net loss from exceptional and other adjusting items in the year was
£7.8m (2023: loss of £1.9m). Excluding the £1.6m gain from the tax items
noted above (2023: gain of £4.0m), the profit before tax impact was a net
loss of £9.4m (2023: loss of £5.9m).
On the acquisition of BITS, the Group agreed contingent consideration
which required it to pay BITS’ former owners two earn-out payments,
based on BITS’ 2022, 2023 and H1 2024 earnings before interest, taxation,
depreciation and amortisation (EBITDA) and indebtedness. The Group
has now made the final payments to the vendors leading to a release of
contingent consideration to the Consolidated Income Statement during
the year of £2.2m (2023: £2.8m), net of £0.4m (2023: nil) of costs incurred
as per the share purchase agreement. These related to the acquisition,
are non-operational in nature and have therefore been classified as an
exceptional item, consistent with the prior year.
The Group recorded exceptional interest costs of £0.6m (2023: £3.2m),
as described under net finance income above.
In calculating our adjusted results we have continued to exclude the
amortisation of acquired intangible assets as an ‘other adjusting item’.
This charge distorts the understanding of our Group and Segmental
operating results, as it is non-cash, does not relate to operational
performance, and is significantly affected by the timing and size of
our acquisitions.
The amortisation of acquired intangible assets was £10.6m (2023: £10.8m),
primarily relating to the amortisation of the intangibles acquired as part
of the recent North American acquisitions.
Earnings per share
Diluted EPS decreased by 11.7% to 152.9p per share (2023: 173.2p per
share). Adjusted diluted EPS decreased by 8.5% to 159.9p per share
(2023: 174.8p per share).
2024 2023
Basic weighted average number of
shares (excluding own shares held) (m) 110.6 112.9
Effect of dilution:
Share options 1.1 1.2
Diluted weighted average number
of shares 111.7 114.1
Profit for the year attributable to equity
holders of the Parent (£m) 170.8 197.6
Basic earnings per share (p) 154.4 175.0
Diluted earnings per share (p) 152.9 173.2
Adjusted profit for the year attributable
to equity holders of the Parent (£m) 178.6 199.5
Adjusted basic earnings per share (p) 161.5 176.7
Adjusted diluted earnings per share (p) 159.9 174.8
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024034
Financial review continued
Dividend
The Board recognises the importance of dividends to shareholders and
the Group has a long track record of paying dividends and other special
cash returns. The Group has already returned over £1.2bn since flotation
through a combination of dividends and share buybacks, with no
additional investment required from shareholders over that time.
We are committed to managing the cash position for shareholders.
Our approach to capital management is to ensure that the Group has
a robust capital base and maintains a strong credit rating, whilst aiming
to maximise shareholder value. The Group is highly cash generative,
enabling organic and inorganic investment in recent years to be funded
from cash reserves.
Dividends are paid from the standalone balance sheet of the Parent
Company and, as at 31 December 2024, the distributable reserves were
£319.8m (31 December 2023: £474.1m).
The Board has consistently applied the Company’s dividend policy, which
states that the interim dividend will be approximately one third of the
previous year’s total dividend and that the total dividend paid will result
in a dividend cover of two to 2.5 times based on adjusted diluted EPS.
The Board is therefore pleased to propose a final dividend for 2024 of
47.4p per share (2023: 47.4p per share). Together with the interim dividend,
this brings the total ordinary dividend for 2024 to 70.7p per share,
representing a 1.0% increase on the 2023 total dividend per share of 70.0p.
Subject to the approval of shareholders at our Annual General Meeting
on 15 May 2025, the proposed dividend will be paid on Friday 4 July 2025.
The dividend record date is set as Friday 6 June 2025 and the shares will
be marked ex-dividend on Thursday 5 June 2025.
Share buyback
Given the Group’s strong positive adjusted net funds position,
Computacenter announced on 26 July 2024 that it would return up to
£200m to shareholders via a share buyback programme, as detailed
below. This is in line with our capital allocation policy to invest organically,
make targeted acquisitions and distribute surplus capital while retaining
a strong balance sheet.
On 26 July 2024, Computacenter plc commenced a share buyback
programme to repurchase up to 11,414,110 of its ordinary shares. The
maximum amount allocated to the programme was £200m. The sole
purpose of the programme was to reduce the Company’s share capital.
The programme completed on 30 October 2024, with a total of 7,897,178
shares purchased for a consideration of £198.7m. The programme
incurred directly associated trading expenses of £1.3m and a further
£0.2m of other associated expenses. The shares were initially purchased
into treasury, with subsequent cancellations of 5,000,000 shares leading
to a 6.9% reduction in total voting rights.
Central corporate costs
Central corporate costs primarily include the costs of the Board,
related public company costs, Group Executive members not aligned to
a specific geographic trading entity, and the cost of centrally-funded
strategic initiatives that benefit the whole Group. Accordingly, these
expenses are disclosed separately as central corporate costs, within the
Segmental note. These costs are borne within the Computacenter (UK)
Limited legal entity and have been removed for Segmental reporting and
performance analysis but form part of the overall Group adjusted
administrative expenses.
Total central corporate costs have increased by 16.2% to £50.9m
(2023: £43.8m).
Within this:
• Board expenses, related public company costs, and costs associated
with Group Executive members not aligned to a specific geographic
trading entity, increased to £13.1m (2023: £12.8m);
• share-based payment charges associated with Group Executive
members as identified above, including the Group Executive Directors,
decreased to £1.0m in 2024 (2023: £2.8m); and
• strategic corporate initiatives (as described below) totalled £36.8m,
up 31.0% over 2023 (£28.1m).
Investments
Customers choose Computacenter because of the quality of our people
and service. To deliver high-quality service to our customers, we need to
invest consistently in our systems and tools, Integration Centers and
support operations, to provide us with competitive advantage and derive
benefits from our Group scale, while ensuring consistency of service
and agility.
In 2024, we spent £36.8m on strategic corporate initiatives, as we
continued our investment in new systems, toolsets and cyber resilience.
This compared to £28.1m in 2023, which in turn was almost double the
spend in 2022.
Our spend in 2024 was spread across projects that will improve our
capabilities and productivity and underpin our systems of the future.
Our systems need to be robust, secure and able to handle large volumes.
They must also be simple to use and adaptable to most customer
eventualities. We prioritise our plans for systems development, and other
investments in time and capital, in response to the ever-changing
environment in which we operate.
We have therefore continued to refine our systems investment roadmap
through to the end of 2027, with a programme to replace legacy systems
that enable our Technology Sourcing and Services businesses. Investing in
best-of-breed tools will lower cost to serve, improve the quality of our
offerings, and enhance our relevance to customers in the marketplace.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 035
Financial review continued
Cash flow
The Group delivered a net cash inflow from operating activities of £417.1m
(2023: £410.6m). In the first half of 2024, we saw operating cash outflows
as our working capital returned closer to our historical norms. Typically,
the Group sees modest to neutral operating cash inflows in the first half
of the year with substantial net operating cash inflows in the second half
of the year.
During 2024, net operating cash inflows from working capital, including
inventories, trade and other receivables, and trade and other payables,
were £151.0m (2023: £136.7m).
The Group had £ 307.2m of inventory as at 31 December 2024, an increase
of 42.2% on the balance as at 31 December 2023 of £216.0m. This temporary
increase is due primarily to the timing of large projects in North America.
The closing balance was materially lower than the high point of £532.6m
at 30 September 2022, which was the height of the industry-wide supply
chain issues experienced at the time. We expect that the stabilised levels
of inventory will continue to remain well-managed, with highs and lows
remaining within historical operational norms during 2025.
The year end adjusted net funds position benefited from strong
collections and approximately £100m more of early customer payments
than in the prior year.
After interest, tax and gross capital expenditure cashflows, our free cash
inflow was £348.6m in the year (2023: £339.9m).
Capital expenditure in the year was £31.5m (2023: £35.1m) primarily
representing investments in IT equipment and software tools, to enable
us to deliver improved service to our customers.
The Group’s Employee Benefit Trust (EBT) made market purchases of the
Company’s ordinary shares of £23.1m (2023: £38.0m) to satisfy maturing
PSP awards and Sharesave schemes and to reprovision the EBT in advance
of future maturities. During the year, the Company received savings from
employees of £6.0m to purchase options within the Sharesave schemes
(2023: £9.2m).
The Group made further payments on 2024 of £18.7m (2023: £17.4m)
related to the previous BITS acquisition, in accordance with the share
purchase agreement.
31 December
2024
£m
31 December
2023
£m
Adjusted operating profit 246.7 271.5
Adjusting items (8.8) (2.7)
Operating profit 237.9 268.8
Other non-cash items and adjustments 49.6 47.3
Change in working capital 151.0 136.7
Change in pensions and provisions (1.3) (0.8)
Depreciation of right-of-use assets 41.0 41.4
Cash generated from operations 478.2 493.4
Interest and payments related to
lease liabilities (47.4) (46.1)
Adjusted operating cash flow 430.8 447.3
Net interest received 10.4 10.5
Tax paid (61.1) (82.8)
Gross capital expenditure (31.5) (35.1)
Free cash flow 348.6 339.9
Dividends paid (78.9) (77.3)
Share buyback including expenses (200.2) –
Purchase of own shares net of proceeds (17.1) (28.8)
Acquisition of subsidiaries (18.7) (19.3)
Disposal of assets 0.3 –
Net cash flow 34.0 214.5
Net debt repayment (4.5) (6.9)
Increase in cash and cash equivalents 29.5 207.6
Effect of exchange rates on cash and
cash equivalents (11.1) (0.8)
Cash and cash equivalents at the
beginning of the year 471.2 264.4
Cash and cash equivalents at the
year end 489.6 471.2
31 December
2024
£m
31 December
2023
£m
Opening net funds 343.6 117.2
Increase in cash and cash equivalents
including impact of exchange rates 18.4 206.8
Movements in borrowings 4.8 7.9
Movements in lease liabilities (14.1) 11.7
Closing net funds 352.7 343.6
Opening adjusted net funds 459.0 244.3
Increase in cash and cash equivalents
including impact of exchange rates 18.4 206.8
Movements in borrowings 4.8 7.9
Closing adjusted net funds 482.2 459.0
We reduced loans during the year by a net £4.5m (2023: £6.9m). We made
regular repayments towards the loan related to the construction of our
German headquarters in Kerpen and the customer financing facility in Pivot.
The Group continued to manage its cash and working capital positions
appropriately, using standard mechanisms, to ensure that cash levels
remained within expectations throughout the year. From time-to-time,
some customers request credit terms longer than our typical period of
30–60 days. In certain instances, we will arrange for the sale of the
receivables on a true sale basis to a finance institution. We typically
receive funds on 45-day terms from the finance institution, which will
then recover payment from the customer on terms agreed with them.
The cost of such an arrangement is borne by the customer, either directly
or indirectly, enabling us to receive the full amount of payment in line with
our standard terms.
The benefit to the cash and cash equivalents position of such arrangements
as at 31 December 2024 was £44.6m (31 December 2023: £33.8m).
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024036
Financial review continued
During 2024, we engaged in a limited invoice financing programme of
trade receivables across the Group. The arrangements are on a non-recourse
basis and are intended to manage working capital demands of specific
customer projects or engagements. As at the year end, the amount
outstanding was £2.5m.
Cash and cash equivalents and net funds
Cash and cash equivalents as at 31 December 2024 were £489.6m,
compared to £471.2m at 31 December 2023. Net funds as at 31 December
2024 were £352.7m (31 December 2023: £343.6m).
Adjusted net funds as at 31 December 2024 were £482.2m (31 December
2023: £459.0m). Adjusted net funds is a non-GAAP measure and excludes
lease liabilities of £129.5m as at 31 December 2024 (31 December 2023:
£115.4m). This provides an alternative view of the Group’s overall liquidity
position, excluding the effect of the lease liabilities required to be
capitalised under the IFRS 16 accounting standard.
Net funds as at 31 December 2024 and 31 December 2023 were as follows:
31 December
2024
£m
31 December
2023
£m
Cash and short-term deposits 489.6 471.2
Bank overdraft – –
Cash and cash equivalents 489.6 471.2
Bank loans – Pivot customer-specific
facility (2.1) (4.5)
Bank loans – Kerpen building facility (5.3) (7.7)
Total bank loans (7.4) (12.2)
Adjusted net funds (excluding lease
liabilities) 482.2 459.0
Lease liabilities (129.5) (115.4)
Net funds 352.7 343.6
For a full reconciliation of net funds and adjusted net funds, see note 31 to
the Consolidated Financial Statements.
The Group had five specific credit facilities in place during the year and
no other material borrowings. For further information on these facilities,
see note 23a and note 28 to the Consolidated Financial Statements.
There were no interest-bearing trade payables as at 31 December 2024
(31 December 2023: nil). The Group’s adjusted net funds position contains
no current asset investments (31 December 2023: nil).
Prior year note disclosure restatements
Within the financial statements, Management has made three prior year
adjustments impacting note disclosure line items only.
• Management has derecognised £24.6m of fully amortised intangible
assets and concluded that the derecognition relates to prior years.
These acquired intangible assets related to short-term order books
with a three-month useful life post-acquisition, which are now fully
amortised. Refer page 189 for the disclosure.
• Following the migration of a large part of our Pivot business onto our
Group ERP system, it was identified that trade payables of £39.6m were
previously included within accruals within this business. Refer to page
197 for the disclosure.
• As part of a disclosure recommendation from the Group’s auditor
stemming from the 2023 Annual Report and Accounts, we have
enhanced our Group operating profit note based on applying
consistent expense classification across the group. This has resulted
in a prior year restatement of £63.4m to wages and salaries within note
9. There is no impact on operating profit or costs by function previously
reported within the Consolidated Income Statement. Refer to page 182
for the restatement disclosure and note 6 for the enhanced Group
operating profit disclosure.
These adjustments do not impact the line items on the Consolidated
Financial Statements and have no impact on net assets or profit.
Other required disclosures
Details of the Group’s arrangements in relation to the items listed
below can be found in the notes to the Consolidated Financial Statements,
as follows:
• trade creditor and supply chain arrangements: note 22;
• capital management policies: note 28;
• financial instrument and associated management policies: note 27;
• interest rate risk and associated management policies: note 27;
• liquidity risk and associated management policies: note 27;
• foreign currency risk and associated management policies: note 27;
and
• credit risk and associated management policies: note 27.
Fair, balanced and understandable
The Board confirms that the Annual Report and Accounts, taken as a
whole, is fair, balanced and understandable, and provides the information
necessary for shareholders to assess the Group’s position and
performance, business model and strategy. Management undertakes
a formal process through which it can provide comfort to the Board in
making this statement.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 037
Financial review continued
Building trust with
our stakeholders
We want long-term, sustainable and increasingly
productive relationships with each of our
stakeholders. Understanding and addressing
their views, interests and concerns helps us
achieve this aim.
Engaging with our stakeholders is key to building trust in our relationships
with them.
When we first engage, it allows us to understand their needs and
expectations and, in line with our Winning Together Values, be open,
straightforward and realistic about whether we can meet these. Where
we cannot, it allows us to explore whether there are alternative solutions,
common ground or areas of compromise that will allow us to build a
mutually beneficial relationship.
As our relationship develops, ongoing engagement helps us to
demonstrate consistency in our behaviours and decision making,
meaning that our stakeholders build up an understanding of what they
can and should expect from us. With every interaction, we also develop
a clearer picture of their business, technology and wider objectives,
the journey that they are on to achieve them, and the role we can play
in helping them do so.
Collectively, our key stakeholders are an indispensable part of how we do
business. We understand their importance and know we have to keep
working hard every day to earn and retain their trust and loyalty.
Our customers
Our customers place their trust in us to Source,
Transform and Manage their digital technology to
help them change the world.
Our people
The calibre and capabilities of our employees
drive our business forward and we recognise the
importance of attracting, developing and retaining
the best people.
Our shareholders
Our shareholders provide capital support that allows
us to build a sustainable business for the long term.
Our technology vendors
Our technology vendors provide us with expertise
and leading digital technology that underpins the
competitiveness of our customer offering.
Our communities
The communities in which we operate support the
social, economic and personal interests of our other
key stakeholders.
Our key stakeholders enable Computacenter to create value for them
High quality, cost-competitive offering
Trust and long-lasting relationships
Career development opportunities
Skills, loyalty and value creation
Additional route to market
Leading digital technology
Sustainable growth and shareholder value
Investment and valuable feedback
Local support and value creation
Strong community relationships
Stakeholder engagement
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024038
Stakeholder engagement
Our customers
Why we engage
Our Winning Together Values are clear. We put our customers first, keep
our promises to them and always prioritise the long term in our dealings
with them.
Our collaboration with customers requires continuous two-way
engagement across all levels of our organisation. This ensures we are
aware of their needs and values, allowing us to create customer intimacy
and serve them effectively, by adapting as their digital environments and
technology needs evolve.
What matters to them
Our customers expect us to be flexible, commercial and creative in
responding to their requirements. While they have different individual
priorities, they want us to add value through a deep understanding of their
IT strategy and requirements, and by operational excellence delivered
through our people and systems. They also expect us to deliver services
to them in a way which reflects agreed terms and is safe and sustainable.
How we engage
Our day-to-day customer engagement generally covers commercial
opportunities, relationship development and our service delivery and
performance. Engagement mechanisms include face-to-face meetings
with our sales or delivery functions, customer training and workshops,
and ongoing dialogue through client directors and account managers, our
service support functions and, where necessary, our management teams.
In 2024, we completed our Principal Customer Survey of 1,283 contacts
at 382 customers, covering areas such as their overall satisfaction with
Computacenter; the ease of doing business with us; how innovative we
are; the likelihood that they will recommend us; and our ability to support
them in achieving their own sustainability goals. We compared the results
to the surveys from the past three years. We also completed smaller
customer surveys regularly throughout the year, and used other similarly
structured mechanisms to get their feedback.
How we reported our engagement activities and the views
of those we engaged with to the Board
Customer feedback is reported up through Management levels. The CEO
reports any material customer issues as part of his operational
performance update at each scheduled Board meeting, which also
includes significant contract bids and wins. Our North American, European
and Indian management leaders also presented to the Board and covered
customer feedback, metrics and trends.
The CEO presented the results of the Principal Customer Survey to the
Board at its dedicated strategy day, with the Directors then discussing
the survey at that meeting and at a Board dinner afterwards.
Outcomes of the engagement and impact on Board
discussions and decision making
The results of our customer surveys enhance our understanding of what
is important to them and enable us to continue to improve our services
and relationships. The Board discussed key feedback from customers
from the Principal Customer Survey, including their strategic business
objectives over the following 12 months, their assessment of how we
perform as an organisation relative to our competition, how innovative
we are and, importantly, where we can serve them better.
General customer feedback, delivered through our Management teams,
also covered important areas including: how customer investment
capacity and buying behaviours were likely to be impacted by the global
macroeconomic and geopolitical environment; their appetite for increased
IT security, resilience and cyber defence; further automation of their
business processes; the migration of core business applications to the
cloud; cost-saving requirements across their business; and the
development of solutions and services to get more out of big data.
The Board therefore received a wide range of feedback from customers,
combining views on both Computacenter’s performance and service
offerings, and their own likely future needs. This was important for the
Board in discussing and reviewing the Group’s strategy and investments
for 2025–2027, including identifying in which Service Lines, capabilities
and geographies Computacenter should focus its investment, in order to
effectively develop its customer proposition, enhance its competitiveness
and gain market share.
Information from our customers on their likely ongoing IT spend also
helped the Board to assess the reliability of financial forecasts, allowing it
to approve trading outlook updates during the year and to set realistic but
stretching financial targets for 2025.
Customer-value proposition
We maximise the value of customer relationships by selling to our
customers across each of our three Service Lines:
1. Leading digital technology through Technology Sourcing
2. Deploying technology solutions through Professional Services
3. Supporting customer IT operations and infrastructure through
Managed Services
Our customers
Professional Services
4,000+
completed projects
for our customers
Managed Services
3.7m
customer incidents and
requests managed
Technology
Sourcing
16m
items supplied to
our customers
Maximising our
relationships
192
customer accounts with gross
profit of over £1m per annum
Our integrated portfolio
See page 008
Market and customer trends
See page 015
“Regular customer engagement helps
us build a deep understanding of their
business, strategy and objectives,
which is essential to our long-term
customer retention, satisfaction and
growth ambitions.”
John Beard
Managing Director Europe
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Stakeholder engagement continued
Our people
Employees
worldwide
20,081
across 22 countries
Engaged, enabled
and energised
83%
Sustainable Engagement Score
Group Attrition
8.3%
12 month rolling
voluntary attrition
Average length of service
9.4 years
per employee
Sustainability – people
See page 055
Engaging with our stakeholders
See page 038
Our people
Why we engage
At Computacenter we believe that our people are a competitive
advantage. They are at the centre of what we do and are essential for our
growth, as well as the outcomes and value we produce for our customers.
Our people implement and promote our culture and represent
Computacenter with our other key stakeholders, building relationships,
generating long-term trust, and learning about their requirements and
preferred ways of operating. We ensure that we engage across the business
with them, to ensure strong dialogue, connection and understanding of
their key concerns and challenges.
What matters to them
Our people expect us to provide fair and safe working conditions, and an
environment where they can thrive and develop. Engagement allows us
to understand how we can continually strive to do this better.
How we engage
We engage at all levels across Computacenter, through our management
teams, Group Human Resources’ supporting activities, frequent
employee surveys, and formal interactions with employee representative
bodies. Our nominated Independent Non-Executive Director for
Workforce Engagement, René Carayol, also undertakes an employee
engagement programme.
Group-wide communications include our ‘This Week’ email, which the CEO
sends to the 20,000 people we employ across 22 countries. It includes his
reflections on what he has seen from our customers, partners, competitors
and the wider sector, as well as his own activities and engagement with
our people across the Group. Employees are able to provide their feedback
to the CEO, or ask him questions, via a dedicated email address.
Each business area holds regular engagement sessions such as town hall
events, conferences and group activities, which bring together global leaders
to share messaging, strategy and activities. These events form the basis
of a communications cascade which then filters down the organisation
at a country and departmental level. They are sometimes attended by
members of the Board or the Group Executive Management Team.
For example, during the year, the Chair took part in a Q&A session with the
top 200 managers in the Company. Alongside the Workforce Engagement
Director, she also provided the Board’s perspective on business strategy,
performance and opportunity to the people in our North American
business. Our CEO and representatives from his Group Executive
Management Team attended the opening of the Group’s new offices in
Bengaluru, India, and spent three days holding discussions, presentations
and Q&A sessions.
How we reported our engagement activities and the views
of those we engaged with to the Board
Employees’ views, including material issues they raised, were communicated
to the Board through the CEO’s general business updates, the Workforce
Engagement Director’s reports on the engagement programme, and the
Chief People Officer’s presentations on employee survey results and
Management’s interactions with employee representative bodies.
Feedback was also provided by Board members, on an ad hoc basis.
Outcomes of the engagement and impact on Board
discussions and decision making
A small number of priority issues were consistently raised during the
workforce engagement programme. There was strong support and
recognition for the significant investment that the Company is making in
its internal and customer-facing systems, tooling and technology, both to
continually evolve and enhance the customer experience, and to ensure
that Computacenter operates efficiently and effectively, thereby
maximising its competitiveness. The Board approved related expenditure
in this area in 2024, and in the Group’s budget for 2025.
Our people also raised the issue of how to balance the need for continuing
automation and standardisation of processes in order to grow and
compete, while maintaining the Group’s culture and its emphasis on
flexibility and agility when dealing with its key stakeholders. Engagement
also indicated that Computacenter’s culture continues to be clear, lived
throughout the organisation on a day-to-day basis, and viewed by our
people as a competitive differentiator. The Board reflected on this
feedback when reviewing the Group’s culture, and satisfying itself that
it aligned with its strategy, values and purpose.
Feedback from the programme also highlighted substantial interest from
our people in the Company’s succession planning for the CEO, given his
length of tenure and importance in leading the organisation for the past
30 years. The Board and Nomination Committee continue to pay close
attention to this topic, which is kept under review on a frequent basis.
“I’m looking forward to meeting members
of our employee forums and our people
across the business in 2025. This
engagement gives me and the wider
Board a critical insight into our people’s
experience of working for Computacenter.”
René Carayol
Independent Non-Executive Director –
Workforce Engagement Director
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Stakeholder engagement continued
Our shareholders
Why we engage
As shareholders own the Company, it is essential for the Board and
Management to understand their views on key topics such as our strategy
and priorities for investment, as well as their expectations of us in
evolving areas such as sustainability. Two-way engagement also allows
current and potential shareholders to make informed decisions
concerning investment in Computacenter.
What matters to them
Our shareholders expect an appropriate return from their investment
in Computacenter. To help them make effective investment decisions,
they want to understand our strategy, our current or projected financial
performance, and our approach to ESG matters.
How we engage
The Executive Directors meet shareholders and potential investors
following the release of the Group’s full-year and half-year results, which
they also present to sell-side analysts. Physical and virtual meetings took
place across the year in multiple geographies, including an investor
roadshow to the US. Following these meetings, we obtain feedback.
The Chair and the Company Secretary undertake a governance roadshow
with significant shareholders following the release of the Annual Report.
The Company also offers shareholders the opportunity to meet the
Directors and ask questions at the AGM.
The Group also communicates with its shareholders through regulatory
announcements, our Annual Report, and Capital Markets Events, updating
them on strategy, performance and governance. In June 2024, the Group
Executive, joined by the Chair, hosted a Capital Markets Day in London
detailing Computacenter’s strategy, business model and growth prospects.
How we reported our engagement activities and the views
of those we engaged with to the Board
The Board is updated on investor and analyst feedback across the year,
supported by verbatim comments. The Board reviews and discusses
the feedback. The Company’s corporate brokers present regularly to
enhance the Board’s understanding of institutional investors’ views of
Computacenter and the factors that influence the Company’s share price.
The Board also directly interacts with shareholders at the AGM.
Outcomes of the engagement and impact on Board
discussions and decision making
Feedback from our institutional investors focused on a number of areas.
These included the sustainability of the Company’s success in Germany,
in the context of a challenging macroeconomic environment; the ability to
deliver further growth in North America, the level of visibility in the region,
and the evolving mix of customers, including growing demand from
hyperscale customers; the prospects for the UK business, following a
weaker performance over the last three years; and the opportunity to
drive Group-wide productivity.
The Board has ensured that explanations and progress on these issues
were included when approving the Group’s performance updates to the
market during the year.
Shareholders continued to show significant interest in the Group’s
priorities for its use of cash. This included a range of views around the
attractiveness of share buybacks, dividend payouts and further
acquisitions, and the need for strategic investment to increase the
Group’s long-term operational reliability and efficiency.
This was all reflected in the Board’s reviews, discussions and approvals
during the year concerning: mergers and acquisitions opportunities;
further IT programme spend; the quantum of dividend declarations
(which the Board considered against other stakeholder interests
concerning our balance sheet strength, investment requirements and
long-term viability), resulting in a 2023 final dividend of 47.4p per share
and a 2024 interim dividend of 23.3p per share; and approval of the
Group’s dividend policy, which the Board decided to leave unchanged.
Our shareholders
Earnings per share growth
11.6%
compound annual growth in
adjusted diluted earnings per
share from 2019–2024
Shareholder distributions
£547m
amount returned to
shareholders through dividends
and capital returns since 2019
Generating returns
73.2%
return on capital
employed in 2024
Total shareholder return
142%
growth in market capitalisation,
dividend and capital returns
since 2019
Our integrated portfolio
See page 008
Market and customer trends
See page 015
“Our Capital Markets Day was a great
opportunity to demonstrate how
Computacenter’s consistent focus on
customers and its integrated Technology
Sourcing and Services model have powered
our success and positioned us for future
growth and value creation.”
Christian Cowley
Group Head of Investor Relations
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Stakeholder engagement continued
Our technology vendors
Technical certifications
14,000+
held by our employees
Vendor relationships
60
awards received from
23 technology vendors
Vendor
delegates
500+
at our latest
Group Sales Kick-Off
Global Partner
Advisory Boards
12
attended, to engage vendor
partners at the highest level
Our integrated portfolio – Technology Sourcing
See page 008
Our performance in 2024
See page 022
Our technology vendors
Why we engage
As a Value-Added Reseller, Computacenter is ‘vendor-agnostic’, meaning
we work with our customers to understand their needs, before leveraging
our strategic relationships with vendor partners who have the right
solutions. We are immensely proud of our partnerships with technology
vendors and work closely with them to leverage our deep customer
relationships, global capabilities and scale, to deliver the solutions our
customers need. We also ensure that our vendor partners understand our
end-to-end approach to adding value and ensuring customer satisfaction.
We will continue to invest in mutually beneficial, multi-level relationships
with our vendor partners. These relationships are critical to the effective
day-to-day management of our commercial partnerships and to
understanding each other’s priorities and plans.
What matters to them
Our technology vendors need us to be able to effectively articulate the
value of their solutions. Our sales, technical and services teams must
therefore understand both the technical capabilities and customer use
cases for a wide range of products and services. We can demonstrate this
understanding by obtaining accreditations and certifications from our
vendor partners. We are proud of having 400+ technology accreditations
and over 14,000 individual technical certifications, reflecting the breadth
and depth of expertise across our sales and technical colleagues.
How we engage
Group Partner Management is responsible for managing Computacenter’s
commercial and operational relationships with our partners. By ensuring
effective day-to-day relationships, we can stay connected with our
partners and remain front-of-mind as partner of choice.
Our Strategic Alliances team, introduced in 2023, is responsible for nurturing
Computacenter’s relationship with our top vendors. This includes attending
Partner Advisory Boards and facilitating opportunities for our Group
Executive to meet with senior representatives from our vendor partners.
Each year, we hold our Group Sales Kick Off (GSKO) event for more than
1,200 sales people from Europe and North America. We also invite
delegates from vendor partners, giving our sales colleagues a valuable
opportunity to engage directly.
Computacenter also attends and supports numerous vendor
conferences and summits throughout the year. These allow our sales
colleagues to hear directly from vendors about their priorities and plans,
as well as sharing updates from Computacenter.
How we reported our engagement activities and the views
of those we engaged with to the Board
GSKO provides numerous opportunities for Executive and Non-Executive
Directors to hear directly from vendors about their latest solutions,
market views, or opportunities and priorities for the year ahead.
Engagement ranges from the formal plenary, internal keynote
presentations and executive roundtables, to networking in the
technology vendor village.
The Directors received regular updates on Computacenter’s performance
with our top vendors during the year. This included a deep dive relating to
our top vendors from the Chief Commercial Officer at the April 2024 Group
Risk Committee, which was attended by a number of the independent
Non-Executive Directors.
Outcomes of the engagement and impact on Board
discussions and decision making
Discussions at the Board relating to our vendor partners have primarily
focused on the health of our relationship and performance with each of
our top vendors, as well as wider conversations about key themes and
market forces impacting or involving our vendors.
These include:
• Geopolitical challenges – how these might impact operations,
particularly supply chain and the cost of doing business
• Consolidation in the vendor landscape – including the acquisitions of
Juniper (HPE), Splunk (Cisco), VMware (Broadcom) and Infidat (Lenovo),
and new partner programmes
• Computacenter’s Sustainability Strategy and performance against
ESG commitments, including working with vendors to achieve goals and
meet customers’ expectations
• The impact of AI and how Computacenter is responding and working
with vendor partners to support our customers
This feedback helped the Board to approve our three- year strategy plan
and related investments.
“I’d like to thank all our valued vendor
partners for another excellent year for
our powerful partnerships. I look forward
to us continuing to work together in the
year ahead – helping our customers
achieve their goals and delivering
excellence in all that we do.”
Lieven Bergmans
Chief Commercial Officer
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Stakeholder engagement continued
Our communities
Why we engage
We seek to build long-term trust with our stakeholders, including the
communities in which we and our other stakeholders live and work.
Our communities support our ability to do business, so we have a
responsibility to support them in return. By doing so, we aim to inspire our
people, illustrate our commitment to understanding people matter (one
of our core values), and maintain and enhance our corporate reputation.
What matters to them
Our communities want us to ensure that our operations are safe and
sustainable, so we can protect our positive economic and social impact,
and increase that impact over time. They expect us to engage with them
on social and environmental issues that matter to them, such as D&I and
our sustainable use of resources. They also expect us to act ethically,
to treat our stakeholders fairly and, where possible, to support them
financially or with our time.
How we engage
Our approach is guided by our values, which include ensuring that we
consider the long-term in our actions, and that we recognise the importance
of people, both inside and outside Computacenter.
Our day-to-day community engagement is primarily focused on social
issues, in particular inspiring and supporting the next generation to follow
a career in Science, Technology, Engineering and Mathematics (STEM)
through our school, community and university outreach programmes.
Most of this engagement is delivered through employee volunteering.
We also create social value, both globally and locally, through partnering
with our chosen charities and our technology vendors to drive change
around topics that are important to our business, our customers and
our people.
In addition to addressing social issues, our commitment to minimising
our environmental impact includes protecting our communities’ local
environments. To do so, we continue to invest, develop our capabilities
and work with our partners. For further details, please see page 063.
How we reported our engagement activities and the views
of those we engaged with to the Board
The Board received updates from the Chief People Officer on our activities
to engage with and support our local communities.
Outcomes of the engagement and impact on Board
discussions and decision making
Our engagement helps us to raise awareness of who we are, attract diverse
talent to our organisation, promote the awareness of women in technology,
and support people with disabilities and young people from disadvantaged
backgrounds. Our flagship educational outreach programme, Bright
Futures, saw over 200 of our employee volunteers complete over 1,000
hours of outreach activity, reaching over 23,000 students and young
adults at 123 outreach events, often in a mentoring capacity.
Our expertise also enables the re-use and recycling of IT hardware,
reflecting our employees’ desire that we promote equal opportunities
and good environmental practice. In Germany, we engaged with the wider
community through our ‘Hey Alter’ initiative, which collected older IT devices
from companies, institutions and households, restored and modernised
them, and distributed them to students from disadvantaged backgrounds,
who have not been able to participate in e-learning or home schooling.
As well as our flagship programmes, we completed a substantial
programme of local activities across the Group, often partnering with
our customers and technology vendors. During Race Equality Week,
we joined with Computing and CRN UK to host a virtual half day event.
Supported by HP, Cisco, PwC and TC4RE (Technology Community for
Racial Equality) we explored how we can all work together to break down
barriers and improve ethnic diversity representation within the industry.
The event was a huge success, with over 250 participants joining from
across the industry.
The Board considered feedback from our engagement programmes
when approving our social strategy. This included confirming that our
approach to social issues affecting the community should remain
focused on the areas where we can have the biggest impact and that our
people care most about, and also that ensuring every young person has
an equal opportunity to develop a career in STEM will remain a central part
of our community engagement.
Our communities
Employee volunteers
200
Computacenter employees
volunteered as part of the Bright
Futures programme in 2024
Influencing the industry
250
people attending the
Race Equality Week event
Community
outreach activity
1,000+
employee volunteering
hours completed in the UK
Community outreach
recognition
123
different Bright Futures
outreach events held in 2024
Sustainability – planet
See page 060
Sustainability – solutions
See page 063
“Introducing paid volunteering leave has
enabled us to further support our people
to make a difference to their communities.
It gives them the time and flexibility to
focus on causes that matter to them,
as part of our Sustainability Strategy.”
Sarah Long
Chief People Officer
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Stakeholder engagement continued
Engaging with our employees
In November 2024, CEO Mike Norris and his Group
Executive Management team hosted a dedicated
two-day offsite event for the Group’s 200 most
senior employees, with representatives from across
our operating companies and business areas.
The meeting focused on the Group’s performance
in 2024 and its strategy and investments for 2025.
It included several Q&A sessions covering a range
of issues and culminated in a post-dinner Q&A
session, led by the CEO.
The panel for this included the Chair of the Board and
the lead audit partner from our external auditor,
Grant Thornton, who provided an outside perspective
of Computacenter. Key messages from the meeting
were then cascaded downwards from Management
to their teams, ensuring they are communicated
across the organisation.
Engaging with the capital markets
In June, the Group Executive hosted a Capital
Markets Day in London, presenting Computacenter’s
strategic focus on large corporate and public
sector organisations. We showcased growth
opportunities in Technology Sourcing, Professional
Services, Managed Services, and Circular Services.
We also updated on our progress in North America
and how we are capitalising on the significant
growth opportunity with hyperscale and
enterprise customers.
We also demonstrated how our financial model
supports sustainable earnings growth and
consistent free cash flow generation, and enables
targeted acquisitions and capital returns. The event
was very well attended by investors, analysts and
other capital markets stakeholders. A video replay
of the event is available in the Investor Relations
section of our website: investors.computacenter.com.
Engaging with our stakeholders
Understanding people matter
Building long-term value
Computacenter plc Annual Report and Accounts 2024044
Strategic Report Governance Financial Statements Glossary
Stakeholder engagement continued
We manage risks to support
our Group strategy in delivering
long-term value
We do this through a well-established risk and
control framework, enabling Management to
consider our main risk areas – Strategic,
Contractual and Operational, Infrastructure,
Financial and People.
The Group Risk Committee, which reports to the Audit Committee, meets
four times per year and reviews our principal risks, which are the main
barriers to meeting our strategic KPIs, on an ongoing basis. This top-down
approach includes assessing whether emerging risks are sufficiently
significant to warrant inclusion in the Group Principal Risk Log, with
potential emerging risks included as an agenda item at each Group Risk
Committee meeting. If so, the likelihood of occurrence and potential
impact are considered, and the risk is subject to regular review. Regular
reporting to the Group Risk Committee by the respective risk owners
includes an assessment of the likelihood and cost impact of each risk,
a consideration of non-financial impacts, risk appetite, key risk indicators
and potential risk triggers, and an assessment of mitigating controls.
The Group Principal Risk Log is reviewed by both the Audit Committee and
the Board. The key risks are considered further in relation to the long-term
Viability Statement (see page 079).
Other lower-level risks outside the principal risks are identified and
analysed in two ways. These are:
1. Through the bottom-up Group Operating Business Risk Assessment
process (GOBRA), which is completed by managers across the
business. The results of this process are reviewed by the Group Risk
Committee. This includes validating these risks against the principal
risks, to ensure that all potential threats are considered and any
emerging risks are identified. Lower-level risks are often triggers for
crystallising principal risks, so their careful management remains an
important consideration.
2. Via the Group Compliance Steering Committee which assesses reports
from the Compliance Management System for the areas under its remit.
Audit Committee and the auditor
For further information on the Company’s compliance with the Code’s
provisions relating to the Audit Committee, Group auditor and Internal
Audit, please refer to the Audit Committee report on page 105.
Risk management
For further information on the Company’s approach to risk management,
please refer to the Audit Committee report on pages 108 to 110.
Risk overview
Our long-term success is built on a clear strategic direction, contractual
and operational excellence and effective business services functions,
such as Finance, Human Resources, and Legal and Compliance, which
support customer-facing employees to fulfil their obligations effectively.
All of this is underpinned by an advanced IT infrastructure, hosting both
internal and customer platforms. Our strategic, contractual and
operational, and infrastructure risks are largely determined by the
industry in which we operate and our long-term approach to adding value.
Our financial and people risks are defined by the wider economic
environment, the way we run our business day-to-day and our long-term
employee needs. While outside factors such as geopolitical risk, market
trends and macroeconomic factors are beyond our control, our risk
management approach is committed to managing the impact of these
influences, while controlling the internal elements vital to our success.
Risk appetite
Our Group-level overall risk appetite is strongly influenced by our
experience in our industry sector. At an operational level, we have a higher
risk appetite for business development where we have experience of the
risks and a lower risk appetite where we have less experience. This is
supported day-to-day by our operating policies and governance
processes, which include decision-making support and authority over
new contracts and contract changes.
Risk culture
Risk management and governance processes are well established
and understood within the business and operate at all levels. Strategic-
level risks are monitored by the Group Risk and Audit Committees,
as well as by the Board. Lower-level operational risks are identified,
analysed and mitigated at a functional level on an ongoing basis, using
well-embedded processes.
Risk identification and impact
Risk assessment and reporting are designed to provide the Board with
a Group-wide perspective of key risks.
Principal risks and uncertainties
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Principal risks and uncertainties
• Group-wide risk identification and assessment • Ongoing monitoring of mitigations performed
across the Group through management, KPIs
and review by the appropriate Risk Manager
• Internal controls embedded across the Group
• Reviews the effectiveness of our risk
identification and risk management process
• Reviews the effectiveness of internal control systems
• Supports the Board in monitoring risk exposure
Provides assurance on our principal risks, to assist the Audit Committee in its
review of the effectiveness of the risk management process and our internal
control systems
• Sets strategic KPIs
• Defines risk appetite
• Has overall responsibility for the Group’s
risk management process and internal
control systems
• Monitors risk exposure in pursuit of our
strategic KPIs
The Board
• Sets the risk management process • Provides oversight and challenge on
the effectiveness of risk mitigation for
our principal risks
• Considers emerging risks and high-impact/
low-likelihood risks
Group Risk Committee
Operational level
Three lines of defence
Audit Committee Internal Audit
Role
Provide audit and
verification of our
internal assurance
Who
• Audit Committee
• Group Internal Audit
• Independent
assurance
Role
Provide compliance,
oversight and
assurance
Who
• Group Risk Committee
• Group Compliance
Steering Committee
• Assurance functions
Role
Risk ownership and
application of internal
controls
Who
• Functional and
business
management
Third line
Second line
First line
Top down
Bottom up
Our risk framework
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Principal risks and uncertainties continued
Risk trends
The overall risk landscape has changed due to specific threats and our
response to them, as discussed below.
We use the three lines of defence model with regards to the assurance
over key risks. This includes a mapping exercise which considers the level
of assurance afforded over each risk by each of the compliance and
oversight functions. To aid the appreciation of the risks facing the Group,
we have categorised them into five main areas.
Strategic: The strategic-level risk profile is one of long-term risk due to
technological change, including Computacenter’s ability or otherwise to
innovate effectively, the global nature of our operations exposing us to
specific political and economic influences and our ability to maintain our
customer response. Our mitigations continue to mature in line with
market and customer changes.
The gross risk profile relating to geopolitical threat continues to increase,
with ongoing uncertainty relating to conflict in the Middle East, the war
in Ukraine and US-China tensions, coupled with a new administration in
the US with potential consequential changes to trade and tariff policy.
We continue to monitor developments that could impact our customers
and supply chain to ensure an appropriate response but the level of risk
has, nevertheless, increased.
Contractual and operational: Our focus remains on the effective
governance of contracts, both in the pre-deal phase and in delivery.
We continue to extend the use of our Service Quality Management
framework to improve the underlying quality of sales, bid governance
and operations. We also continue to recognise the need for effective
acquisition integration, and compliance and reputational risks in relation
to data privacy and ESG matters as principal risks. Given the importance
we place on strong strategic vendor relationships we recognise the
potential breakdown of such alliances as a principal risk, although
we have well-embedded controls in place to combat this and, overall,
we believe the main contractual and operational risks have remained
at the same level, underlined by our robust governance structures.
increase prices immediately. In Managed Services, in the UK, we have cost
of living adjustment (COLA) clauses in place in many contracts, allowing
cost increases to be passed on, although we recognise that these need
careful negotiation with customers. More careful negotiation is also
required in France, where the position is more mixed, and in Germany,
where COLA clauses are less common. Further detail on working capital
management can be found in the financial review on page 036.
People: Our people remain integral to the continued success of our
business. The risks reflect the importance we place on experience,
inclusivity, openness and collaboration. Following the departure of our
CFO in late 2024, our risk profile has increased.
Infrastructure: Cyber security remains at the forefront of discussions
for the Board and at both the Group Risk and Audit Committees. Cyber
security risks are increasing due to the greater activity of a range of
cyber threat actors worldwide, including nation states. This has resulted
in more sophisticated and more frequent cyber attacks against IT
infrastructure. Computacenter, along with other companies of a similar
size and profile that operate within our sector, have been the target of
cyber attacks in recent years. To combat this we have continued to invest
significantly in our defensive systems, organisation and people, which
has ensured, to date, that these attacks have been identified and
mitigated without any material impact on our financial or operational
performance. This risk relates to our needs to update some of our core
systems in the coming years to allow us to manage our business more
effectively, provide enhanced support to our customers and to improve
our security, is being mitigated though ongoing planning and effective
project management.
Financial: We continue to concentrate on the fundamentals for our
business, including the effective management of working capital. The
current volatile macroeconomic situation, especially in relation to
inflation, continues to be a cause for concern. The main impact of inflation
on our business is that we may be unable to pass on the cost increases we
incur in full. To the extent that we cannot recover cost inflation, there is a
risk that we will not meet earnings expectations, which could impact our
financial reputation with shareholders. The central banks’ approach to
taming inflation is to increase interest rates, with the danger that this
could cause a recession and, combined with a profit squeeze due to
inflation, could reduce demand for IT projects and implementation.
These economic headwinds are counterbalanced by well-established
internal processes, such as careful cost and working capital
management and effective and transparent forecasting and reporting.
The main mitigating control is to minimise fixed-cost growth, which
includes actively moving resources to nearshore and offshore locations
and increasing the levels of automation. In the Technology Sourcing
business, we sell on a cost-plus basis in general, so there is minimal
impact from inflation on the gross margin. In Professional Services (PS),
the key inflation impact is our ability to pass on salary and other cost
increases to customers. A large portion of our PS billing is based on
employee time sheets, so cost increases can be passed on in the majority
of cases, although there are some PS frameworks where we cannot
Group risk heat map 2024 (showing risk net of mitigating actions)
Likelihood of risk occurring
Impact on businessLow High
Unlikely Likely
1. Strategic risks Increased risk
2. Contractual and operational risks
Unchanged risk
3. Infrastructure risks
Reduced risk
4. Financial risks
5. People risks
4
1
3
5
2
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 047
Principal risks and uncertainties continued
1. Strategic risks
Alert status
Ongoing geopolitical volatility and technology change are offset by
well-managed internal responses.
Appetite
Our risk appetite relating to geopolitical risk and our location strategy
is balanced. By utilising multiple locations, we increase the likelihood
of an event or events occurring, but we reduce the impact that an
event in any one location would have on the business, with the impact
further mitigated by our business continuity strategy.
Risk owners
• Group Development Director
• Managing Director Managed Services
Risks
Not reacting to technology change fast enough or inability to
remain relevant to customers due to technology change
Inability to support customers due to political instability in
offshore locations
Potential principal impacts
• Reduced margin
• Excess operational employees
• Contracts not renewed
• Missed business opportunities
Mitigation
• Well-defined Group strategy, backed by an annual strategy process
that considers our offerings against market changes
• Group Portfolio Board which meets quarterly to align and define our
go-to-market strategy by Service Line and by business line
• Location strategy coupled with well-defined business continuity
processes reduces impact of an event at an individual location
• Regular location risk monitoring covering political, economic, social,
technological, legal and environmental risks
Strategic KPIs
Customer
relationships
Retain and maximise
the relationships with
our large corporate
and public sector
customers over the
long term
Services growth
Lead with and grow
our Services
Productivity
Increase the adjusted
operating profit we
retain as a proportion
of our gross profit
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024048
Principal risks and uncertainties continued
2. Contractual and operational risks
Alert status
The main contractual and operational risks have remained at the
same level, underlined by our robust governance structures.
Appetite
We operate in a competitive services marketplace and normally
compete for business with other market participants. Our risk appetite
is therefore expressed in the price and margin we bid and any specific
risk provision or contingency that is identified. Risk appetite is therefore
specific to a deal or client and is controlled through governance
processes. Our risk appetite will increase to enable growth through
our new Device Lifecycle Management proposition. The risk appetite
from a pure compliance perspective is very low. However, we focus on
ensuring that this risk is managed in a manner that reflects business
needs, efficiency and effectiveness, driving compliance.
Risk owners
• Managing Director Managed Services
• Group Legal & Compliance Director
• Group Development Director
• Chief Commercial Officer
Risks
Our governance process fails to appropriately identify, assess,
escalate or mitigate material financial and operational risks within
contracts resulting in significant unplanned or unforeseen financial
losses/damage to or termination of customer relationships
Breakdown in one or many major vendor relationships, leading to
margin and/or revenue reduction
Lack of effective acquisitions integration and failure to deliver on
acquisition objectives
Failure to comply with laws and regulations, contractual obligations
and/or legitimate third-party expectations
Potential principal impacts
• Customer dissatisfaction
• Financial penalties
• Contract cancellations
• Reputational damage
• Reduced margins
• Loss-making contracts
• Reduced service and technical innovation
• Loss of employees
Mitigation
• Mandatory governance processes relating to bids and new business
take-ons, including risk-based decision-making assessments and
new tooling
• Focus on service excellence underpinned by associated processes
such as the Deal Lifecycle Framework and Deal Assurance
• Board approval of significant bids in line with the Group’s Matters
Reserved for the Board and delegated authorities documents
• Early warning system and assurance over key bids and
delivery programmes
• Delivery Management Framework to monitor customer
relationship status, obligation compliance and service level
agreement (SLA) performance
• Regular commercial ‘deep dives’ into troubled contracts and
challenging transformation projects
• Close working relationships with key vendors
• Appropriate due diligence and acquisition integration plans in place,
with ongoing monitoring of key risks to ensure success
• Board-endorsed sustainability strategy
• Climate Change Committee oversees initiatives to reduce
environmental impact (see page 067)
• Strong Company culture and Values (see page 099)
• Oversight by the Group Compliance Steering Committee, including
a compliance maturity project
• Strong corporate governance, risk management and ethics
Strategic KPIs
Customer
relationships
Retain and maximise
the relationships with
our large corporate
and public sector
customers over the
long term
Services growth
Lead with and grow
our Services
Productivity
Increase the adjusted
operating profit we
retain as a proportion
of our gross profit
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 049
Principal risks and uncertainties continued
3. Infrastructure risks
Alert status
While cyber security risks are increasing due to the greater activity
of a range of cyber threat actors, this is mitigated by significant and
ongoing investment in our defensive systems, organisation and
people. The risks involved with the need to update some of our core
systems in the coming years is being mitigated through project
planning and ongoing review.
Appetite
We have a very low appetite for risk relating to cyber security and
availability of our core and customer-facing systems, given the impact
such issues would have on our reputation in our core markets.
Risk owner
• Chief Information Officer
Risks
Cyber threat to Computacenter’s systems causing a significant data
breach, customer compromise, or loss of critical services
Serious IT system outage leading to customer or business damage
Failure to effectively replace our legacy systems
Potential principal impacts
• Inability to deliver business services
• Reputational damage
• Customer dissatisfaction
• Financial penalties
• Contract cancellations
Mitigation
• Well-communicated Group-wide information security and virus
protection policies
• Specific inductions and training for employees working on customer
sites and systems
• Specific policies and procedures for employees working behind a
customer’s firewall
• Ongoing and regular programme of external penetration testing
• Policies ensuring Computacenter does not run customer applications
or have access to customer data
• Regular review of cyber security controls and threat analysis by
Computacenter’s Group Information Assurance team
• Increased Board scrutiny of cyber resilience maturity and plans
• Long-standing design principles underpin all core and customer-facing
systems, designed to mitigate the risks to system and service availability
• All centrally hosted core systems are built and operated on high-
availability data center infrastructure
• Ongoing work on our perimeter defences to help minimise the risk that
any attack on our non-core systems poses an additional threat to our
central infrastructure
• Project management of legacy systems replacement
Strategic KPIs
Customer
relationships
Retain and maximise
the relationships with
our large corporate
and public sector
customers over the
long term
Services growth
Lead with and grow
our Services
Productivity
Increase the adjusted
operating profit we
retain as a proportion
of our gross profit
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Principal risks and uncertainties continued
4. Financial risks
Alert status
Continued economic headwinds are counterbalanced by well-
established internal processes, such as careful cost and working
capital management and minimising fixed-cost growth.
Appetite
In relation to working capital management, given the expectation of
shareholders, suppliers and customers, our risk appetite is low and
strong operating policies and procedures are in place to monitor and
take action to address challenges. In relation to macroeconomic risk,
we aim to minimise the impact as far as possible. Although it could
benefit our Managed Services business as customers decide to
outsource to save cost, should the impact continue for a prolonged
period this will not offset the effect on Technology Sourcing and
Professional Services demand.
Risk owner
• Chief Executive Officer
Risks
Failure to manage working capital effectively
Macroeconomic factors negatively impact our revenue and/or margin
Potential principal impacts
• Financial impact through bad debts, obsolete inventory and/or other
working capital movements, and reduced margins
• To the extent that we cannot recover cost inflation, there is a risk that
we will not meet earnings expectations, which could impact our
financial reputation with shareholders and reduce the share price
• Inflation and prolonged recession could reduce demand for IT projects
and implementation and affect internal utilisation rates of
Professional Services employees
Mitigation
• Implementation of debt management best practice, after centralising
Europe-wide collection functions at the Budapest Finance Shared
Service Center
• Group Credit Assessment function using improved and consistent data
• Group standard contract terms, with departure only authorised by
senior Finance management
• Setting of cash and working capital targets monthly and detailed
monthly monitoring by Management, including the review of key
risk indicators
• Inventory management controls and monitoring including an approved
authorisation matrix for the purchase of inventory, with more rigid
controls when the inventory is purchased without a back-to-back
customer order
• Minimisation of fixed-cost growth
• Careful management of contract margins
• More active approach to moving resources offshore
Strategic KPIs
Customer
relationships
Retain and maximise
the relationships with
our large corporate
and public sector
customers over the
long term
Services growth
Lead with and grow
our Services
Productivity
Increase the adjusted
operating profit we
retain as a proportion
of our gross profit
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 051
Principal risks and uncertainties continued
5. People risks
Alert status
Our risk profile has increased, following the departure of our CFO
in 2024.
Appetite
This succession risk will crystallise and as such the appetite is driven
by the strategy and process adopted to identify future replacements
for the CEO and CFO positions. Our talent acquisition and retention
strategy is based on our workforce planning, location strategy,
customer demand, business needs and general talent market trends.
Risk owners
• Group Chief People Officer
• Chief Executive Officer
Risks
Failure to recruit, develop and retain the right calibre of employees,
particularly in key roles
Inadequate succession planning and management transition,
particularly at the most senior levels in the Company
Potential principal impacts
• Lack of adequate leadership
• Customer dissatisfaction
• Financial loss
• Contract cancellations
• Reputational damage
Mitigation
• Succession plan in place for Senior team members
• Regular remuneration benchmarking
• Incentive plans to aid retention
• Investment in management development programmes
• Group Talent Acquisition function in core countries, with a clear
strategy and focus on talent analytics
• Group leadership framework and development structure to strengthen
engagement with our leaders and potential leaders
• Regular employee surveys to understand and respond to employee issues
• Specific diversity projects in place relating to accessibility and
wellbeing, life balance, LGBT+ and allies, future talent, focus on women
and culture
• Consistent performance management processes
Strategic KPIs
Customer
relationships
Retain and maximise
the relationships with
our large corporate
and public sector
customers over the
long term
Services growth
Lead with and grow
our Services
Productivity
Increase the adjusted
operating profit we
retain as a proportion
of our gross profit
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Computacenter plc Annual Report and Accounts 2024052
Principal risks and uncertainties continued
Winning together for our
people and our planet
Our Purpose is helping our
customers change the world,
and to support this we build long-
term trust with our customers,
our partners, our people and
our communities.
Our Environmental, Social and Governance (ESG)
approach, ‘winning together for our people and our
planet’ underpins Our Purpose and is integrated into
our business model. The long-term future of our
Company, our people and our planet, relies on an
enduring commitment to sustainability, making it
a fundamental part of how we work day-to-day.
Scan the QR code to watch our sustainability video
3.4m
kWh of electricity
generated by our own
solar farms
80%
of Group energy from
renewable resources
Carbon
neutral
under Scope 1 and Scope 2
for the third year in a row
Planet
Highlights in 2024
People
3,400
vacancies filled, including
2,500 people recruited from
around 115,000 applications
426
people recruited for our
Early Careers programmes
32%
of our most senior
leaders are women
2.4m
items processed
through our Circular
Services division
208,000
tonnes of carbon avoided
through reuse of items,
including redeployment
and remarketing
902
tonnes of reusable raw
materials generated
through industrial
recycling
Solutions
Sustainability
Top 15%
In TIME’s World’s Best Companies ranking
Top 10%
for environmental impact in TIME’s World’s
Best Companies for Sustainable Growth
16th
in Financial Times’ Europe’s Climate
Leaders ranking based on our
environmental credentials
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 053
Sustainability
Winning together for our
people and our planet
We focus on the areas that are most important to
our stakeholders and our business, and where we
can make the biggest difference. The strategy has
three pillars (people, planet and solutions) and is
underpinned by communication, governance,
standards and frameworks. Each pillar is owned by
a member of the Group Executive Management Team.
This creates alignment and accountability across
the organisation, helping to engage and empower
our people in achieving our sustainability goals.
Find out more about how we align with standards and frameworks here
www.computacenter.com/sustainability
Communication
Sharing our strategy with our stakeholders.
Executive owner: Mo Siddiqi, Group Development Director
Governance
Underpinning accountability, investment planning, compliance and reporting.
Executive owner: Mike Norris, Chief Executive Officer
Standards and frameworks
We align with the standards and frameworks that support our Sustainability Strategy and are important to our stakeholders, including:
Planet
Ensuring sustainable operations, and delivering
our Net Zero 2040 plan
Executive owner: Mo Siddiqi,
Group Development Director
See page 060
People
Creating positive impact for our people,
customers and communities
Executive owner: Sarah Long,
Chief People Officer
See page 055
Solutions
Offering sustainable solutions for
our customers
Executive owner: Mo Siddiqi,
Group Development Director
See page 063
Winning together for our people and our planet
United Nations Global
Compact (UNGC)
proud signatory of the
UNGC since 2007
EcoVadis Science Based
Targets initiative
(SBTi)
Approved Net
Zero targets
Carbon Disclosure
Project (CDP)
UN Sustainable
Development Goals
Task Force on
Climate-Related
Financial
Disclosures
Streamlined
Energy and Carbon
Reporting
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Computacenter plc Annual Report and Accounts 2024054
Sustainability continued
People
Creating positive impact for our people, customers
and communities.
Our people deliver our competitive advantage and enable us to
meet the needs of our customers. To continue to differentiate
Computacenter in our markets, we must attract, retain,
develop and engage our people, and have designed our people
strategy to achieve this.
Bravo recognition awards
issued to our people
Progress
17,000+
volunteering hours
Progress
1,076+
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Computacenter plc Annual Report and Accounts 2024 055
Sustainability continued
Our people strategy
Our people strategy has four pillars: talent acquisition, develop and
engage, leadership excellence and organisational effectiveness.
This strategy is underpinned by our culture and purpose, our people’s
experience as employees and our overarching approach to sustainability
and governance.
Our most recent employee survey had an 81% response rate and showed:
83%
Sustainable engagement score
88%
Inclusion score
91%
Fully support our Values
90%
Feel properly supported
Talent acquisition
We aim to attract the best talent, build a highly engaged, inclusive and
ethical workforce, and use our Early Careers programmes to create talent
pipelines for the future.
Activities and performance in 2024
During the year, we continued to invest in our employee branding to
strengthen our market presence and support continued business growth.
We also further developed our Future Talent programmes, to align to
a Group Early Careers offering comprising graduate recruitment,
apprenticeships, student placements and internships. In addition, we
continued to invest in our managers’ recruitment skills through our
Recruiting for Success training, to improve recruitment outcomes and
the candidate experience. More than 420 people participated in this
training in 2024.
Leadership
excellence
Talent
acquisition
Organisational
effectiveness
Develop
and engage
Our people
Our competitive advantage
Our pillars for success
Winning culture and Our Purpose
Employee experience
Sustainability and Governance
In total, during the year we:
• received around 115,000 applications from candidates, up from around
100,000 in 2023, showing our success in attracting talent and that
large numbers of people want to work for us; and
• filled around 3,400 vacancies across the Group, with around 2,500
people recruited externally (2023: 3,300), including 426 people for our
Early Careers programmes (2023: 667).
Priorities for 2025
Our priorities for the year ahead are to:
• focus on the roles and future skills we want to hire for;
• continue to roll out the Recruiting for Success training; and
• further improve the hiring experience for both managers and
candidates, by introducing new tools, systems and processes
(see Organisational Effectiveness on page 058).
Develop and engage
This element of our strategy includes our approach to fostering
engagement, investing in our people, creating a diverse and inclusive
organisation, and promoting wellbeing.
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Computacenter plc Annual Report and Accounts 2024056
Sustainability continued
Activities and performance in 2024
Fostering engagement
Highly engaged people deliver better outcomes for our customers.
We foster engagement by delivering an excellent employee experience.
This includes our approach to reward and recognition, such as our Bravo
recognition scheme, which allows our people to recognise each other’s
contributions and directly aligns reward and recognition with key
business initiatives. We also listen to employee feedback and have
numerous channels for them to tell us how we can improve our ways of
working and our tools and processes. This includes our global employee
survey, which we run every two years.
In 2024, we:
• continued to implement the improvement actions captured by
managers in the 2023 employee engagement survey, to improve
the employee experience and drive engagement;
• rolled out our new Bravo Long Service Award programme across
the business;
• issued 17,000 individual Bravo recognition awards and 1,625 team
awards; and
• recognised exceptional performance through our global Bravo
programme, which resulted in 101 bronze, 163 silver and 16 gold
star award winners.
Learning and development
Computacenter has a learning culture that promotes continuous,
career-long development, with learning opportunities that enable our
people to reach their potential and provide great service to our customers.
In 2024, we established a partnership with a leading global specialist, to
provide us with a managed service for our training. This will enable us to
focus on our core competencies, while leveraging specialised expertise
in skill development. Our employees will benefit from tailored learning
programmes that align with their personal development paths, our
business goals and our customers’ needs.
Technical accreditations are a key part of ensuring our people are experts
in our technology vendor solutions, so they can apply that expertise for
our customers. During the year, our people gained over 2,100 certifications
and held over 14,000 between them at the year end (2023: over 13,000).
Diversity and inclusion
We understand the importance of a culture where everyone feels they
belong and can be themselves, and where people are valued, respected,
and supported to reach their full potential. Equal opportunity at
Computacenter extends to all aspects of the employment relationship,
including hiring, promotions, working conditions, compensation and
benefits, and is reflected in our people policies and in the decisions
we make.
During 2024, we ran further cohorts of our Growing Together Programme,
for women in mid-level roles who aspire to develop their careers, and our
Leading Together Programme, to help senior female leaders recognise
and promote their own value and experience, and explore their personal
and career development goals. More than 200 women have now completed
Growing Together, of which 36% have been promoted, and nearly 50 have
completed Leading Together, with several moving into more senior roles
or extending their remit, and the programme receiving a rating of 8.8 out
of 10 from attendees.
Our other diversity and inclusion initiatives in 2024 included:
• rolling out Inclusive Leadership Training across the Group, to ensure
broad thinking in hiring practices and increase understanding of
inclusion in the workplace;
• rolling out updated anti-harassment and discrimination e-learning
to all employees in the UK, Ireland and India; and
• continuing to develop our Employee Impact Groups (EIGs), to give our
people the opportunity to shape and drive sustainable change, with
country-specific EIGs focusing on in-country priorities such as ethnic
diversity, climate change, gender and wellbeing. Our UK Ethnic Diversity
EIG was recognised at the UK Ethnicity Awards as a Top 10 Company
Network Group.
At the year end, our gender diversity was as follows:
2024 2023
Women Men Women Men
Board 3 5 3 6
Senior Managers 31 67 27 66
Other Employees 5,657 14,311 5,579 14,341
Total 5,691 14,383 5,609 14,413
We have continued to improve the gender mix within our senior manager
roles over the last four years, with the female representation increasing
by over 11% since 2020 to 32% at the year end 2024.
Wellbeing
Our strategy focuses on physical, mental, financial and social wellbeing,
and encompasses immediate support as well as long-term positive and
preventative approaches. As part of this we have an Employee Assistance
Programme in each country, enabling our people to access specialist
wellbeing support. We also continue to equip our people to protect their
own wellbeing and that of their teams, for example through training and
awareness programmes.
During 2024, we:
• continued to roll out our Healthy Leadership training programmes for
managers, to help them identify signs of individual and team stress
and look after their team’s wellbeing; and
• ran a global awareness campaign and local country activities in
support of World Mental Health Day, sharing practical tips on how our
people can look after their mental health and wellbeing.
Priorities for 2025
In the year ahead, we will:
• continue to implement the improvement actions identified in the 2023
employee engagement survey, and run our 2025 survey;
• continue to leverage our global learning agenda, to develop the skills
we need for the future;
• support our D&I work by further developing our EIGs and employee
networks, and enhancing our systems to improve our capture and
reporting on diversity characteristics; and
• implement Headspace, our new global wellbeing offering that takes
a holistic approach to improving mental health, including the mental
health impacts of physical, social and financial wellbeing. Headspace
will be available to our employees and up to five of their friends or
family members, to help our people address wellbeing issues in their
wider support networks.
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Computacenter plc Annual Report and Accounts 2024 057
Sustainability continued
Leadership excellence
Our leaders are our role models, stewarding our business responsibly
and for the long term. Our approach to leadership is underpinned by our
values, to help our leaders inspire their teams, foster collaboration and
belonging, and lead change.
Activities and performance in 2024
In addition to the programmes for female leaders and the Inclusive
Leadership training described, we continued to review and evolve our
Leadership Development Roadmaps, which encompass Aspiring Leaders,
Developing Leaders and our flagship Purposeful Leader programme.
In 2024, we implemented Power On, which gives us a truly global approach
to ensuring current employees and potential recruits are aligned with our
culture, values and purpose. Power On has two main offerings, with Core 5
focusing on five essential behaviours for first-line leaders and Core 7
setting out seven behaviours and principles for our leaders of leaders.
During 2024, we completed more than 100 Core 5 assessments for
development purposes and more than 130 for recruitment, promotion
and selection. We also began a Core 7 pilot.
Priorities for 2025
In 2025, our priorities are to:
• introduce Global Together, which builds on the Purposeful Leader
programme to help our most senior leaders develop their strategic
leadership skills when working across multiple countries; and
• continue to roll out and embed Core 5 and Core 7 across the Group, along
with further development of our Group Leadership Success Profiles.
Organisational effectiveness
This element of the people strategy supports organisational design and
strategic workforce planning, to enable our business growth and ensure
our people have the systems, tools, structures and processes they need
to do their best work for our customers.
Activities and performance in 2024
In 2024, we prepared for a significant upgrade to our HR systems,
which we will implement in 2025. This will see us move from the SAP
SuccessFactors Human Capital Management suite to SAP SuccessFactors
Employee Central, a cloud-based HR information system. This will give
our people better HR tools and make them all available through a single,
global people platform, significantly improving the user experience.
Priorities for 2025
In 2025, we will:
• implement the upgrade to our HR systems infrastructure;
• further develop our organisational design and strategic workforce
planning; and
• continue to optimise our HR processes and systems.
Our people policies
We have a wide range of policies that relate to our people. These include:
• our recruitment policies, which ensure we are focused and consistent
in our processes to bring people into the organisation, and that we
assess their talent objectively and on merit;
• our Equality and Respect at Work policies, which underpin our D&I
approach and set out our commitment to zero tolerance of discrimination
relating to someone’s personal attributes, including race, colour,
religion, sex, sexual orientation, gender identity or expression, national
origin, age, disability, marital status, pregnancy, citizenship, genetic
information, socio-economic status, caste, or any other personal
characteristic, trait or status that is protected by law;
• our talent management policies which, along with our Equality and
Respect at Work policies, help ensure that we identify and develop the
best talent, regardless of gender, ethnicity, or social background, or any
other personal attributes; and
• our pay policies which require, for example, annual pay reviews for
our people.
Our people can raise any concerns in relation to these policies through our
in-country grievance processes or in accordance with the Group Speak Up
(whistleblowing) policy, using our independent whistleblowing hotline
(see page 077). Any concerns raised are fully investigated, with oversight
from the Group Legal and Compliance Director and the Chief People Officer.
In 2024, there were no material issues raised that related to our
people policies.
In addition to the policies listed above, we have policies relating to ethical
behaviour, including protecting human rights, which are described on
page 059, as well as health and safety (see below).
Health and safety
Our health and safety policy requires us to reduce or eliminate health and
safety risks, as far as reasonably practicable. We do this by identifying
and controlling hazards and preventing incidents, particularly those
involving personal ill-health, injury or damage to assets. We also investigate
near misses, to avoid future incidents. This is an integral part of the
efficient operation of the business.
Everyone concerned must be aware of their responsibilities for health
and safety. All line managers therefore ensure the policy is implemented
within their areas of responsibility and employees must take reasonable
care of health and safety for themselves and others who may be affected
by their acts or omissions. Failure to observe the policy can result in
disciplinary action.
In addition, we:
• aim to continually improve and encourage all employees to set
an example;
• promote employee participation and consultation on health and safety;
• provide the necessary resources in the form of finance, equipment,
people and time to implement the policy; and
• maintain a legal compliance register, to ensure we fulfil our obligations.
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Sustainability continued
Our primary performance measures are the Accident Incident Rate (AIR),
which is the number of accidents per 1,000 employees, and the Accident
Frequency Rate (AFR), which is the number of accidents per 100,000 working
hours. We achieved a solid performance in 2024, with reductions in both
rates. This was driven by our established Health & Safety Management
System and supported by achieving the ISO45001 Health & Safety
accreditation in the UK.
We also remained compliant with all relevant legislation and continued
to monitor forthcoming legislation, to assess its relevance to us and
our compliance.
AIR AFR
2024 2023 2024 2023
UK 0.95 1.53 0.18 0.19
Germany 2.65 3.83 0.13 0.31
France 2.67 2.92 0.49 0.54
We have seen good uptake of our health and safety training, with 2,703
completed courses. Topics covered range from asbestos awareness to
manual handling.
Our community strategy
Our strategy for our communities focuses on delivering social value
where we can make a difference, so we enable our people to use their
passion to create positive and impactful change. We focus our work on
the following areas:
• inspiring the next generation to follow a career in STEM, through
educational outreach and mentoring programmes with schools,
universities and charities;
• encouraging volunteering, to enable our people to positively contribute
to their communities and drive forward our sustainability focus areas;
• working with our technology vendors and the wider industry to drive
change around topics that are important to our business, our customers
and our people; and
• giving back, both locally and globally, by working with charities that
align to our wider sustainability focus areas.
Activities and performance in 2024
During 2024, we continued to develop our outreach programmes, which
target groups including women, ethnic minorities, people with disabilities,
and young people from disadvantaged backgrounds. Our flagship
programme is Bright Futures in the UK and we now have similar programmes
in seven countries. In total, over 200 employees took part in 2024,
providing 1,076 hours of outreach and engaging with 23,485 people.
To encourage our people to create social value, we launched our
Volunteering policy in the UK, US and Canada. This provides each employee
with paid time off to volunteer for activities aligned to our chosen UN SDGs,
please see our website: www.computacenter.com/sustainability/
un-sdgs. In 2024, over 50 people took advantage of this opportunity.
Community programmes in conjunction with our technology vendors
and the wider industry typically include clean-ups, collection drives and
auctions to support local charities. We also directly support charity
fundraising. During 2024, together with our people, we supported over
40 charities.
For examples of our community action and charitable initiatives, please
see our website: www.computacenter.com/sustainability
Priorities for 2025
Our priorities for the year ahead include:
• continuing to expand our STEM outreach programme across
the Group; and
• rolling out the Volunteering policy Group-wide.
Human rights
Our human rights considerations fall into two areas: protecting the rights
of our employees and ensuring that we are not complicit in human rights
abuses within our supply chain. To help us meet our responsibilities, we
have adopted the principles of the leading international standards and
conventions on human rights across our business dealings, in particular:
• the UN Global Compact (UNGC), which we signed in 2007;
• the Universal Declaration of Human Rights;
• the UN Guiding Principles on Business and Human Rights;
• the UN Conventions on Rights of the Child; and
• fundamental conventions of the International Labour Organization.
Human rights of our employees
The human rights of our employees are addressed by our people policies
and our understanding of and compliance with local labour laws wherever
we do business. This includes our Health and Safety, Respect and Equality
at Work policies and our disciplinary and grievances processes. Our Group
Ethics Policy also sets out our commitment to observing the highest
ethical standards in our business conduct, as these relate to the rights
and treatment of individuals.
Our people can report any human rights concerns using our independent
whistleblowing hotline (see page 077). In 2024, there were no issues
raised within the Company that related to human rights breaches.
Human rights in the supply chain
When selecting suppliers, we ensure that our terms of engagement are clear
and that they support our Group values and wider sustainability objectives.
Onboarding of suppliers for most countries is managed by the Supplier
Advisory and Monitoring team. The team uses a standardised onboarding
process, which is underpinned by a supplier management platform to
drive greater consistency, automation, visibility and risk management.
Each supplier self-assesses on several topics, including sustainability
issues, and accepts the standards required by key Computacenter
policies by agreeing to adhere to our Supplier Code of Conduct. The code
of conduct sets out the 10 principles in the UNGC, which include human
rights, modern slavery, anti-bribery and corruption, and environmental
matters, and requires those in our supply chain to use Safecall to report
any concerns. Our Group Speak Up (whistleblowing) policy is also
published on our website, to make it easily accessible to anyone within
our supply chain.
In 2024, there were no issues raised within the Company that related to
modern slavery or human trafficking in our supply chain.
Computacenter publishes a full Modern Slavery Statement each year and
the latest statement can be found on our www.computacenter.com/
en-gb/information/modern-slavery-statement.
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Sustainability continued
Planet
We have a long-standing commitment to sustainable operations
and take a responsible approach to managing and reducing our
direct and indirect environmental impacts.
2022
Carbon neutral for
Scope 1 and 2
Achieved
Near-term Scope 1, 2 and
3 emissions reductions
Progress
2032
Net Zero for Scope 1, 2
and 3
Progress
2040
Computacenter’s material environmental impacts are driven by:
• Circular Services – helping customers make
responsible choices in the end-of-life treatment
of their IT devices
• Technology Sourcing – helping customers to
source sustainable options for their hardware
and software estates
• Technology Sourcing – emissions, waste and
pollution associated with the products we source
for our customers
Our Sustainable Operations Strategy houses
our Net Zero transition plan and sets out the
focus areas where we will invest and innovate
to achieve our environmental goals.
Three key workstreams help us to address
our environmental targets through our
priority transition plan initiatives:
1. Energy and natural resources
2. Travel and operations
3. VAR supply chain
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Sustainability continued
1. Energy and natural resources
The energy we use at our facilities and the energy we purchase.
2. Travel and operations
Our business travel, commuting, IT operations, capital goods
and downstream transportation.
Our focus areas
Increasing the procurement of renewable
energy and optimising our water consumption
in high-use areas.
Expanding our own energy production by identifying
new solar panel deployment opportunities.
Reducing the energy needed by our infrastructure
by making sustainable investments.
Priority initiatives
• Using energy from renewable sources
• Continuing to invest in and leverage our own
solar farms
• Leveraging lower carbon footprint infrastructure
Policies and outcomes in 2024
Sustainable energy procurement approach
During 2024, we have increased our commitment
to sourcing energy from renewable sources in
eight countries.
Sustainable Procurement Policy
We updated our policy guidelines at the end of 2023,
in line with our key metrics and targets. This policy
establishes a framework for integrating sustainability
principles into our procurement activities.
Our focus areas
Pursuing our transition to a hybrid and electric fleet.
Using our business travel carbon levy to help
reduce our impact, and using the funds generated
to support our sustainability initiatives.
Reducing waste generation and diverting waste
from disposal through recycling and treatment.
Priority initiatives
• Optimising the carbon travel levy to drive
sustainable business travel and support
environmental initiatives
• Maximising the environmental benefits
of collaboration technology and hybrid
working models
• Reducing the number of internal combustion
engine vehicles in our UK fleet
Policies and outcomes in 2024
Internal carbon travel levy
Our carbon travel levy applies a carbon charge
to business-related travel. This helps our people
consider the environmental impact of their travel,
and is supported by collaboration technologies
in key locations – such as our new broadcast studio
in Hatfield, UK.
Key metrics
Renewable electricity see page 074
Electricity generated from our own
solar installations see page 074
Energy usage
In 2024, the Group consumed 9.3m kWh of Scope
1 energy, and 37.1m kWh of Scope 2 energy.
Of this, the UK business consumed 3.2m kWh of
Scope 1 energy, and 17m kWh of Scope 2 energy.
In 2023, the Group consumed 9m kWh of Scope 1
energy (United Kingdom operations: 1.96m kWh),
and 40.5m kWh of Scope 2 energy (United
Kingdom operations: 17.5m kWh).
We benefit from electricity generation from our
solar panel installations in Hatfield, United
Kingdom, Kerpen, Germany, Livermore, California,
and most recently, Moordrecht, Netherlands.
In total we have the capacity to generate over
4.4m kWh of our own electricity, avoiding up to
2,324 tonnes of annual CO
2
e.
In addition to generating our own electricity, we
source renewable energy for our operations in
multiple countries, including across Europe and
the US. In total, we consumed 29m kWh of
renewable energy in 2024, of which 16.8m kWh
was consumed in the UK.
Vehicle provision policy
The objective of this policy is to set out the
responsibilities of the company, management and
individual employees with respect to company
vehicles. We increased the percentage of non-internal
combustion engines (ICE) vehicles in our fleet.
Key metrics
Fleet electrification see page 074
Leased vehicles
We apply a financial control boundary for GHG
emissions reporting, meaning leased vehicles
are recognised as assets under IFRS 16. While
this may typically place their emissions under
Scope 1, we do not have operational control over
vehicle maintenance or servicing. As a result,
and in line with GHG Protocol guidance, we
classify their emissions under Scope 3 while
acknowledging their financial recognition on
our balance sheet.
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Sustainability continued
3. VAR supply chain
Our purchased and resold products and services, use and end-of-life treatment
of sold products, and upstream transportation
Our focus areas
Understanding our vendor sustainability
roadmaps and incorporating them into our
Sustainability Strategy.
Refining our packaging and transportation
strategy, to reduce the emissions related to our
own logistics.
Automating the way we provide emission
information to our customers, to help inform
their purchasing decisions.
Priority initiatives
• Understanding key technology vendor Net Zero
plans and establishing joint sustainability
initiatives where applicable
• Driving customer engagement and transparency,
to encourage sustainable sourcing decisions
• Leveraging our international infrastructure, to
deliver low-carbon offerings to our customers
• Maximising the use of our Circular Services
capabilities, to help our customers manage the
end-of-life treatment of their IT estates
Policies and outcomes in 2024
Supplier Code of Conduct
Our Code of Conduct sets out our expectations for
suppliers to be environmentally responsible.
Supplier onboarding and management
We continued to utilise our One Trust Supplier
Management system for onboarding new suppliers.
This system enables us to manage supply chain risk
in accordance with our policies.
Key metrics
VAR strategic supply chain partners
with an SBTi-aligned Net Zero target.
See page 074
Devices recovered through our Circular
Services division. See page 074
Materials usage and waste
Materials include the packaging we use in our
Integration Centers and the packaging our
technology vendors use when transporting goods
to us. This category also includes items we mail
and our use of single-use plastics. Initiatives to
drive efficient material use and minimise landfill
are part of our Responsible Operations Strategy.
Nearly all plastic bags are now either retained
to be re-used or separated and collected for
dedicated plastics recycling. We send as little
waste as possible to landfill and closely monitor
recycling performance for materials such as
plastics, paper and cardboard.
Environmental policy and management
The Group has an environmental policy, which we
enact through an Environmental Management System
(EMS) certified to International Management standard
BS EN ISO 14001:2015. The environmental policy
requires us to identify our significant environmental
impacts and provides the framework for setting
targets and objectives. It is supported by a manual
that sets out the roles and responsibilities and actions
we undertake with respect to our environmental
policy, including our approach to due diligence.
The due diligence process addresses direct
and indirect environmental aspects:
• Direct aspects are those that we can control and
can be expected to influence.
• Indirect aspects are those where we are one of
many stakeholders and may not have the ability
to influence.
For each environmental aspect we identify, we make an
objective and systematic evaluation of its significance,
assessing it against criteria rated according to their
perceived severity of impact – the higher the impact
the greater the rating. Our Environmental Aspect
Significance Procedure sets out how we assess and
determine our environmental aspects, and the Site
Profiles Procedure describes how each of the sites is
assessed. We record the results of these due diligence
assessments in the Register of Environmental Impacts.
The environmental management of suppliers and
contractors is set out within our Management System
Vendor Assessment Procedure. We check suppliers of
waste and recycling services to ensure that we only
use those with permits and licences appropriate to
the work. Where necessary, we may conduct an
environmental audit of suppliers which could have a
significant impact on our activities. The communication
of identified environmental issues is governed by our
procedure for internal and external communications.
There were no recorded breaches of the policy in 2024.
Computacenter UK is registered as a distributor of
product via the compliance company Paperpak,
ensuring we have fully complied with packaging waste
regulations since 2000.
Computacenter complies with the Energy Savings
Opportunity Scheme (ESOS) by submitting its energy
report each year.
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Sustainability continued
Solutions
Offering sustainable solutions for our customers.
Sustainability relies on collaboration up and down the value chain.
Our customers trust us to be a responsible business, and they rely
on our technology and services expertise to help them to achieve
their own sustainability goals.
We categorise our sustainable solutions into three main areas:
Circular Services, Technology Advisory and Technology Lifecycle.
895,000
devices recovered
Progress
3.5m
new devices sold
Progress
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Sustainability continued
Circular Services
In a traditional linear economy, goods are made, used
and then disposed of. The circular economy means
that we keep resources in use for as long as possible,
extract the maximum value from them while they are
in use and then recover and regenerate products and
materials at the end of each service life.
Our UK subsidiary RDC has been offering circular
services in the technology industry for over 30 years.
In 2023 we made the decision to integrate RDC’s
Circular Services offering into the core Computacenter
portfolio as a separate business division and to
incorporate elements of Circular Services that we
already have in different regions into this division.
We currently provide these services to customers in
over 40 countries, and we are investing to build further
in-house capability in the US and Europe as needed,
and to broaden our Circular Services coverage to the
70+ countries that we offer our other services in today.
Our new offering has three components:
Redeployment – where we collect a customer’s
device that is no longer needed in its current
setting and redeploy it into the same customer,
either in a similar setting or to be used for a new
purpose. We redeployed approximately 186,000
items in 2024 through Circular Services.
Remarketing – where a customer has finished
using a device, but it still has a use in another
market. When we remarket, we make sure the
device is data cleansed and has a residual value.
Any proceeds from the sale of a device into
another market are returned to the customer for
reinvestment. We remarketed over 1.3m items
for our customers in 2024.
Recycling – probably the most familiar of these
types of activity. We recycle when a device no
longer has a useful life or resale value. When we
recycle, the device is broken down to extract
materials that can be reused, with the unusable
materials then being responsibly disposed.
We recycled approximately 880,000 items in 2024.
When we redeploy, remarket or recycle a device, we
are reducing the environmental impact that would
have occurred in manufacturing a new one, which
enables us to calculate and report the carbon
avoidance for our customers.
By significantly scaling our Circular Services
business we believe we can make a positive impact
on the environment faster.
Last year, we announced a new target: to recover
a device for every device we sell
Recovery means redeployment, remarketing or
recycling through Circular Services. Devices include
PCs, monitors, printers, switches, routers and servers.
Device is a subcategory of items.
In 2024, we increased the number of recovered
devices to approximately 895,000, while we sold
approximately 3.5m new devices.
Technology Advisory
As one of the world’s largest VARs, we work closely
with our technology vendors to understand their
sustainability strategies and help our customers to
make informed decisions.
Selection of the most sustainable technology products
We make available the Electronic Product Environmental
Assessment Tool (EPEAT) and EnergyStar energy usage
ratings for the products we supply to our customers
and identify other sustainability metrics that help to
contribute to each customer’s specific goals. We also
work with customers to help quantify the carbon
footprint of their existing IT estate, enabling them to
understand and address the environmental impact
as part of future change initiatives.
Sustainable supply chain options
We are the VAR with what we believe to be the best
international capability in the world, and this allows us
to help both our customers and technology vendors to
leverage our Integration Centers in different regions
for local supply rather than export, where possible.
We still have work to do with both our customers and
technology vendors to further minimise the need for
export solutions, and we continue to build the local
capabilities to support this objective.
Technology Lifecycle
By combining our Service Lines (Technology Sourcing,
Professional Services and Managed Services) with
Circular Services, we are in a strong position to help
customers throughout the technology lifecycle:
inform, procure, deploy, support and recover.
Ways of working for people
Technology creates new ways of working for our
customers. We provide workstyle analysis to support
the design of optimum solutions, which include the
use of our Tech Centers and secure locker collection to
minimise travel, logistics and field force deployment.
These approaches can all contribute to a sustainable
hybrid working strategy and reduce the
environmental impact of IT service support.
Sustainable deployment
We offer a range of services to allow customers to
deploy technology with the minimum environmental
impact. These include our trolley and flight case
services, used to deploy at scale in offices but remove
packaging from technology (laptops, network devices
and servers) at our Integration Centers. These services
increase efficiency, reduce local engineering effort,
and provide environmentally friendly waste disposal
at scale.
Asset management
Using our SmartHub platform, we provide customers
with better data about their assets including length of
life, configuration and update status. This information
enables customers to make more-informed choices
about redeployment and replacement, helping to
extend the usable life of assets.
Sustainability continued
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Task Force on Climate-Related Financial Disclosures
The following statement sets out
Computacenter’s approach to
climate change, including the
risks and opportunities, the
potential impact on our business,
and the mitigations and actions
we have taken and will take to
respond. We have made disclosures
consistent with the TCFD’s
recommendations and
recommended disclosures.
TCFD Theme Recommended disclosures Alignment 2024 Improvement areas
Governance
Disclose the organisation’s
governance around
climate-related issues
and opportunities.
See page 066
A: Describe the Board’s oversight of climate-related risks
and opportunities.
B: Describe management’s role in assessing and managing
climate related risks and opportunities.
There is an opportunity to provide greater
detail about the processes used by the
Board and Board Committees in
considering climate-related issues.
Timescales: 2025–2026
Strategy
Disclose the actual and potential
impacts of climate-related risks
and opportunities on the
organisation’s business, strategy
and financial planning where
such information is material.
See page 068
A: Describe the climate-related risks and opportunities the
organisation has identified over the short, medium and
long term.
B: Describe the impact of climate-related risks and
opportunities on the organisation’s businesses, strategy, and
financial planning.
C: Describe the resilience of the organisation’s strategy, taking
into consideration different climate-related scenarios,
including a 2°C or lower scenario.
We currently focus financial disclosure on
principal risks only. Further transparency
of the financial impact of all risks and
opportunities is under review.
Timescales: 2025–2027
Risk management
Disclose how the organisation
identifies, assesses and
manages climate-related risks.
See page 073
A: Describe the organisation’s processes for identifying and
assessing climate-related risks.
B: Describe the organisation’s processes for managing
climate-related risks.
C: Describe how processes for identifying, assessing and
managing climate-related risks are integrated into the
organisation’s overall risk management.
We have taken a high-level approach to
climate change scenario analysis. This
could be refined to support more detailed
disclosures in future.
Timescales: 2026–2028
Metrics and targets
Disclose the metrics and targets
used to assess and manage
relevant climate-related risks
and opportunities where such
information is material.
See page 073
A: Disclose the metrics used by the organisation to assess
climate-related risks and opportunities in line with its
strategy and risk management process.
B: Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 GHG
emissions, and the related risks.
C: Describe the targets used by the organisation to manage
climate-related risks and opportunities and performance
against targets.
There is an opportunity to clearly
articulate the amount or extent of assets
or business activities impacted by
transitional and physical risks. We are
working towards disclosing our Scope 3
emissions metrics.
Timescales: 2026–2028
We have included improvement areas in our
programme of ESG reporting readiness, which is
overseen by our Group Sustainability team.
We have also included further climate-related
disclosures in the Sustainability section on page 053.
In preparing this statement, we have considered the
following documents:
(1) TCFD Final Report and TCFD Annex;
(2) TCFD Technical Supplement on the Use of
Scenario Analysis;
(3) TCFD Guidance on Risk Management Integration
and Disclosure;
(4) TCFD Guidance on Scenario Analysis for Non-
Financial Companies; and
(5) TCFD Guidance on Metrics, Targets and
Transition Plans.
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Task Force on Climate-Related Financial Disclosures
The Board’s role in assessing and managing climate-
related risks and opportunities
• Overall responsibility for managing risks and responsibilities.
• Reviews and approves the Sustainability Strategy and climate-
related targets, performance and priorities.
• Considers climate-related matters in strategic planning, overseeing
expenditures and performance objective setting.
• Reviews material climate-related actions and metrics, and reviews
performance against targets, including emissions reduction targets.
2024 activities
• Reviewed the Circular Services target and assessed performance
against it.
• Reviewed forthcoming EU regulatory obligations and approved the
scope and approach for the readiness programme.
• Reviewed and responded to the climate-related Double Materiality
Assessment results and alignment to EU Taxonomy, providing
guidance for gap analysis and priorities for reporting assurance.
• Considered 2024–25 priorities to meet evolving customer needs.
• Remuneration Committee reviewed the sustainability criteria in
the variable remuneration plan.
Governance
The Board’s oversight of climate-related
risks and opportunities
The overall governance structure for climate-related
risks and opportunities is the same as for any of
Computacenter’s other key risks and opportunities
page 046, with the Board having overall responsibility
for managing risks and opportunities.
The Board
Audit CommitteeManagement
Relevant experience
Two of our Independent Non-Executive Directors
have current or prior experience of chairing and
participating in ESG committees, as well as
participating in climate-related risk management
oversight in a variety of sectoral settings.
Reports quarterly
Reports quarterly
Group Risk
Committee
Climate Change
Committee
Reports quarterly
Reports twice per year
Annual ESG risk and
opportunity review
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Task Force on Climate-Related Financial Disclosures continued
Management’s role in assessing and managing climate-related risks and opportunities
Audit Committee
• Ratifies and approves climate-related targets
and investments.
• Considers climate-related issues in business
plans, and material programmes of work.
• Provides data to support climate-related
metric measurements.
• Implements climate-related actions
and policies.
• Discusses material climate-related actions
and policies with the Board.
2024 activities
• Reviewed the company’s TCFD climate risk
disclosure responsibilities and provided
feedback on the disclosures.
• Approved the updated scoring framework for
ESG and climate-related risk, opportunity and
impact assessment.
The Board delegates specific climate-change matters to our Management and subcommittees:
Management
• Oversees non-financial disclosures, including
climate-related disclosures.
• Assesses climate-related risks, both physical
and transitional, that could impact operations,
financial performance or reputation.
• Monitors regulatory developments and ratifies
alignment planning activities.
• Collaborates with other committees to ensure
oversight of climate-related issues.
2024 activities
• Reviewed the Sustainability Strategy and
associated targets.
• Discussed and reviewed the 2023 and 2024
Travel Levy approach.
• Provided support and sponsorship for the
Double Materiality Assessment.
Climate Change Committee
• Monitors climate-related regulation and
assesses the impact on Computacenter.
• Reviews climate-related risks and opportunities.
• Develops risk management strategies
to manage, mitigate, accept or defer
climate-related risks, including making
recommendations to Management
for investment.
• Establishes and reviews climate-related
targets, metrics, actions and policies.
• Communicates climate-related initiatives
and achievements to the Sustainability
Communications function.
2024 activities
• Conducted reviews of climate-related
regulations, including reporting standards
such as CSRD and the EU Taxonomy.
• Reviewed climate-related risks and
opportunities by analysing industry trends,
peer activities and market shifts.
• Communicated to Sustainability Champions
to share updates on key climate-related
initiatives, including progress on emissions
calculation and reduction.
• Reviewed the TCFD disclosures.
The Climate Change Committee
The Group Development Director chairs the Climate
Change Committee, which includes the Head of
Facilities, the Managing Director Circular Services, the
Head of Insurance, as well as representatives from
Group Service Lines, Human Resources and the Group
Sustainability Team. Regional representatives attend
as required.
Each representative is responsible for considering
climate-related risks, opportunities and impacts
with respect to their divisional strategy and
objectives, and for providing associated metrics
to support decision-making and measure progress.
The Climate Change Committee members are also
responsible for ensuring policies and action plans
are cascaded to relevant business stakeholders.
Sustainability Champions
We have established a network of Sustainability
Champions in each of our key countries. They help to
communicate and advocate for our Sustainability
Strategy, identify risks and opportunities, and embed
climate-related matters into local activities.
We have also established a Group Sustainability Team,
led by our Group Development Director, which focuses
primarily on driving our Sustainable Operations
Strategy, which underpins our climate-related activity
and Net Zero transition plan. The Group Sustainability
Team also supports other departments to develop
their strategies in line with our sustainability
objectives, and to measure and report on key
performance indicators.
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Task Force on Climate-Related Financial Disclosures continued
Climate-related risks and opportunities
over the short, medium and long term
We recognise the potential impacts on our business,
including those associated with the transition to a
low-carbon economy and the physical effects of
climate change. We have identified a variety of risks
and opportunities that fall across the short, medium
and long term.
In 2024, we updated our time horizons to reflect
those set out in the European Sustainability
Reporting Standards.
Short term 0–1 years
Medium term 1–5 years
Long term 5+ years
These time horizons also align with our strategic
planning approach.
We use our risk management and control framework
for assessing and identifying all principal risks, including
climate-related risks. The Group Sustainability Team
performs its own risk and opportunity assessment,
which is fed into the Group Operating Business Risk
Assessment process (GOBRA) alongside risks from
managers across the business.
Risk framework
See page 046
Climate scenarios
See page 072
We used the TCFD risk framework to consider the
potential regulatory, market, physical and reputational
risks, and product and service opportunities. Our risk
and opportunity scoring framework ensures each risk
or opportunity is objectively scored on the basis of
financial materiality (rating 1–6, with 6 being the
threshold for a principal risk) and likelihood (also
rating 1–6, with 1 being remote and 6 being expected).
The scoring uses financial scenarios rather than
forecasts and we estimate impacts without
accounting for any risk management or adaptation
actions that we might take.
We review and assess risks on an ongoing basis
and formally once per year. Our risk management
framework details the controls we have in place
for principal risks, including who is responsible for
managing both the overall risk and the individual
controls mitigating it. There are currently no
climate-related risks that are principal risks.
Links to our strategy
Focus on our target market customers
Build Service Line scale and
competitive advantage
Empower our people
Climate-related levies
Strategy
Climate change is a global threat and a challenge
shared by all. We have therefore committed to
becoming Net Zero by 2040 or sooner, with our 1.5°C
aligned near-term, long-term and Net Zero targets
validated by the Science Based Targets initiative (SBTi)
in June 2023.
Managing climate-related risks and opportunities
underpins our commitments and helps to ensure that
we deliver on our promises and our strategy.
More information about our Net Zero
commitments can be found in the metrics
and targets section.
See page 073
Policy & Legal
Time horizon (years)
5+
Climate scenarios
Likelihood Impact
Below 2°C
4
4
4°C
3
4
Risk
We may face an increased cost of climate-related
levies, or increased pricing of greenhouse gas
(GHG) emissions.
Service line or location impact
This risk will have a broad-reaching impact across
the entire business.
Mitigation
We monitor climate-related levies and resource
pricing through our Climate Change Committee.
We have invested in our own energy generation
solutions at key Integration Center locations.
Link to our strategy
Transitional risk:
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Increased and inconsistent
regulatory burden
Increased and inconsistent
stakeholder expectations
Increased cost of energy Extreme weather conditions and their
effect on our supply chain
Policy & Legal MarketReputational
Time horizon (years)
5+
5+ 1–5 5+
Climate scenarios
Likelihood Impact
Below 2°C
3
5
4°C
2
5
Likelihood Impact
Below 2°C
2
5
4°C
2
5
Likelihood Impact
Below 2°C
5
3
4°C
4 2
Likelihood Impact
Below 2°C
2
4
4°C
3
5
Risk
Operating in an increasingly burdensome regulatory
environment, Computacenter faces an increased
ESG regulatory burden, which can lead to higher
compliance costs and resource allocation, and the
risk of legal penalties and reputational damage if
requirements are not met.
Stakeholder expectation are driven by regional and
market pressures. Operating on an international
basis potentially exposes us to conflicting
stakeholder pressures, which could lead to us
being unable to meet our obligations effectively.
National climate adaptation measures may lead to
increases in the cost of power, particularly green
energy from renewable sources.
Extreme weather conditions – for example
flooding – have the potential to disrupt value chain
activities such as technology manufacturing and
logistics, raw material mining, and third-party
data centers. This would lead to service
disruptions, delays in product procurement,
and financial losses.
Service line or location impact
This risk will impact the entire business. This impact will chiefly affect our sales countries. This risk will impact the entire business. This risk will chiefly impact our Technology
Sourcing Service Line.
Mitigation
We perform horizon scanning to monitor evolving
and emerging regulation in the countries in which
we operate, with regulatory obligations being
managed centrally to maximise efficiency. Expert
third parties support and assure our approach.
We are active in our partner and customer
communities, working closely to understand
stakeholder demands and local, regional and
industry pressures that drive ESG expectations.
This is fed into the Group Sustainability Team
to drive continued evolution of our Sustainability
Strategy and alignment to stakeholder goals.
We have an established programme of investment
in our own solar power generation capabilities,
which helps to mitigate the risk of rising or
fluctuating electricity pricing, in addition to actively
reviewing our consumption across our estate.
We create scale through building partnerships
with the world’s leading technology vendors.
Our vendor-agnostic approach helps customers
source from multiple suppliers, creating supply
chain resilience. Services such as bill and hold
enable us to help customers manage long-term
programmes.
Link to our strategy
Transitional risk: Physical risk:
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Physical risk:
Extreme weather conditions and their
effect on our operations
Higher temperatures and their effect
on our people
Higher temperatures and their effect
on critical infrastructure
Water scarcity and its effect on our
supply chain
Time horizon (years)
1–5 5+ 5+ 1–5
Climate scenarios
Likelihood Impact
Below 2°C
3
2
4°C
4
2
Likelihood Impact
Below 2°C
2
2
4°C
3
3
Likelihood Impact
Below 2°C
3
2
4°C
4
2
Likelihood Impact
Below 2°C
2
5
4°C
3
5
Risk
Isolated extreme weather events may cause
business disruptions such as travel restrictions,
potential losses, and operational downtime.
Higher temperatures may lead to greater heat-
related illness among employees, leading to greater
management effort, increased focus on wellbeing
initiatives, and potential service degradation.
Higher summer temperatures and rapid changes
in temperature and humidity may cause challenges
for data center cooling, which could disrupt key
business and customer services.
In some water-stressed regions where
semiconductors are produced, droughts can
disrupt manufacturing, leading to supply chain
issues for us. This can result in financial losses
due to an inability to meet demand.
Service line or location impact
This risk will impact the entire business. Offshore locations such as India, South Africa,
Mexico and Malaysia are most likely to be affected.
This risk will chiefly impact our data centers in
Germany and North America.
This risk will chiefly impact our Technology
Sourcing Service Line.
Mitigation
We have established a strong remote-working
capability, with a blended service delivery model
that enables us to deliver consistent services
from on-, near- and off-shore Service Centers.
This is underpinned by robust and consistent
scale infrastructure.
Our blended service delivery model enables us to
deliver consistent services from on-, near- and
off-shore Service Centers. Our people strategy and
focus on well-being will provide mitigating training
and support for affected personnel.
Our investment approach to leveraging cloud-
based solutions from leading global suppliers
will mitigate our reliance on high-risk facilities
and locations.
We create scale through building partnerships
with the world’s leading technology vendors.
Our vendor-agnostic approach enables us to
source from different suppliers, helping to mitigate
the supply risk. Services such as bill and hold
enable us to hold stock for customers.
Link to our strategy
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Increased demand for sustainable services, particularly Circular Services
Physical risk: Opportunity:
Insurance costs for natural disasters Wildfire and flooding
Time horizon (years)
5+
5+
Climate scenarios
Likelihood Impact
Below 2°C
2
2
4°C
3
3
Likelihood Impact
Below 2°C
3
4
4°C
4
5
Risk
Increased prevalence of climate-related natural
disasters may lead to increased insurance costs.
The physical risks of climate change, such as wildfires
and flooding in offshore sites, can damage our
facilities and cause supply chain disruptions,
potential losses, and operational downtime.
Service line or location impact
Offshore locations such as India, South Africa,
Mexico and Malaysia are most likely to be affected.
This risk will chiefly impact our locations in
Germany, the UK, North America and India.
Mitigation
Our location strategy will continue to consider the
environmental risks associated with our premises.
Our location strategy considers ESG risk to
minimise disruption at a local level. This is
supported by our blended delivery model, which
facilitates the transfer of services between
locations with minimised impact to our business
and customers.
Link to our strategy
Time horizon (years)
5+
Climate scenarios
Likelihood Impact
Below 2°C
3
5
4°C
3
6
Opportunity
We have an established Circular Services capability
which is a focus of investment and expansion.
This service enables customers to achieve their
sustainability ambitions.
This is underpinned by our ability to supply
technology products locally in multiple regions
(the UK, EU, North America and APAC) which helps
large international customers to reduce shipment
costs and the associated carbon footprint.
This international coverage will also increase
our resilience and help us provide greater value
chain resilience to our customers.
Our existing strength as one of the world’s most
international and Services-led VARs give us the
opportunity to establish a leadership position in
helping both customers and technology vendors
to achieve their sustainability goals.
Service line or location impact
This opportunity will impact all three of our
Service Lines.
Actions
We have established an ambitious Circular Services
target, which is supported by our expansion of
capabilities across our Group delivery locations.
Our investments in technology sourcing
infrastructure, including the deployment and
integration of platforms globally, enables us
to provide consistent services across all of our
Integration Centers, working with leading
technology vendors across all aspects of
technology infrastructure.
Link to our strategy
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Climate-related scenarios and
strategy resilience
We have undertaken high-level scenario analysis to
help us understand the implications of possible climate
pathways for our business and strategy resilience.
We are reviewing our scenario analysis approach as
part of our broader ESG disclosure readiness activities,
with plans to improve our approach.
Using information taken from the UN’s
Intergovernmental Panel on Climate Change (IPCC),
we have considered the potential impacts of
climate change on our business if average global
temperatures were to rise by up to 2°C and 4°C above
pre-industrial levels by 2100. We considered the
impact on short-, medium- and long-term bases,
and assessed our risks and opportunities in the
context of these scenarios.
The scenarios we have chosen reflect the TCFD
requirement for a 2°C or lower scenario and a
higher-carbon scenario. They indicate that transition
risks, and physical risks in particular become more
material in a higher-carbon scenario.
Transition risk – legal and policy,
and reputation risk
Particularly in a scenario where we move towards a
low-carbon economy, we face increasing compliance
requirements as well as pressure from business
stakeholders and market initiatives related to
sustainability reporting. As reporting requirements
expand and customer demand increases, we could
face increased costs to meet the range of
expectations in the markets in which we operate.
Failure to comply with the broad range of disclosure
obligations could carry financial penalties or harm
our reputation.
We undertake horizon scanning to understand the
regulatory landscape in the countries in which we
operate, and use a centralised approach to compliance
to realise the synergies between requirements. We
also work within our value chain communities and with
our customers to understand demands and pressures,
anticipate future needs, and align transition plans
both up and downstream.
Physical risk – acute and chronic risk
to our supply chain and operations
Significant changes in weather patterns in the
medium to long term, both acute and chronic, could
result in interruptions to our technology vendors’
ability to manufacture and distribute on a timely
basis, and could cause damage to our service delivery
locations, including our Service Centers, Integration
Centers and Data Centers, affecting our ability to run
an uninterrupted service for our customers.
Most of our technology vendors are substantial
international businesses with the size, resilience,
technological capability, and investment capacity to
mitigate the future risk of climate-related damage
to their manufacturing and distribution process.
We work with multiple technology vendors, which
mitigates against one organisation, area or region
being impacted by extreme weather.
We carry out a physical assessment of our service
delivery locations across the globe as part of our
insurance risk assessment process and retain the
services of one of the foremost global engineering and
risk-based insurers. We have business contingency
planning, so we can move our service delivery to
alternative locations with minimal impact to service
levels. None of our service delivery locations are at
material risk of flooding from rivers or sea level rises,
from wind or from wildfires. Like many organisations,
we have reduced our reliance on physical offices, a
model proven successful during the Covid-19 pandemic.
Impact of climate-related risks and
opportunities on strategy and
financial planning
Any physical or transitional climate-related risk which
disturbs the equilibrium of our value chain could impact
the execution of our strategy, our levels of customer
service and satisfaction, and ultimately our financial
performance. While we do not recognise climate
change as a principal risk to the business, we do
recognise that sustainability is important throughout
the value chain and critical to our strategy and in our
planning (also see section 172 statement on page 078.
• Products and services: our integrated portfolio
is leveraged by customers to help them to achieve
their goals. We invest in developing service
outcomes that align with the key market trends
including sustainability, such as scaling our Circular
Services capabilities to help customers realise
the environmental benefits of reuse and recycling.
Our portfolio development activity considers
sustainability as an input to the financial
planning stage.
• Supply chain: our strategic partner planning
includes alignment of Net Zero transition plan
activities and other sustainable operations goals.
Our supplier due diligence and supplier management
processes consider environmental impact.
• Operations and location strategy: we build scale
and resilience in our infrastructure, helping address
the needs of our customers both locally and globally.
We consider climate-related risk and opportunity
as part of our operational investment planning,
driving infrastructure investments including our
ongoing programme of solar array installations,
facilities upgrades and location planning.
We have a Sustainable Operations Strategy to drive our
transition to a low-carbon economy, setting out the
activities we will undertake to reduce GHG emissions in
our operations and value chain to achieve our Net Zero
targets (see page 062).
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Risk management
Processes for identifying and assessing climate-
related risks
Our risk framework
See page 046
The process for identifying and assessing climate-
related risks follows our GOBRA process, supplemented
by activities undertaken by our Group Sustainability
team and validated by the Climate Change Committee.
As with all other risks, risks are identified from a
top-down and bottom-up basis from management
and business unit risk owners, along with subject
matter experts.
In 2024, we undertook a Group Double Materiality
Assessment, which identified impacts, risks and
opportunities relating to climate change, alongside
other sustainability topics. This work also formed part
of our preparation for compliance with existing and
emerging disclosure obligations including the
Corporate Sustainability Reporting Directive (CSRD)
and adoption of the International Sustainability
Standards Board’s (ISSB) International Financial
Reporting Standards (IFRS) disclosure requirements
in the UK.
As part of this assessment, stakeholder engagement
from across the value chain – including our own
subject matter experts, supply chain representatives,
employee and community representatives, customers
and investors – helped to identify key topics and
risks. We used a comprehensive scoring framework
to assess those risks and determine those that
are material to both us and our stakeholders.
We determined our materiality thresholds and used
them consistently to establish a holistic view of our
risk and opportunity landscape.
Our double materiality assessment used our existing
risk classification assessment, and the inputs and
outputs are aligned to the GOBRA process.
Processes for managing climate-related risks as
part of our overall risk management approach
The process for climate-related risks is the same
as the process for managing other business risks,
forming part of the Group risk management programme
that has been developed and is monitored by the
Group Risk Committee.
The Climate Change Committee is responsible for
setting the risk management strategy for climate-
related risks, and the risks are managed by the team
relevant to where the risk resides. For example,
climate risks in relation to facilities are owned by the
Group Facilities function and managed by the local
Facilities Manager. These teams are supported where
required by the Group Sustainability Team.
We have integrated the processes for identifying,
assessing and managing climate-related risks into
our overall risk management process by:
• using the Group risk framework and taxonomy for
identifying, recording and assessing risks;
• setting risk management strategies at the Climate
Change Committee to ensure alignment to targets
and commitments;
• managing risks in accordance with the Group
risk management programme; and
• reviewing and reporting climate-related
risks annually.
Metrics and targets
Metrics used to assess climate-related risks
and opportunities
In establishing the metrics, we have considered the
TCFD guidance on Metrics, Targets and Action Plans.
We have also considered the SASB’s industry-specific
metrics for the Software and IT Services industry.
We use several operational metrics to inform our
climate risk strategy and measure our progress.
Our Net Zero journey is the primary indicator for
determining how effectively we are responding to
all of the climate-related risks and opportunities
outlined above. See operational metrics on page 074.
Remuneration
For the year ended 31 December 2024, the discretionary
bonuses of the Chief Executive Officer and the Group
Development Director were linked to climate-related
change management and communication.
Additionally, 50% of the management team members
have a target aligned to our Sustainability goals.
Capital deployment
We do not have targets in relation to capital
deployment, but we continue to make expenditure
necessary to meet our commitments in terms of
climate change:
• During the period 2018–2023, we invested £2m in
solar panels, and we now have solar installations
at Integration Centers in the United Kingdom,
Germany, the Netherland and the United States to
support the reduction of Scope 2 emissions and
help to mitigate the transition risk relating to rising
energy costs.
• In 2024, we purchased renewable electricity at
an incremental cost of £200,000, resulting in
corresponding emissions reductions of 13,671
tCO
2
e. In 2023, the incremental cost for green
energy was circa £200,000, with corresponding
emissions reductions of over 11,000 tCO
2
e.
Targets used to manage climate-related
risks and opportunities, and performance
against targets.
Net Zero targets
Computacenter became Carbon Neutral for Scope 1
and Scope 2 emissions in 2022.
We have established near-term, long-term and Net
Zero targets.
Our SBTi-approved targets are:
• Near-term targets – we have committed to reduce
absolute Scope 1 and 2 GHG emissions by 82.1% by
2032 from a 2019 base year, and to reduce absolute
Scope 3 GHG emissions from purchased goods and
services, capital goods, fuel and energy related
activities, upstream transportation and distribution,
waste generated in operations, business travel,
employee commuting and upstream leased assets
by 50.4% by 2032 from a 2021 base year.
• Long-term targets – we have committed to reduce
absolute Scope 1 and 2 GHG emissions by 90% by
2040 from a 2019 base year, and to reduce absolute
Scope 3 GHG emissions by 90% by 2040 from a 2021
base year.
• Overall Net Zero target – we have committed to
reach Net Zero GHG emissions across the value
chain by 2040.
These targets were approved by SBTi in June 2023.
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The SBTi requires that science-based targets are
recalculated to reflect material changes in climate
science and business context, to ensure their
continued relevance. The SBTi stipulates that targets
shall be reviewed, and if necessary, recalculated and
revalidated at least every five years. Our emissions
recalculation process documents how and when we
will restate or recalculate our data and targets, and
this is overseen by our Climate Change Committee.
We review our GHG inventory on an annual basis and
will restate our data and/or recalculate our science-
based targets when required, to reflect significant
changes to our Company structure, methodology
changes or errors.
We define a significant change as one that has driven
a cumulative increase or decrease in emissions in a
particular Scope of greater than 5.0% of previously
reported numbers. Where we perform a restatement
or recalculation, we will clearly describe it in our
annual reporting.
Our commitment to the SBTi, along with other
disclosures such as the Carbon Disclosure Project (CDP),
reflect our investment in robust processes, procedures
and controls to support climate-related reporting.
Definitions
Carbon neutral: means no net release of GHG
emissions to the atmosphere, achieved first through
continual emissions reduction, followed by offsetting
through GHG avoidance schemes (applies to Scopes 1
and 2).
Net Zero: achieved through deep decarbonisation
(at least 90% reduction from the baseline) of the value
chain and own operations, followed by neutralisation
of residual GHG emissions through permanent
removal and storage.
Scope 1 includes combustion of fuel and refrigerants
loss. Scope 2 is reported using the market-based
methodology and includes electricity, heat, steam and
cooling purchased for our own use.
The Group’s UK operations accounted for (i) 38% of
the Group’s Scope 1 carbon emissions (732 tonnes),
and 3.0% of the Group’s Scope 2 carbon emissions
(73 tonnes) in 2024 and (ii) 21% of the Group’s Scope 1
carbon emissions (365 tonnes), and 0% of the Group’s
Scope 2 carbon emissions in 2023.
There has been slight increases in Scope 1 and Scope 2
emissions during 2024, which is attributed to an
increased number of sites, changes to the availability
of renewable tariffs at some third-party managed
facilities, and a short-term increase in refrigerant loss
within our UK data center facilities.
The Group’s chosen intensity measurements for Scope
1 and Scope 2 emissions as reported above are:
• 0.47 metric tonnes per £m of gross invoiced income
(2023: 0.40 metric tonnes).
• 0.23 metric tonnes per Group employee (2023: 0.20
metric tonnes).
Scope 3 includes 1 (purchased goods and services),
2 (capital goods), 3 (fuel and energy related activities),
4 (upstream transportation and distribution),
5 (waste generated in operations), 6 (business travel),
7 (employee commute), 8 (upstream leased assets),
9 (downstream transportation and distribution),
11 (use of sold products), 12 (end-of-life treatment of
sold products) and 13 (downstream leased assets).
Our VAR supply chain accounts for 98.5% of our Scope 3
emissions, which means that we are reliant on the
transition plans of our supply chain partners and the
buying behaviours of our customers to achieve our Net
Zero goals, creating uncertainty.
To mitigate this, we work closely up and down the
value chain to drive alignment in our transition
planning, target setting and reporting transparency.
We measure the number of strategic suppliers that
have Net Zero plans, and track their progress on an
ongoing basis.
Operational metrics
Related transition risks
and opportunities 2022 2023 2024
Renewable electricity
As a % of total electricity consumed
Policy & Legal
>78% >75%
80%
Electricity generated from our own solar installations
kWh per annum
Market
>3m >2.5m
>3.4m
VAR strategic supply chain partners with an SBTi-aligned Net Zero target
As a % of all strategic supply chain partners
Reputation
– –
43%
Fleet electrification
% of UK non-ICE vehicles
Policy & Legal
64% 78%
96%
Devices recovered through our Circular Services division
Total devices as described on page 064
Products and Services
– 775,000
895,000
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Limitations to data collection
While the majority of our emissions calculations are
based on actual consumption data, a small proportion
requires estimation due to practical constraints.
Specifically, approximately 9% of our reported
emissions are calculated using industry-standard
methodologies based on square footage, ensuring
a reasonable and consistent approach where direct
data is unavailable. Additionally, approximately 6%
has been estimated using prior-year billing data,
adjusted where appropriate to reflect operational
changes, as the latest invoices were not yet available
at the time of reporting.
These estimates are derived from recognised best
practices and will be updated with actual data once
available. We remain committed to improving data
completeness and continuously refining our approach
to emissions reporting.
Internal carbon pricing
We introduced an internal carbon levy in October 2021,
which applies a flat fee of £10/€12/$14 to every flight
or hotel booking in the United Kingdom, France,
Germany, Spain, Belgium, and the United States.
The levy encourages employees to consider the
environmental impact of their business travel.
Where applied, it generates funds that we use in our
sustainability-related initiatives, and to support the
offsetting schemes we use to augment our emissions
reductions efforts.
The total levy fund created during 2024 was £516,708.
We are working towards disclosure of our
Scope 3 emissions.
Computacenter has chosen to use the financial
boundary in our sustainability reporting to
maintain consistency with our financial reporting.
As we continue to align with emerging regulatory
frameworks and best practices, we may consider
moving to an operational boundary approach to provide
a more comprehensive ESG impact measurement.
Methodology
This activity has been conducted as part of our UK EMS
ISO 14001:2015 standard (EMS 71255). We have used
the main requirements of the GHG Protocol Corporate
Accounting and Reporting Standard (revised edition).
International emission factors used are from the
organisation ‘Carbon Footprint’. We source country-
specific emission factors to reflect the variability in
GHG-intensity of the local electricity grid. External
consultants assisted with the implementation of our
methodology which we continue to further refine and
develop internally, to include the full requirements to
collate the additional emissions, such as refrigerants.
We have reported on all the emission sources required
under the Companies Act 2006 (Strategic Report and
Directors’ Reports) Regulations 2013. Group properties
included in this report are all current locations in the
United Kingdom, Germany, France, Belgium, Spain,
South Africa, the United States, Canada, Switzerland,
Malaysia, Hungary, Mexico, India, Poland, the
Netherlands and Romania.
Carbon offsets
While our primary focus is on reducing the carbon
emissions associated with our operations and value
chain, we recognise the important role offsetting may
play in the global transition to Net Zero.
We support carbon offsetting projects using Gold
Standard schemes. In 2024, we purchased and retired
4,638 credits, offsetting the small amount of Scope 1
and Scope 2 emissions that we are unable to remove.
These offsets enable us to maintain our carbon
neutral status for Scopes 1 and 2.
Greenhouse gas (GHG) emissions (Metric tonnes of CO
2
e)
2024 2023 2022 2021 2020
Scope 1 1,939 1,747 1,979 1,908 5,640
Scope 2 2,699 2,254 2,437 3,302 8,216
Total 4,638 4,001 4,416 5,210 13,856
Per £1m of Gross
Invoiced Income 0.47 0.40 0.49 0.75 2.55
Per employee 0.23 0.20 0.24 0.30 0.83
Scope 1 and Scope 2 2019 baseline: 19,808
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The framework has five key pillars: Tone from the Top/Governance; Risk
Assessments; Standards and Procedures; Training and Communications;
and Oversight. The framework empowers our people with the knowledge
to make sound, ethical decisions efficiently and effectively, so we
maintain a compliant, agile and customer-focused business environment.
The standardised approach of the framework also allows us to swiftly and
effectively adapt to changes in our business and in the legal and
regulatory environment, which is continually evolving.
Our Group Ethics Policy and Code of Business Conduct
Our Group Ethics Policy and Code of Business Conduct is the cornerstone
of our Group Compliance Framework, seamlessly integrating with our
Winning Together Values. Together, they set the standard across our
business to provide uniformity and clarity and ensure that each of our
employees understands both our expectations and how to apply them
to their day-to-day role at Computacenter. The Board has endorsed the
Group Ethics Policy and Code of Business Conduct, and its alignment with
our values, strategy and purpose.
Knowledge and training
To cultivate a culture of compliance and ethics, we provide a combination
of policies and procedures, comprehensive training and multi-channel
communications campaigns. All our compliance collateral and training
content can be found on our internal Group Compliance page, with details
of who to contact should our people have any questions. We also track
feedback and engagement with this platform.
Communications and awareness
Our Group Compliance Framework is supported by an annual
communications plan, which emphasises the key messages of our core
compliance areas. The plan adopts a diverse, multi-channel approach to
cater for different audiences and risk profiles, to maximise reach and
impact. Our focus is on delivering engaging content in a way that resonates
with our culture, bringing compliance to life in an accessible way.
Led by our two regional Heads of Compliance, and developed by our Group
Legal Operations team, each campaign is a collection of engaging tools,
including concise video clips that distil key takeaways and informative
news articles prominently featured on our intranet homepage.
Our communications strategy seamlessly integrates each message with
our central Group Compliance page. This fosters a sense of confidence
and self-reliance among our people, encouraging them to actively seek
and navigate this content.
Cultural reach
We make our Group Compliance policies accessible by publishing them
in all the core languages in which we operate, accompanied by guidance
documents and ‘Golden Rules’. The Golden Rules concisely summarise the
key requirements contained within the policies, as we recognise the
benefit of straightforward guidance. This also allows for the varying ways
in which people prefer to engage with compliance content.
While we communicate this content at Group level, we also tailor our
approach to reflect local cultures and communication styles, ensuring
the effective delivery of our core messages. Our Heads of Compliance
work closely with our country units to ensure that communications are
effective at a local level.
Regular assessment and continuous improvement
We use a variety of methods to ensure that our communications resonate
with our people, including monitoring engagement metrics to evaluate
each campaign’s success. This gauges the current impact of our
communications and supports continuous improvement. This cycle of
evaluation and enhancement is fundamental to fostering an environment
of proactive engagement and sustainable awareness within the Group.
Our centralised compliance function allows us to identify trends and react
accordingly, bolstering compliance workshops and collateral where we
identify areas for improvement. We also monitor and report e-learning
completion rates and actively seek feedback to incorporate into
our initiatives.
All compliance collateral is subject to regular review, alongside routine
horizon scanning, ensuring we align with best practice and any change
in regulations.
Ethics and compliance
Ethics and compliance continue to play a key
role in shaping our journey and safeguarding
our future.
Our commitment to ethics, compliance and trust
Ethics and compliance are fundamental considerations when executing
our strategy and growing a sustainable business. Our commitment to
ethics and compliance is aligned to our Winning Together Values, reinforcing
our focus on the long term and strengthening our relationships with our
employees, customers and partners.
We believe that a culture of ethical behaviour and compliance must be
embedded in every level of the organisation, to support the trust that our
people and customers place in us. In this way, we strengthen our existing
relationships and build new relationships with those who share similar
values and commitments.
Strong leadership
Our Group Compliance programme is owned and driven by two regional
leaders: the Head of Compliance for the Americas and APAC, and the Head
of Compliance for Europe, South Africa, and India. They report directly to
our Group Legal and Compliance Director. With extensive experience in
managing global compliance, our Heads of Compliance ensure
comprehensive coverage across regions, supported by their respective
teams. This structure provides every country unit and its leaders with
direct access to the resources and expert guidance they need to meet
regulatory requirements worldwide.
Our Group Compliance Framework
Our Group Compliance Framework ensures that we conduct ourselves in
accordance with the laws and regulations in the jurisdictions in which we
operate. It is a proportionate, people-led approach, designed to address
our legal obligations, reflect our culture and values, and meet customer
requirements and expectations.
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Computacenter plc Annual Report and Accounts 2024076
Ethics and compliance
Supplier Code of Conduct
Our commitment to compliance extends to our suppliers, whether they
are supplying us directly or as part of a customer transaction or offering,
to ensure the integrity of our supply chain. We require our suppliers in our
core countries to adhere to our Supplier Code of Conduct, which mirrors
our ethical standards and provides clear guidance for our suppliers as
to our expectations. The Supplier Code of Conduct is subject to regular
review and updates, to stay aligned with evolving regulations.
Supplier due diligence
We screen our suppliers in our key geographies. Our due diligence includes
leveraging industry recognised platforms to maintain transparency in
our supply chain, including checking suppliers’ ultimate beneficial
ownership where appropriate. Significant preparation has been undertaken
in our non-core countries ahead of the planned implementation of the
platform in several new locations in 2025.
Further detail on our due diligence processes relating to modern slavery,
human rights and our supply chain can be found on page 059.
Oversight and reporting
Overseeing our ethics and compliance programme is the responsibility
of our Group Legal and Compliance Director, our two regional Heads of
Compliance, and our Compliance Steering Committee, which meets
quarterly. Risks and issues are reported to the Group Risk Committee and
to the Audit Committee, and we actively work to mitigate and remediate
any concerns.
Whistleblowing hotline
To uphold transparency and provide a secure channel for reporting
concerns, we offer a confidential whistleblowing hotline. This service,
managed externally by the industry-leading whistleblowing provider
Safecall, is available to our people and everyone in our supply chain,
enabling them to report any suspicions of wrongdoing. We actively
encourage our people to ‘Speak Up’ through an annual multi-channel
communications campaign. In addition, we support our managers by
providing them with tailored guidance, to help them understand their
obligations when approached directly with a concern.
Anti-bribery and corruption
We have a strict zero-tolerance stance against any form of bribery or
corruption and remain vigilant to ensure that such conduct does not
infiltrate our practices, regardless of the jurisdiction. We are therefore
firmly committed to complying with all applicable anti-bribery and
corruption laws in all jurisdictions in which we operate, including the
UK Bribery Act.
Our Group Anti-Bribery and Corruption Policy clearly states that no
employee or associate is to engage in any activity that could be construed
as a bribe or corrupt practice. The policy therefore prohibits offering,
accepting or soliciting bribes, and addresses the exchange of money as
well as gifts, entertainment or other benefit or advantage that could
improperly influence a decision. To reinforce this principle, any exchange
of gifts or hospitality beyond a nominal value requires appropriate
approval and must be recorded in the official Gifts & Hospitality Register,
with these registers checked periodically.
Our policies also include clear rules and direction surrounding
interactions with government officials, charitable contributions and
political activities. No material breaches of our policies were identified
during the year.
To ensure full understanding and compliance with these standards,
our employees are required to acquaint themselves with our Group
Anti-Bribery and Corruption Policy and the accompanying Golden Rules
and complete regular training.
Our supplier due diligence process and accompanying Supplier Code
of Conduct extend our ethical standards to our supply chain and are
designed to set a high level of expectations and the appropriate level of
defence. This ensures that the vendors who act on our behalf within our
core geographies are both aware of their obligations to comply with
applicable anti-bribery and corruption laws and validates that they do
not have a history of non-compliance, unethical behaviour or criminal
sanctions. As noted, we plan to extend the supplier screening platform
to additional countries in 2025.
Data privacy
We recognise the importance of data privacy and are committed to
ensuring robust compliance with data protection laws and regulations
across all jurisdictions in which we operate.
Our data protection framework is guided by industry best practices and
aligned with internationally recognised standards, including those set by
the International Organisation for Standardisation (ISO). This approach
ensures that our data privacy management is recognisable and easily
understood by our customers and stakeholders, providing assurance of
the quality and completeness of our compliance efforts. The Group Risk
and Audit Committees oversee data protection, ensuring accountability
at the highest levels. We continuously monitor evolving data privacy
obligations across all jurisdictions where we operate, enabling us to adapt
swiftly and proactively.
Our centralised Data Protection function is led by our Group Data Protection
Officer, who reports directly to the Group Legal and Compliance Director
and is supported by a team of skilled and experienced specialists across
our key geographies. Together with key stakeholders, including the
Computacenter Information Security Team, they uphold our high standards
of compliance in data protection.
A core principle of our approach is privacy by design, ensuring that
compliance is embedded into our organisational, technological and
procedural changes from the outset. This includes our Data Protection
Inter-Group Agreement, which facilitates the secure and compliant
transfer of data between entities within Computacenter.
Training and awareness remain central to our strategy, with mandatory
online training for all employees supplemented by comprehensive policies
and guidance, regular compliance bulletins, targeted training for specific
business areas, and key stakeholder events. These initiatives equip our
people to uphold our high standards in their day-to-day roles.
Regular audits and monitoring ensure that non-conformities are identified
and remediated promptly. Our commitment to continuous improvement
enables us to adapt to changing regulations, market expectations and
industry developments. Through these measures, Computacenter
remains dedicated to upholding high standards of data privacy and
protecting the trust that our stakeholders place in us.
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Computacenter plc Annual Report and Accounts 2024 077
Ethics and compliance continued
Non-financial and sustainability information statement
Computacenter needs to comply with section 414 of the Companies Act
2006, which includes requirements for non-financial and sustainability
reporting. We have therefore set out in our Annual Report certain
information on the non-financial and sustainability matters listed below,
including related policies and outcomes, and supporting due diligence
processes where they exist, for those matters listed at sections 3–7.
Reporting requirement
1. Business model
• Our business model (page 012)
2. Principal risks
• Principal risks and uncertainties (pages 045 to 052)
3. Employees
• Stakeholder engagement – Our people (page 040)
• Sustainability – People (page 055)
4. Social matters and community issues
• Stakeholder engagement – Our communities (page 043)
• Sustainability – People and Planet (pages 055 to 062)
5. Human rights
• Sustainability – People (page 055)
6. Anti-bribery and corruption
• Ethics and compliance (page 077)
7. Environmental matters/Climate-related financial disclosures
• Sustainability – Planet and Solutions (pages 060 to 064)
• Task Force on Climate-Related Financial Disclosures
(pages 065 to 075)
8. Non-financial key performance indicators
• Our strategic KPIs (page 018)
Section 172 factors
The likely consequences of any decision in the long term
• Chair’s statement (page 010)
• Our business model and strategy (pages 012 to 013)
• Chief Executive Officer’s review and our performance in 2024
(pages 020 to 031)
• Stakeholder engagement (page 038)
• Board activity and decision-making (pages 087 to 089)
The interests of the Company’s employees
• Stakeholder engagement – Our people (page 040)
• Sustainability – People (page 055)
• Board activity and decision-making (pages 088 to 089)
• Directors’ Remuneration report (pages 113 to 140)
The need to foster the Company’s business relationships with
suppliers, customers and others
• Our business model and strategy (pages 012 to 013)
• Stakeholder engagement (pages 039 and 042 to 043)
• Board activity and decision-making (pages 087 to 089)
The impact of the Company’s operations on the community
and the environment
• Sustainability – Planet and Solutions (pages 060 to 064)
• Task Force on Climate-Related Financial Disclosures
(pages 065 to 075)
• Board activity and decision-making (pages 087 to 089)
The desirability of the Company maintaining a reputation for high
standards of business conduct
• Ethics and compliance (pages 076 to 077)
• Governance report (page 081)
The need to act fairly between members of the Company
• Stakeholder engagement – Our shareholders (page 041)
• Board activity and decision-making (pages 087 to 089)
Section 172 Statement
When conducting any activity in his or her role as a Computacenter plc
Director, our Board members must act in a way that they consider is most
likely to promote the success of the Company for the benefit of its members
as a whole, having regard to a number of factors set out in section 172 of
the Companies Act 2006. These include the interests of our employees,
importance of fostering business relationships with our suppliers and
customers, impact of our operations on the community and environment,
likely consequences of any decision in the long term, desirability of the
Company maintaining a reputation for high standards of business
conduct and the need to act fairly between the members of the Company.
Each Director considers that they have acted in a manner consistent with
his or her section 172 duty throughout the year.
The Board understands that without our key stakeholders, the Company
would not be able to successfully implement its strategy, and our Purpose
would be unachievable. Understanding their interests, views and concerns,
and considering these when reviewing and discussing matters put before
it for review or approval as part of its annual programme, is critical to
enabling the Board to make informed decisions, and for each Director
to discharge their duty under section 172. In some cases, stakeholder
engagement directly involves the Board or its members, and this is almost
exclusively how engagement with our shareholders takes place. Given the
size and geographic diversity of our business, the majority of engagement
with our customers, technology vendors, people and communities takes
place at an operational level across the organisation. Where this was the
case, the Board ensured that it had been updated on the nature and
outcomes of this engagement during the year.
We have also set out the factors listed under section 172 which the Board
considered when reviewing Board-level matters or making decisions
during the year. These can be found on pages 087 to 089. The results of
the Board’s decision-making, and the outcomes produced by each
Director discharging their section 172 duty, can be found throughout this
Annual Report and Accounts. Therefore, the following sections have been
incorporated by reference into this section 172 statement and, where
necessary, the Strategic Report.
Other non-financial disclosures
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Computacenter plc Annual Report and Accounts 2024078
Other non-financial disclosures
Going concern
Computacenter’s business activities, business model, strategic KPIs and
performance are set out within this Strategic Report from the inside front
cover to page 080. The financial position of the Group, its cash flows,
liquidity position and borrowing facilities are set out within the financial
review on pages 032 to 037. In addition, notes 27 and 28 to the Consolidated
Financial Statements include Computacenter’s objectives, policies and
processes for managing its capital, its financial risk management
objectives, details of its financial instruments and its exposures to credit
and liquidity risk. The Directors have, after due consideration, and as set
out in note 2 to the Consolidated Financial Statements on pages 163 to 164
of this Annual Report and Accounts, a reasonable expectation that the
Group has adequate resources to continue in operational existence for a
period of at least 12 months from the date of approval of the Consolidated
Financial Statements, as set out on pages 159 to 217 of this Annual Report
and Accounts. Thus, they continue to adopt the going concern basis of
accounting in preparing the Consolidated Financial Statements
Viability statement
In accordance with provision 31 of the UK Corporate Governance Code,
the Directors have assessed the Group’s prospects over a longer period
than the 12 months required by the Going Concern Statement.
Viability timeframe
The Directors have assessed the Group’s viability over a period of three
years from 31 December 2024. This period was selected as an appropriate
timeframe for the following reasons, based on the Group’s business model:
• the Group’s rolling strategic review, as considered by the Board, covers
a three-year period;
• the period is aligned to the length of the Group’s Managed Services
contracts, which are typically three to five years long;
• the short lifecycle and constantly evolving nature of the technology
industry lends itself to a period not materially longer than three
years; and
• Technology Sourcing has seen greater recent growth than the Group’s
Services business, increasing the revenue mix towards the part of the
business that has less medium-term visibility and is therefore more
difficult to forecast.
Further, the Directors monitor conditions in the environment external
to the Group and have concluded that the following factors continue to
support the timeframe selected:
• the current macroeconomic, diplomatic, political and trade environment
introduces greater uncertainty into a forecasting period longer than
three years; and
• the prolonged macroeconomic impact of a series of recent external
shocks, including the Russian invasion of Ukraine, and the ongoing
conflict in the Middle East, on both supply-side and demand-side
dynamics within our industry. These events manifest over the short
term, in particular the effect on certain customers from the worsening
global economic outlook, and the pace of change of technology
adoption as a result.
Other compliance statements
While the Directors have no reason to believe the Group will not be viable
over a longer period than three years, we believe that a three-year period
presents shareholders with a reasonable degree of confidence, while
providing a longer-term perspective.
With regard to the principal risks set out on pages 045 to 052, the Directors
remain assured that the business model will be valid beyond the period
of this Viability Statement. There will continue to be demand for both
our Professional Services and Managed Services businesses, and
Management is responsible for ensuring that the Group remains able to
meet that demand at an appropriate cost to our customers. The Group’s
value-added, product reselling Technology Sourcing business only
appears vulnerable to disintermediation at the low end of the product
range, as the Group continues to provide a valuable service to customers
and technology vendors alike, as described on pages 008 to 009. The
Group has seen significant business growth due to the end-to-end
Technology Sourcing and Professional Services capability that it can
deliver from its Integration Centers, which is a significant differentiating
factor in this market.
Prospects of the Group assessment process and key assumptions
The assessment of the Group’s prospects derives from the annual
strategic planning and review process. This begins with an annual away
day for the Board, where Management presents the strategic review for
discussion against the Group’s current and future operating environments.
High-level expectations for the following year are set with the Board’s
full involvement and are delivered to Management, which prepares the
detailed bottom-up financial target for the following year. This financial
target is reviewed and agreed by Management before presenting to the
Board for approval at the December Board meeting.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 079
Other compliance statements
On a rolling annual basis, the Board considers a three-year business plan
(the Plan) consisting of the detailed bottom-up financial target for the
following year (2025) and forecast information for two further years
(2026 and 2027), which is driven by top-down assumptions overlaid on
the detailed target year (2025). Key assumptions used in formulating
the forecast information include organic revenue growth, margin
impacts and cost control, continued strategic investments through the
Consolidated Income Statement, and forecast Group effective tax rates,
with no changes to dividend policy or capital structure beyond what is
known at the time of the forecast.
The financial target for 2025 was considered and approved by the
Board on 12 December 2024, with amendments and enhancements to
the target as part of the full Plan considered and approved by the Board
on 14 March 2025.
Impact of risks and assessment of viability
The Plan is subject to rigorous downside sensitivity analysis, which
involves flexing a number of the main assumptions underlying the
forecasts within the Plan. The forecast cash flows from the Plan are
aggregated with the current position, to provide a total three-year cash
position against which the impact of potential risks and uncertainties can
be assessed. In the absence of significant external debt, the analysis
considers access to available committed and uncommitted finance
facilities, the ability to raise new finance in most foreseeable market
conditions and the ability to restrict dividend payments.
The potential impact of the principal risks and uncertainties, as set out
on pages 045 to 052, is then applied to the Plan. This assessment includes
only those risks and uncertainties that, individually or in plausible
combination, would threaten the Group’s business model, future
performance, solvency or liquidity over the assessment period and which
are considered to be severe but reasonable scenarios. It also takes into
account an assessment of how the risks are managed and the
effectiveness of any mitigating actions.
For the current period, the combined effect of the potential occurrence
of several of the most impactful risks and uncertainties in the downside
sensitivity scenario relates to a modelled, but not predicted, continuing
market downturn scenario, with slower-than-predicted recovery
estimates, beginning in 2025. This scenario simulates a continued impact
for some of our customers from a reduction in customer demand due to
the current economic crisis, and ongoing impact on the Group’s revenues
from this instability in the global macroeconomic environment.
The supporting models of the Plan are subject to rigorous downside
sensitivity analysis that involves flexing a number of the main
assumptions underlying the forecasts within the Plan. The modelling
resulted in a significant downturn in Group revenues and margins leading
to a substantial loss-making position over the assessment period.
This analysis results in a large risk impact adjustment to the cashflows
over the assessment period, which is then compared to the cash position
generated by the Plan, throughout the assessment period, to model
whether the business will be able to continue in operation. Included
within this sensitivity scenario is the modelled lack of access to our
committed facility.
Under the sensitivity scenario, the business demonstrates modelled
solvency and liquidity over the assessment period.
Conclusion
Based on the period and assessment above, the Directors have a
reasonable expectation that the Group will be able to continue in
operation and meet its liabilities, as they fall due, over the three-year
period to 31 December 2027.
This Strategic Report was approved by the Board on 17 March 2025 and
was signed on its behalf by:
MJ Norris
Chief Executive Officer
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Computacenter plc Annual Report and Accounts 2024080
Other compliance statements continued
Governance report
Contents
082 Chair’s governance overview
084 Governance at a glance
085 Compliance with the Code
087 Board activity and decision-making
090 Division of responsibilities
094 Board of Directors
096 Group Executive Management Team
098 Measuring Board effectiveness
099 Our Purpose, strategy, Values, and culture
102 Nomination Committee report
105 Audit Committee report
113 Directors’ Remuneration report
141 Directors’ report
146 Directors’ Responsibilities
Computacenter plc Annual Report and Accounts 2024 081
Strategic Report Governance Financial Statements Glossary
The 2023 Board evaluation identified that we wanted more regular
in-depth reviews of principal risks. In 2024, Lord Gavin Barwell led a
session on geopolitical risk, focusing on the impact of the UK’s change of
government and changes in its EU relationship, which is important given
our business in Germany. Succession planning remains ever important
and receives specific attention, including identification of future leaders,
as well as consideration of external hires.
Compliance with the UK Corporate Governance Code
In 2024, Computacenter continued to follow the 2018 edition of the UK
Corporate Governance Code. We were fully compliant with its provisions
for most of the year.
For a period of just over three months, between 14 May and 30 August,
we chose to depart from the following two provisions immediately after
my appointment as Chair:
• provision 11, which requires at least half the Board, excluding the Chair,
to be independent Non-Executive Directors; and
• provision 24, which states that the Chair of the Board should not be
a member of the Audit Committee.
I became Chair following the AGM on 14 May 2024. As a result, I was no
longer eligible for an assessment of independence under the Code and,
as a result, the Board did not meet the requirements of provision 11.
I stepped down as Audit Committee Chair from the same date but
temporarily remained on the Committee to ensure that we progressed
our interim announcement. I was the member considered to have the
most recent and relevant financial experience, as required by the Code,
and qualified in accounting or auditing, as specified by the Disclosure and
Transparency Rules. As a result, we concluded that the ability of the Audit
Committee to fulfil its oversight responsibilities would be best served
through my continued membership.
The Board’s activities in 2024
This was a busy year, with several changes to Board membership and
responsibilities, as outlined in my statement on page 10. In addition, we
approved the £200m share buyback programme, which was completed
in October 2024, and changes to our Remuneration Policy and share plan
rules. You can find more information on the Board’s key decisions on
page 087.
Challenging and approving the Group’s strategy is one of our primary
responsibilities and we dedicated a day offsite to considering key
strategic topics. We reviewed the US growth plan in depth, considered the
results of a wide-ranging customer survey and questioned ourselves on
the evolution of the Group’s three Service Lines, Technology Sourcing,
Managed Services and Professional Services. We compared the Group
Executive Management Team’s sense of strategy with that of the Board,
concluding that there was sufficient clarity on objectives, and that we
should continue to invest in IT and review compensation plans to ensure
that they continue to support our aims. We are satisfied that both areas
obtained sufficient focus in subsequent discussions.
In addition, we reviewed the European business with its Managing Director
and heard from the Indian management team on the opportunity in that
market. We conduct a review of the Group’s competitors every six months,
using publicly available data, to understand our relative performance
and whether we are taking market share. Given our unique ability to offer
broader services, our market share is an important indicator of sustainable
growth. During 2024, using the data available, we were satisfied that we
were growing in certain areas and that our share was increasing as a result.
Visiting the Group’s businesses gives us vital insight into their operations
and people. We spent several days with the North America business, in
June 2024, to assess its culture following the integration of several
acquisitions in recent years (see page 101) and to understand the size
and scale of the opportunity in that market. We also visited our Circular
Services hub in Braintree, Essex, which is increasing in importance as
part of our full service offering. We have impressive capability, which is
enhanced by clear reporting of the outcome for customer assets.
Dear shareholder
On behalf of the Board, I am pleased to
introduce Computacenter’s Corporate
Governance Report for 2024.
Chair’s governance overview
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024082
Chair’s governance overview
Enhancing our governance framework
As the Strategic Report makes clear, sustainability matters are important
to both us and our stakeholders. Since the end of the year, we have formed
an ESG Committee as a formal subcommittee of the Board, to provide
more oversight of the increasing reporting obligations and to show our
commitment to continuing to be responsible in a way that enhances our
business, our customers and our people. Importantly, customers are
looking for us to help them to respond to their objectives in this area.
We will report on the ESG Committee’s activities for the first time in our
2025 Annual Report.
Enhancing our governance framework
The internal Board evaluation carried out in 2024 confirmed that the
Board and its Committees continued to operate effectively. Further detail
can be found on page 098.
Annual General Meeting
This year’s AGM will take place at 11am (BST) on Thursday 15 May.
Further information can be found in the Company’s 2025 Notice of Annual
General Meeting. We look forward to hearing your thoughts and feedback
at the meeting.
Pauline Campbell
Non-Executive Chair
17 March 2025
Adam Walker joined the Board on 30 August 2024 as an independent
Non-Executive Director and Audit Committee Chair. The Board met only
once in the intervening period, while, as anticipated, the Audit Committee
did not meet at all and was not required to make any decisions, meaning
my continued membership had no impact on the independence of its
discussions or decision-making. Every meeting of the Audit Committee
during the year was chaired by a Board member deemed by the Board to
be independent under the Code. Having now recruited three additional
independent Non-Executive Directors, the Board does not envisage any
further non-compliance with the Code going forward.
As explained in more detail on page 103, having used Korn Ferry as the
search firm to advise the Board and Nominations Committee on the
processes to appoint Adam Walker and Kelly Kuhn, we approached Simon
McNamara directly with a view to appointing him as a Non-Executive
Director. We therefore temporarily departed from provision 20 of the
Code, which states that open advertising and/or an external search
consultancy should generally be used for the appointment of the Chair
and Non-Executive Directors. Given the Board agenda and Group priorities,
we believe that we will benefit greatly from the technology and operations
experience that Simon brings, and particularly his previous experience
as a CIO. Please see pages 082 to 140 for full details of how we applied the
Code’s principles in 2024.
Stakeholder engagement
The Board recognises the critical importance of understanding
stakeholder views, so 2024 included a Capital Markets Day in June, led by
Mike Norris. The Board received investor feedback from that event, as well
as from Management’s regular meetings with current and potential
shareholders. I met with a number of investors during the year, as did
Peter Ryan prior to stepping down as Chair in May. Valuable feedback from
these meetings was relayed to and considered by the Board.
The Group has regular events for our people. I attended our Group Sales
Kick Off, US All Hands Meeting, UK Senior Managers’ Meeting and our
’Women in Services Leadership’ podcast. We received regular updates
from the Workforce Engagement Director and the Chief People Officer, the
feedback from which helped us to make our assessment that the Group’s
culture is well embedded across the organisation, and is aligned with the
strategy, values and purpose set by the Board.
Computacenter plc Annual Report and Accounts 2024 083
Strategic Report G overnance Financial Statements Glossary
Chair’s governance overview continued
4
3
1
2
Governance at a glance
Board industry skills and expertise
Our Board offers a wide range of skills, experience and diversity of thought.
Pauline Campbell
Mike Norris
René Carayol
Philip Hulme
Kelly Kuhn
Simon McNamara
Ljiljana Mitic
Peter Ogden
Adam Walker
Accounting/Finance
Business Operations
CEO/CFO Experience
ESG
Executive Remuneration
Governance
International
IT Sector
Legal/Regulatory
M&A/Corporate Finance
Risk
Strategy
Technology/Digital
The Board held eight scheduled meetings
during 2024 to cover its annual agenda of
activities, through which it provides the Group
with leadership and promotes its long-term
sustainable success. Whilst the list of Board
activities and decisions set out from pages
087 to 089 is not exhaustive, it provides an
understanding of the Board’s main areas of
focus, the decisions it has made, and the
section 172 factors that it considered in its
discussions and decision-making. These
included the views and interests of our
stakeholders, and the Group’s appetite for
risk, as set by the Board. This section, as well
as the Board’s Principal Decisions section
from page 087 to 089, is incorporated by
reference into the Board’s section 172
statement for 2024 as set out on page 078.
Board composition as at 17 March 2025
Board independence
*
1. Non-Independent
Directors: 37.5%
2. Independent Directors: 62.5%
1. Women: 33.33%
2. Men: 66.67%
Board gender
1. Under 3 years: 33.33%
2. 3–6 years: 33.34%
3. 6+ years: 33.33%
Board tenure
Board meeting attendance and activity
Pauline Campbell
Non-Executive Chair and Chair of the
Nomination Committee 8/8
Mike Norris
Chief Executive Officer 8/8
René Carayol
Non-Executive Director, Chair of the
Remuneration Committee and Workforce
Engagement Director 8/8
Philip Hulme
Founder Non-Executive Director 8/8
Kelly Kuhn
Independent Non-Executive Director 1/2
Ljiljana Mitic
Independent Non-Executive Director 8/8
Peter Ogden
Founder Non-Executive Director 7/8
Adam Walker
Senior Independent Director and
Chair of the Audit Committee 3/3
Chris Jehle
*
Former Chief Financial Officer 7/8
Ros Rivaz
**
Former Senior Independent Non-Executive
Director, Chair of the Remuneration
Committee and Workforce Engagement
Director 5/5
Peter Ryan
***
Former Non-Executive Chair and Chair of
the Nomination Committee 4/4
* Chris Jehle left the Board on 16 December 2024, and the
Company on 31 December 2024.
** Ros Rivaz stepped down from the Board on 30 September
2024.
*** Peter Ryan stepped down from the Board on 14 May 2024.
* Excludes the Chair who was independent on appointment.
How the Board spent its time
1. Board performance and oversight: 26%
2. Strategy and delivery of strategy: 27%
3. Financial performance and risk: 24%
4. Governance and stakeholder management: 23%
1
2
1
2
3
1
2
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Computacenter plc Annual Report and Accounts 2024084
GlossaryFinancial StatementsStrategic Report
Governance at a glance
Our approach to compliance
As a company with a listing on the London Stock Exchange (Commercial Companies
(Equity Shares) (ESCC) category), Computacenter plc (the Company) is required to report on
how, during 2024, it has applied the principles of the 2018 UK Corporate Governance Code
(the Code), published by the UK Financial Reporting Council. A description of how it has done
so is set out on pages 082 to 140, which includes the reports of the Board’s Committees and
the Directors’ Report. A copy of the Code can be found at www.frc.org.uk.
The pages that follow aim to provide our stakeholders with an understanding of how our
Corporate Governance Framework operated during the year, and the outcomes that it
produced during that time.
This framework is in place to ensure that our organisation is appropriately led, directed and
controlled. It gives our people clarity on their responsibilities and accountabilities, and our
decision-making authorities, restrictions and processes, helping to ensure that decisions are
properly made and then implemented throughout the Group. In doing so, it helps us to set and
deliver our strategy, manage our risk, safeguard long-term shareholder value and protect the
reputation of our key stakeholders.
Statement of Compliance
The Board considers that, throughout the year, it has complied with the provisions of the Code,
except for temporary departures from the following:
• Between 14 May and 30 August 2024, provision 11 (which states that at least half the
Board, excluding the Chair, should be independent Non-Executive Directors), and
provision 24 (which states that the Audit Committee should be made up of independent
Non-Executive Directors and that the Chair of the Board should not be a member of the
Audit Committee); and
• In November 2024, provision 20 (which states that open advertising and/or an external
search consultancy should generally be used for the appointment of the Chair and
Non-Executive Directors), during the appointment process for Simon McNamara.
Further explanation of the Group’s approach, and why the Board considers this was in the
best interests of shareholders, can be found on pages 082, 083 and 103.
Compliance with the Code
Statements and confirmations
The Directors are required to include the following statements or confirmations within the
Annual Report and Accounts:
Page
• Group Viability Statement 079 to 080
• Statement on risk and internal control, including confirmation that the Directors have
carried out a robust assessment of the principal and emerging risks facing the Group
108 to 111
• Description of the Group’s principal risks, what procedures are in place to identify
emerging risks, and an explanation of how these are being managed or mitigated
045 to 052
• Status of the Group as a going concern 079
• Explanation of how the Board monitored and assessed the Group’s culture 101
• The Group’s approach to investing in and rewarding its employees 040
055 to 059
113 to 140
• Board statement on the Annual Report being fair, balanced and understandable and
providing the information necessary for shareholders to assess the Group’s position and
performance, business model and strategy
037
108
146
• Explanation of how governance contributes towards the delivery of the Group’s strategy 092
• Section 172 statement 078
• Description of the Board’s principal decisions during the year and how the interests of
Computacenter’s key stakeholders and the matters set out in section 172 of the
Companies Act 2006 were considered in Board discussions and decision-making
038 to 044
087 to 089
Computacenter plc Annual Report and Accounts 2024 085
Strategic Report G overnance Financial Statements Glossary
Compliance with the Code
Corporate governance overview
The schedule below provides an overview of where the application of Principles (A-R) and associated
provisions of the Code have been reported in the Annual Report.
Board Leadership and Company Purpose Page
A An effective and entrepreneurial Board whose role it is to promote the long-term sustainable
success of the Company
091 to 095
B Alignment of purpose, values, culture and strategy 099 to 101
C Resources, performance oversight and controls 091 to 092
D Engagement with stakeholders 038 to 044
087 to 089
E Alignment of the Company’s employment policies and practices with supporting its long-term
success
100 to 101
Division of responsibilities Page
F The role of the Chair 091
G Balance of the Board and division of responsibilities 090
H External commitments and conflicts of interest 093
I Board processes and resources 091 to 093
Composition, succession and evaluation Page
J Appointments to the Board and succession planning 102 to 104
K Directors’ skills, experience and knowledge 084
094 to 095
L Board evaluation 098
Audit, risk and internal control Page
M External and internal auditors and the integrity of the financial reporting process 110 to 112
N Fair, balanced and understandable assessment 108
O Risk management and internal controls framework and processes 108 to 111
Remuneration Page
P Reward structure alignment with strategy and values 113 t o 116
Q Remuneration Policy 119 to 127
R Independent judgement and alignment 128 to 140
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Computacenter plc Annual Report and Accounts 2024086
Compliance with the Code continued
Activity or discussion undertaken Outcomes or decision taken
What the Board considered in its decision-making progress,
including stakeholder feedback and interests
Stakeholders and s172
factors considered
Strategy and performance
Held its annual Group Strategy review
session, receiving presentations from
Management on areas including market
share and current opportunities; what
customers think of Computacenter and what
the Company thinks of itself; and the North
America Growth Plan.
Key decision: Approved the Group’s strategy for 2025–2028.
The strategy remains largely unchanged and focuses on
generating competitive advantage and delivering value
for our customers through our five key differentiators
(see pages 005 to 007).
Key decision: Approved the Group’s strategic Key
Performance Indicators (as set out on page 018), which
remained unchanged.
The Board completed an in-depth review of a customer relationship survey, which involved
over 1,250 key contacts at over 300 customers, covering all of the Group’s main operating
geographies and areas. The topics assessed included innovation, ease of doing business
with Computacenter, Net Promoter Scores and how, in their view, Computacenter
compares to its competitors across different areas.
The Board also reviewed the feedback from an anonymously completed Management
survey on key strategic questions, including identifying what the Management thought
were key sources of competitive advantage for the Group.
CU
P
TV
CO
S
LT
SP
Conducted eight deep-dive reviews on topics
of material importance to implementing the
Group’s strategy.
Approved continued investment in the Group’s strategic
initiatives, particularly those relating to IT systems and
customer service delivery.
The Group’s strategy puts customers, and helping them realise the transformational
benefits of IT, at its centre. Related presentations from Management enabled the Board
to identify the areas on which to focus investment to deliver the strategy for customers,
while also considering partners and people.
CU
P
TV
LT
Visited the North American Integration
Center and received presentations from
the North American leadership team on
operational and financial performance
in the US.
Approved the required investment to relocate the North
America Integration Center in Atlanta, Georgia.
The Board considered and agreed with Management’s assessment that the relocation was
a valuable opportunity to:
• strengthen operational capabilities, support business growth, and deliver efficiency
and productivity gains; and
• demonstrated to customers and employees that the Group is committed to investment
and growth in the US.
The Board also considered how the relocation would affect the workforce at the
current center.
CU
P
LT
Received regular reports from the Chief
Executive Officer and former Chief Financial
Officer on operational and financial
performance.
Approved the Group’s full-year Annual Report and Accounts and
its half-year results, Viability and Going Concern Statements (as
set out on pages 079 to 080), and first-and-third-quarter
trading updates.
The Directors considered performance against Board, market and shareholder
expectations, material issues impacting our key stakeholders, and progress against
our strategic KPIs.
S
HS
Board activity and decision-making
Key to stakeholders and section 172 factors considered
CU
Customers
CO
Community
LT
Long-term consequences of
decision making
AF
Acting fairly between members of
the Company
P
People
S
Shareholders
ENV
Considering the environment
SP
Suppliers (excluding our technology vendors)
TV
Technology vendors
HS
Maintaining a reputation for high
standards of business conduct
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Board activity and decision-making
Activity or discussion undertaken Outcomes or decision taken
What the Board considered in its decision-making progress,
including stakeholder feedback and interests
Stakeholders and s172
factors considered
Financial decision-making
Reviewed potential uses of the Group’s cash
and the Group’s future liquidity requirements.
Key decision: Recommended the 2023 final dividend of 47.4p
per share, approved the 2024 interim dividend of 23.3p per
share and reapproved the Group’s Dividend Policy.
Key decision: Approved the return of capital of up to £200m
to the Group’s shareholders, by way of an on-market share
buyback programme.
The Board balanced shareholder appetite for distributions with:
• its own view of the investment required to deliver the Group’s organic growth objectives
and enhance its competitiveness over the long term;
• the value customers and technology vendors place on the Group’s balance sheet
strength; and
• acquisition opportunities and expenditure, particularly in the US.
For the dividend, the Board also considered: feedback from shareholders that they were
generally comfortable with the Group’s dividend policy and past dividend payments;
dividend yield and cover against the Group’s peers; and market consensus forecast for
the dividend.
In respect of the buyback programme, the Board considered the structure for returning
surplus capital to shareholders, including by way of on-market buyback or tender offer.
It considered factors including timing of completion of the transaction, recent market
practice, and flexibility should other priorities for the Group’s cash arise in the short-to-
medium term.
CU
TV
S
LT
AF
Approved the extension of the Group’s committed bank facility
by one year to 2029.
All stakeholders have an interest in the extra financial flexibility and visibility that this
extension provides. It maintains the Group’s liquidity over a longer period. The Board
considered the competitiveness of the arrangement, including its interest rate and other
available funding options.
CU
P
TV
S
LT
Reviewed the Group’s financial plan for the
period 2025–2028.
Approved the 2025 budget and related financial
performance targets.
The Board reviewed shareholder and analyst expectations for profitability in 2025. The
Directors’ balanced achieving continued growth in adjusted profit before tax and adjusted
earnings per share, with the macroeconomic outlook across the Group’s main operating
geographies, the Board’s risk appetite, as well as feedback from customers on their
appetite and capacity for IT investment over the short and medium term.
CU
P
TV
CO
S
LT
ENV
AF
SP
Our people and culture
Reviewed and approved appointments to the
Board and to Board leadership positions, and
also the terms of exit for the former CFO.
Key decision: Approved the appointments of: Pauline
Campbell as Non-Executive Chair; Adam Walker as Senior
Independent Director and Audit Committee Chair; René
Carayol as Remuneration Committee Chair and Workforce
Engagement Director; and Kelly Kuhn as a Non-Executive
Director. Approved the terms of exit for the former CFO,
Chris Jehle.
With advice from the Nomination Committee, the Board considered the existing balance of
Board skills and expertise; the background, experience and suitability of each candidate;
and (where relevant) the Board independence provisions of the UK Corporate Governance
Code, to ensure that independent shareholder interests are appropriately represented.
The Board considered the fairness of the terms on which Chris Jehle left the Company,
including whether they aligned with shareholder interests and governance expectations.
P
S
LT
HS
AF
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Computacenter plc Annual Report and Accounts 2024088
Board activity and decision-making continued
Activity or discussion undertaken Outcomes or decision taken
What the Board considered in its decision-making progress,
including stakeholder feedback and interests
Stakeholders and s172
factors considered
Our people and culture
Conducted a deep dive on the Group’s culture,
with a focus on the North American business.
Reapproved the Group’s purpose and assessed that the Group’s
purpose, strategy, values and culture were aligned.
The Board is responsible for creating and managing our culture. In their deep-dive review,
the Directors considered how our values and culture reflect the Group’s purpose by
reviewing key policies and practices and ensuring they are appropriate and, where
possible, aligned across the Group’s geographies. Read more on pages 100 to 101.
The Board also considered how the updates to the strategy for 2025–2028 reflect the
Group’s purpose.
CU
P
TV
CO
S
LT
HS
SP
Reviewed Non-Executive Director
remuneration.
Approved increases for all Non-Executive Director and Board
Committee leadership roles (with no individual being involved
in decisions relating to their own remuneration).
The Board considered the limits set out in the Company’s Articles of Association,
the provisions of the Directors’ Remuneration Policy, relevant benchmarking data and
expectations/guidelines of significant institutional shareholders. Further detail is
available on page 136.
P
S
LT
HS
Governance, compliance and risk
Routinely reviewed corporate governance-
related matters.
Approved the Matters Reserved for the Board and Terms of
Reference for each of the Board’s Committees; potential
conflicts of interest for Board Directors; the Group’s Modern
Slavery Statement and Gender Pay Gap Reporting; and Group
Disclosure Policy and Rules on Share Dealing. Approved
departures from the provisions of the Code.
The Board reviewed the Group’s policies and statements to ensure compliance with
statutory requirements.
P
TV
S
HS
AF
SP
Considered arrangements for evaluating the
Board and its Committees.
Agreed with the Nomination Committee’s recommendation
to complete an internally facilitated evaluation of the Board,
its Committees and each Director for 2024.
The Board and Nominations Committee agreed that no circumstances had arisen
during the year which would necessitate an independent external evaluation and that,
in accordance with the UK Corporate Governance Code, an external evaluation was very
likely to be completed for 2025.
S
LT
HS
Considered the Group’s principal and
emerging risks.
Approved the Group’s principal risks, as set out on pages
045 to 052.
The Board considered a presentation from Management, as well as its discussions,
findings and assessments from its four deep-dive sessions, on geopolitical risk led by Lord
Gavin Barwell, Managed Services contractual risk, succession planning and, after the end
of the year, vendor-related risk.
CU
P
TV
S
LT
ENV
HS
SP
Key to stakeholders and section 172 factors considered
CU
Customers
CO
Community
LT
Long-term consequences of
decision making
AF
Acting fairly between members of
the Company
P
People
S
Shareholders
ENV
Considering the environment
SP
Suppliers (excluding our technology vendors)
TV
Technology vendors
HS
Maintaining a reputation for high
standards of business conduct
Computacenter plc Annual Report and Accounts 2024 089
Strategic Report G overnance Financial Statements Glossary
Board activity and decision-making continued
Division of responsibilities
Shareholders
Own the Company and provide capital support. Appoint the Directors and auditors, and consider resolutions put forward by the Company at shareholder meetings.
The Board
Directs the Company’s affairs, whilst considering the interests of shareholders and other stakeholders. Oversees engagement with these parties.
Further information on the role of the Board can be found on page 091.
Board Committees
The Board’s Committees address matters delegated to them by the Board under their terms of reference, which can be found at investors.computacenter.com.
The key responsibilities of each Committee are set out below.
Chief Executive Officer
*
Responsible for running the Group on a day-to-day basis, and accountable to the Board for the performance of the Group and the delivery of value to key stakeholders.
Group Executive Management Team
Supports the Chief Executive Officer in his duties, and accountable to him for the performance of the business.
* The Board delegates authority for managing the Group on a day-to-day basis to the Chief Executive Officer.
Remuneration Committee
Approves the Directors’ Remuneration
Policy, as well as the remuneration
outcomes for the Executive Directors
and the Group Executive Management Team.
Chair: René Carayol
Committee report
See pages 113 to 140
Audit Committee
Oversees financial reporting and
the effectiveness of external
and internal audit processes.
Chair: Adam Walker
Committee report
See pages 105 to 112
Nomination Committee
Keeps the composition of the
Board and its Committees under review,
and ensures orderly succession planning
for both the Board and Management.
Chair: Pauline Campbell
Committee report
See pages 102 to 104
Our Corporate Governance Framework
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Computacenter plc Annual Report and Accounts 2024090
Strategic Report Financial Statements Glossary
Division of responsibilities
The role of the Board
The Group is led by the Board, which is responsible for promoting its
long-term success, with a focus on generating value for our shareholders
and the wider interests of our key stakeholders. It discharges this
responsibility through the completion of its annual programme, with
meetings covering strategy, operational and financial performance, risk
management and corporate governance. Further detail of the Board’s
membership, discussions and decision-making can be found on pages
087 to 089.
The Board retains outright and sole decision-making authority over a
number of key matters which are likely to be operationally, financially or
reputationally material to the Group. These are set out in a clearly defined
Schedule of Matters Reserved, which includes decisions relating to
acquisitions, major capital expenditure, budgets and dividend policy.
The schedule can be found on our investor website.
Our Corporate Governance Framework also gives the Board a central role
in discussing, reviewing and approving the Group’s strategy. The Strategic
Report explains how the Group generates and preserves value over the
long-term. Management reviews long-term opportunities and risks for
the business, over a three-year time horizon, at its own week-long offsite
session in September, before the findings of this are presented to the
Board at its Strategy Away Day shortly afterwards. The Board then reviews
related targets, plans and budgets at its December meeting, which
includes challenging Management on the assumptions underpinning
them. It ensures that they reflect and support the Group’s strategy, and
that adequate resources are available to support execution, whilst
maintaining capital discipline. In its review of strategy, the Board also
considers market trends and market participant behaviours to assess
the sustainability of the Group’s business model over the medium and
long term.
The Board reviews the performance of the CEO and Group Executive
Management Team against financial and operational performance targets
at each scheduled meeting of the Board. It also regularly discusses the
Company’s principal risks. During its review and approval of the Group’s
Viability Statement, it also considers how they may prevent the delivery
of the Group’s strategy, the mitigations in place to reduce the likelihood
of occurrence and the impact on the Group if they are realised.
Role of the Chair includes:
• Leadership of the Board, ensuring its effectiveness in all aspects
of its role and setting its agenda
• Chairing Board, Nomination Committee and general meetings
• Promoting a culture of openness and debate and ensuring the
effective engagement of all Board members
• Demonstrating objective judgement
• Ensuring that the performance of the Board, its Committees
and individual Directors is evaluated annually
• Ensuring that the Directors receive accurate, timely and
clear information
• Facilitating constructive Board relations and the effective
contribution of all Non-Executive Directors
Role of the Chief Executive Officer includes:
• Developing the Group’s strategy for approval by the Board,
and ensuring the execution of that strategy
• Providing leadership to the Management team in the day-to-day
running of the Group’s business
• Ensuring that appropriate internal controls are in place throughout
the Group
• Setting the ‘tone from the top’ by establishing the Group’s guiding
values, for approval by the Board
• Providing a means for timely and accurate disclosure of
information to the Board, including effective escalation of issues
where required
Role of the Senior Independent Director includes:
• Providing a sounding board for the Chair and serving as a trusted
intermediary for other Directors, when necessary
• Meeting with the Non-Executive Directors at least once a year
to appraise the Chair’s performance
• Providing support for the Chair in the delivery of his/her objectives
• Ensuring that the Chair pays sufficient attention to succession planning
• Ensuring that the views of the other Directors are conveyed
to the Chair
• Being available to shareholders, if they have concerns and the
normal channels of Chair, Chief Executive Officer or other Executive
Director have failed to resolve issues
Role of the Non-Executive Directors includes:
• Providing an external perspective, constructively challenging the
Executive Directors and Management
• Monitoring and scrutinising the Group’s performance against
agreed goals and objectives, and holding Management to account
• Being appointed as members of the Board’s Committees
• Offering strategic guidance and specialist advice
• Playing a prime role in appointing and removing the
Executive Directors
Computacenter plc Annual Report and Accounts 2024 091
Strategic Report G overnance Financial Statements Glossary
Division of responsibilities continued
Delegated authorities
So that the Board can give key matters sufficient attention and consideration
within the time constraints of its programme, our Corporate Governance
Framework allows it to delegate those powers and responsibilities which
it deems necessary, subject to UK corporate governance requirements.
A number of Board-level matters are delegated to the Nomination, Audit
and Remuneration Committees. The Board also delegates day-to-day
management of operational activities to the Chief Executive Officer.
The Board’s principal committees help support the successful execution
of the Group’s strategy. The responsibilities of the Nomination Committee
include ensuring that the Board, its Committees and, together with the
CEO, the Management team, have the right skills and strength in depth to
set and approve an effective strategy and then deliver it. The Remuneration
Committee’s work ensures that key individuals are appropriately
incentivised to achieve the strategic objectives as set by the Board, and
make decisions in accordance with the Group’s risk appetite. The Audit
Committee independently assures the processes and information which
underpin and measure delivery of the strategy.
Chair’s role in leading the Board
Pauline Campbell leads the Board as Chair and fulfils a number of
responsibilities in the role, as set out on page 091. In addition to chairing
formal Board and Nomination Committee meetings, Pauline focuses on
the Board’s effective operation. This includes ensuring that she and the
Board are fully and regularly apprised of material issues and Management’s
view of them, at an early stage. Pauline holds regular one-to-one
meetings with the CEO and each Group Executive Management Team
member, so any issues can be incorporated into the Board’s annual
agenda or communicated to members on a timely basis.
Pauline also leads a programme of formal and informal meetings for the
Directors, which ensure regular Board communication and discussion.
In 2024, a number of these meetings were offsite, allowing the Board to
discuss topics in more detail and in an environment which encouraged
open, comprehensive and independent discussion and debate. These
meetings included working dinners with the US and UK business leadership
teams in June and November, and separate offsite meetings for the Board
and for the Non-Executive Directors only during the second half of the
year, which addressed strategic, performance and governance matters.
Pauline also oversees preparations for formal meetings, ensuring that
members receive timely, clear and accurate papers to support discussion.
Following her appointment in May 2024, she attended six agenda review
meetings with the CEO, former CFO and the Company Secretary, to ensure
Board time was appropriately allocated between strategic, performance,
financial and governance related items. She also led over thirty-five paper
review sessions with Management and the Company Secretary prior to
Board meetings, to provide guidance on content and ensure that priority
areas were thoroughly addressed in the final papers provided to the Board.
Pauline completed a preliminary review of the internal Board evaluation,
prior to wider Board discussion, and oversees the performance reviews
of individual Directors. She also held several meetings with the Group’s
largest shareholders and conveyed their feedback on the Group’s
performance to the Board. As set out in further detail on page 098, the
internal Board evaluation and the Senior Independent Director’s follow-up
review, which included input from each Board member, confirmed that
Pauline had performed effectively in her role. It also confirmed that she
had demonstrated objective judgement during the year, promoted
a culture of openness and debate where each Director was given an
equal opportunity to participate in Board discussion, and facilitated
constructive Board relations and the effective contribution of all
Non-Executive Directors.
Board composition and independence
Each of Pauline Campbell, René Carayol, Christian Jehle, Philip Hulme,
Kelly Kuhn, Ljiljana Mitic, Mike Norris, Peter Ogden, Ros Rivaz, Peter Ryan
and Adam Walker served on the Board during the year. Peter Ryan and
Ros Rivaz left the Board after six and eight years of service respectively,
and Adam Walker and Kelly Kuhn joined in the second half of the year.
Simon McNamara was appointed to the Board in January 2025.
Early in the year, the CEO confirmed to the Board and Nomination
Committee that he intended to remain in his role over the medium term,
health and personal circumstances permitting. Following this assurance,
Peter Ryan stepped down as Chair and was replaced by an existing
independent Non-Executive Director, Pauline Campbell. The Board
determined that she met the Code’s independence criteria on her
appointment in May 2024. However, Pauline’s appointment as Chair
temporarily reduced the number of independent Non-Executive Directors
and meant that the Board was non-compliant for a period of just over
three months with provision 11 of the Code, which requires that half of the
Board, excluding the Chair, are Non-Executive Directors whom the Board
considers to be independent. The Board complied with provision 11 for the
remainder of the year and exceeded its requirements by the year end.
The Board considers that René Carayol, Kelly Kuhn, Ljiljana Mitic, Adam
Walker and Simon McNamara are independent in their character and
judgement. Philip Hulme and Peter Ogden, the founder Non-Executive
Directors, are not independent, having been on the Board as either
Executive or Non-Executive Directors since they founded Computacenter
in 1981. In total, 57% of the Board (excluding the Chair) was deemed to be
independent as at 31 December 2024. The balance of the Board’s Executive,
Non-Executive and independent Non-Executive Directors ensures that
there is no dominant individual or group on the Board influencing its
decision-making. This is reinforced by the Board’s Committees, which only
include the independent Non-Executive Directors and the Chair, and work
within defined Terms of Reference. As set out on page 090, there is a clear
division of responsibilities between the leadership of the Board, by the
Chair and Senior Independent Director (SID), and the executive leadership
of the business, by the CEO.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024092
Division of responsibilities continued
Non-Executive Directors
The Non-Executive Directors have a prime role in appointing and removing
the Executive Directors, and scrutinising Management’s performance
across a wide range of areas, including strategy, financial performance,
risk and internal controls, and governance. The independent Non-Executive
Directors are uniquely positioned to perform this role, as members of the
Board and each of its committees.
To ensure new Non-Executive Directors can be effective from the outset,
the Company Secretary organises a comprehensive induction programme.
This is tailored to their background and requirements, with each new
Director providing regular feedback on areas they would like to explore
further. During the year, Adam Walker and Kelly Kuhn received an induction
pack containing information on the Group’s business, its structure and
operations, Board procedures, corporate governance matters and details
of Directors’ duties and responsibilities. They also met the Group’s senior
business and central function leaders and had the opportunity to meet
with the Group’s key advisers, including its corporate lawyers, brokers
and remuneration advisers.
As part of their ongoing oversight of the Group’s performance, the
Non-Executive Directors received financial performance updates at each
scheduled Board meeting and ahead of the Group’s Q1 and Q3 Trading
Updates, alongside analysis of current market expectations for the
full-year financial results. The Non-Executive Directors also met without
the Executive Directors present on several occasions during the year,
often before or after Board Committee meetings, as well as at a
Non-Executive Director dinner, at which they discussed the performance
of the Executive Directors and the Group. In addition, the Remuneration
Committee plays a key role in holding the Executive Directors and Group
Executive Management Team members to account for performance,
as its assesses their achievement against objectives when determining
their variable remuneration. Further detail can be found in the Annual
Remuneration Report from pages 113 to 140.
The Non-Executive Directors also meet separately with the Executive
Directors and the Management team. This often happens when they have
particular experience or expertise to pass on, or as part of their oversight
responsibilities following Board or Committee discussions.
External appointments and time commitment
The director appointment process requires potential Non-Executive
Directors to disclose their existing directorships and significant time
commitments to the Company, before appointing them to the Board.
This ensures they have sufficient time to fulfil their directors’ duties and
allows the Board to assess and authorise any potential conflicts of interest.
The Non-Executive Director Letter of Appointment sets out the expected
time commitment and although the nature of the roles makes it difficult
to specify the maximum time required, they are expected to commit
up to two days per month, including attending and preparing for regular
Board meetings.
The Company’s Articles of Association allow the Board to review and
authorise a situation where a Director has an interest that conflicts,
or may conflict, with Computacenter, and to impose conditions on that
authorisation. The Board has formal procedures to manage any actual
or potential conflict of interests identified. These include considering
each external interest from a commercial and competitive perspective,
which includes identifying supplier or customer relationships between
Computacenter and the third party, and also identifying if there any areas
where it competes with Computacenter.
Before their appointment, the Board noted the existing commitments
of Adam and Kelly, and assessed that each had the capacity to fulfil the
expected time commitment. This required particular consideration for
Adam, given that he has taken on the Board leadership roles of SID and
Chair of the Audit Committee. The Board also authorised a potential
conflict for him. In addition, the Board reviewed and approved René
Carayol’s appointment to the Pegasus Opera Company in advance.
Provided the time commitment does not conflict with their duties to
the Company, the Board may authorise Executive Directors to take
non-executive positions in other organisations, as this helps to broaden
their experience. As at 31 December 2024, Mike Norris did not hold any
non-executive positions in other organisations.
The Board monitors each Director’s external commitments twice a year,
as well as through the Board evaluation process. Following this, the Board
is satisfied that each Director is able to allocate sufficient time to the
Company to discharge his or her responsibilities effectively, and that no
external appointments have any impact on their independence or
responsibilities to the Company.
Information and support
We have policies and processes to support the Board’s work, including
those relating to meeting preparation and attendance. To enable
Directors to discharge their duties, they receive detailed, accurate, clear
and timely information at least a week in advance of each scheduled
Board and Committee meeting. At meetings, the Directors are assumed
to have read all the papers, allowing more time for discussion of
specific points.
The Company Secretary advises the Board on all corporate governance
matters and advises the Chair to ensure that all Board procedures are
correctly followed. All Directors have access to the Company Secretary’s
advice and services. The appointment and removal of the Company
Secretary is a matter reserved for the Board.
Computacenter plc Annual Report and Accounts 2024 093
Strategic Report G overnance Financial Statements Glossary
Division of responsibilities continued
Peter Ogden
Founder, Non-Executive Director
Experience
Peter founded Computacenter with
Philip Hulme in 1981 and was Chairman
of the Company until 1998, when he
became a Non-Executive Director.
Prior to founding Computacenter,
he was a Managing Director of Morgan
Stanley and Co.
Pauline Campbell
Non-Executive Chair and Chair of the
Nomination Committee
Experience
Pauline is a former
PricewaterhouseCoopers (‘PwC’) Audit
Partner who brings over 30 years of
experience in the profession. She has
worked internationally across a broad
range of sectors, including IT services
and support services amongst many
others. Pauline also served on the
Governance Board of the UK firm,
including the Public Interest Body and
the equivalent body at PwC’s Global
Network, giving her a wealth of
governance experience. Pauline was
a Non-Executive Director of Micro
Focus International plc, until its sale
on 31 January 2023, and is currently
Deputy Chair of the Latymer
Foundation.
Mike Norris
Chief Executive Officer
Experience
Mike Norris has been Computacenter’s
Chief Executive Officer since 1994.
As well as spearheading the Group’s
strategy and growth ambitions,
he is responsible for ensuring the
Company delivers value to its
customers and shareholders.
Mike joined Computacenter’s sales
team in 1984 after graduating from
university. He went on to hold
several roles before taking over the
management reins in 1994. Mike has a
degree in Mathematics and Computer
Science from the University of East
Anglia and was awarded an Honorary
Doctorate of Science from the
University of Hertfordshire.
Philip Hulme
Founder, Non-Executive Director
Experience
Philip founded Computacenter with
Peter Ogden in 1981 and worked for
the Company on a full-time basis until
stepping down as Executive Chairman
in 2001. He was previously a Vice
President and Director of the Boston
Consulting Group.
Committee membership
Shown as at 17 March 2025.
Membership of the Committees as
at 31 December 2024 are shown on
pages 102, 105 and 113. Only the Chair
and Independent Non-Executive
Directors are members of the
Board’s Committees.
Key:
A
Audit Committee
N
Nomination Committee
R
Remuneration Committee
E
Environmental, Social and
Governance Committee
Denotes Chair of Committee
Board of Directors
The Board has an excellent
balance of independence,
knowledge and experience
which allows it to perform
its role effectively,
providing effective and
entrepreneurial leadership
to the Group, and
promoting its long-term
sustainable success.
N R E
Governance
Computacenter plc Annual Report and Accounts 2024094
GlossaryFinancial StatementsStrategic Report
Board of Directors
Adam Walker
Senior Independent Director and Chair
of the Audit Committee
Experience
Adam joined the Board in August 2024.
He is a Non-Executive Director of Currys
plc, Chair of its Audit committee and
a member of its Remuneration
Committee. He is also the Audit
Committee Chair of J Murphy & Sons,
Chair of Indra Renewable Technologies
Limited and Chair of the Matt Hampson
Foundation, a charity for young people
with life-changing sport injuries.
Adam’s former executive roles include
EVP and CFO of HIS Holding Limited, the
largest global telecommunications
tower company, CFO of GKN plc, Group
Finance Director at Informa plc, and
Finance Director at National Express
Group plc. Adam was a Non-Executive
Director and Chair of the Audit
Committee at Kier Group plc and at
Nasdaq-listed Tritium DCFC Limited.
Simon McNamara
Independent Non-Executive Director
Experience
Simon joined the Board in January
2025. As NatWest Group’s Chief
Administration Officer for ten years,
he led the transformation of its
technology and services proposition,
and oversaw more than 30,000
employees around the world. Prior to
this, Simon was Global CIO of Standard
Chartered Bank Consumer Bank based
in Singapore, where he developed and
implemented the Group Technology
and Operations strategy for their
Consumer, Business and Private Banks.
Simon has also held several other
senior IT positions in global financial
services, at Westpac Banking
Corporation, Deutsche Bank, BNP
Paribas and Midland Bank. He was also
a founding partner in a successful
software start-up, CATS INC, in Silicon
Valley. He was awarded an Honorary
Doctorate in Computer Science from
the University of Hertfordshire.
Kelly Kuhn
Independent Non-Executive Director
Experience
Kelly joined the Board in September
2024. She is a Non-Executive Director,
Remuneration Committee Chair and
Nomination Committee member at ISS
A/S. She also advises WNS (Holdings)
Ltd and the McChrystal Group, and
previously sat on the Board of LaSalle
Hotel Properties, a NYSE listed real
estate investment trust.
Kelly spent over 30 years as an
executive at CWT. She led CWT’s US
government business, before joining
its Executive Leadership team and
assuming responsibility for wider
business performance in APAC and
EMEA, and ultimately becoming the
company’s first Executive Vice
President and Chief Customer Officer.
Ljiljana Mitic
Independent Non-Executive Director
and Chair of the ESG Committee
Experience
Ljiljana has more than 25 years’
experience in the IT industry. She was
Global Head of financial services and
a member of the executive committee
at Atos SE, following its takeover of
Siemens IT Solutions and Services
GmbH, where she headed the
worldwide banking and insurance
sales business. Ljiljana has also held
senior roles at Hewlett-Packard and
WestLB AG. Since 2016, she has focused
on technology start-ups as a member
of Impact51 e. V. Ljiljana is a Non-
Executive Director of Grenke AG, a
global financing partner for small and
medium-sized companies and is
Non-Executive Chair of Grenke Bank AG.
René Carayol
Non-Executive Director, Chair of the
Remuneration Committee and
Workforce Engagement Director
Experience
After ten years at Marks & Spencer,
including as a Senior IT Manager, René
joined PepsiCo as IT Systems Director.
He was subsequently CIO at IPC
Magazines, until it was sold to AOL Time
Warner. René is now an experienced
Executive Leadership Coach and
broadcaster, with much of his recent
work focusing particularly on areas
such as diversity and inclusion,
inclusive leadership and cultural
transformation across large
organisations.
René was awarded an MBE for his
outstanding contribution to the
business community. He holds a
degree from the London School of
Economics and Political Science and
was awarded an Honorary Doctorate
by the University of Roehampton.
A N R E A R A N R E N R A
E
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GovernanceStrategic Report Financial Statements Glossary
Board of Directors continued
The Group Executive
Management Team
supports the Chief
Executive Officer in
the day-to-day
management of
the business, and
provides high-level
leadership for our
operations across
Computacenter.
Group Executive Management Team
Lieven Bergmans
Chief Commercial Officer
Experience
Lieven is responsible for the
Group’s Technology Sourcing.
He joined Computacenter in
2000 as Head of the Consulting
Division of the Belgian
subsidiary. In 2008, he was
appointed Managing Director
of Computacenter Benelux.
He was responsible for aligning
the local business with the
Company’s portfolio of services
and Group solutions and
increasing market share.
From 2015 to 2018, he brought
stability and growth to the
French entity, before taking
on broader responsibilities.
John Beard
Managing Director, Europe
Experience
John leads Computacenter’s
business across Europe and is
accountable for all customer
engagement in the region.
He joined Computacenter’s
inaugural graduate scheme in
1995 and held various Sales and
Sales leadership roles in the UK
business (as well as a year as
Chief Commercial Officer)
before moving into his current
role of Managing Director for
Europe. John graduated from
Loughborough University with
a degree in Mathematics.
Mike Norris
Chief Executive Officer
Experience
Mike Norris has been
Computacenter’s Chief
Executive since 1994. For
further details on Mike’s skills
and experience please see
page 094.
Reiner Louis
Managing Director,
Professional Services
Experience
Since 2023, Reiner Louis has
led the global Professional
Services organisation at
Computacenter. In this role, he
is responsible for the expansion
of the Group-wide Professional
Services business. From 2013
Reiner was responsible for the
entire business in Germany as
Country Head Germany and
Spokesman of the Management
Board. Reiner joined
Computacenter in 1994 as
Head of Customer Services and
held various management
positions in subsequent years.
Julie O’Hara
Managing Director,
Managed Services
Experience
Julie is responsible for the
delivery of Managed Services to
Computacenter’s customers
worldwide. Rejoining
Computacenter in 2014, Julie
was responsible for all services
delivered to UK customers,
extending her scope globally in
2017. Julie spent two years at
Colt as VP for Services and
Solutions, where she ran
Service Management, Contract
Management, Consultants and
Architects across Europe.
Prior to this, she worked at
Computacenter and IBM in a
number of technical service
and sales-related positions
and has been in the IT industry
for almost 30 years.
Governance
Computacenter plc Annual Report and Accounts 2024096
Group Executive Management Team
GlossaryFinancial StatementsStrategic Report
Justin Griffin
President, North America
Experience
Justin Griffin leads the
North America business at
Computacenter. He joined the
company in 2007 through
Computacenter’s acquisition of
FusionStorm and has served as
the Senior Vice President of
Sales for the US since 2018.
Prior to Computacenter, Justin
led a Professional Services
team at MTI Technology and
held various roles at Accenture.
He earned a Bachelor of Science
degree from Pennsylvania
State University.
Fraser Phillips
Group Legal & Compliance
Director
Experience
As Computacenter’s Group
Legal & Compliance Director,
Fraser advises on large
Services engagements,
particularly those involving
multiple partners. He took on
his current role in 2013 after
a six-year tenure as Head
of Legal in the UK. Fraser
qualified as a barrister in
1997 and has extensive
experience in structuring,
negotiating and drafting
commercial agreements.
Mo Siddiqi
Group Development Director
Experience
Mo is responsible for
Computacenter’s strategy,
marketing, corporate
development initiatives and
Sustainability Strategy.
Since originally joining
Computacenter in 1997, Mo has
held a number of senior sales and
operational roles, notably
leading the Company’s
international development
through a mixture of organic
growth, customer wins, business
start-ups and acquisitions.
John Gibbs
Chief Information Officer
Experience
Responsible for all of
Computacenter’s systems and
infrastructure, John joined
Computacenter in July 2023.
He has over 30 years’
experience in Information
Technology, most recently as
the Group CIO of Rolls-Royce
and International Airlines
Group. In addition to his IT
experience, he has also
previously been a customer of
Computacenter and an advisor
to the Company.
Sarah Long
Chief People Officer
Experience
Sarah has over 25 years’
experience in the technology
industry. She originally joined
Computacenter in 1996 and
spent 12 years in various Sales
and Service Leadership roles.
Between 2008 and 2018 she
consulted to a number of
technology organisations
across Europe, advising on
strategic growth and
organisational change. Sarah
rejoined Computacenter in
March 2019 to lead the Group
People Strategy and in-country
Human Resources functions.
Sarah graduated from the
University of Manchester with a
degree in Technology and Design.
Computacenter plc Annual Report and Accounts 2024 097
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Group Executive Management Team continued
Internal evaluation of the Board
This year’s evaluation was run internally and facilitated by the Company
Secretary, using a series of tailored questionnaires covering the Board
and each Committee. The Nomination Committee led on deciding the
process and approving the questionnaires. As members of this Committee,
the Chair of the Board and the Chair of each Committee was able to review
and shape the questionnaires. The process allowed individual Board
members to provide feedback anonymously and the responses were
collated and analysed by the Company Secretary.
Areas covered by the evaluation included: how the Board has performed
its oversight responsibilities, including in areas such as: strategy and risk
management; the Group’s culture; target setting and monitoring of
performance; stakeholder relations and views; talent and succession
planning; and corporate governance. The evaluation also considered the
Board’s operational effectiveness, including the leadership of the Chair,
Senior Independent Director and Committee Chairs; the Directors’ ability
to work together to achieve objectives; the Board’s culture and quality
of decision-making; the quality of information provided to the Board;
and time management and agenda setting, including appropriate time
allocation between strategy, performance and governance.
In March 2025, the Chair presented the results of the evaluation (excluding
those relating to her own performance) and led a discussion of the key
findings and the implications for the Board’s development. The Senior
Independent Director led an assessment of the Chair’s performance,
without the Chair being present.
Following the presentation of the evaluation questionnaire responses by
the Chair, and further discussion, it was concluded that:
• the Board, its Committees and individual Directors were performing
effectively, within a meeting environment that enabled and
encouraged constructive debate and challenge between members;
• Board and Committee meetings were considered to be well run, with
additional private sessions and other opportunities at which more
confidential matters could be discussed;
• the Board exercised appropriate and effective oversight across key
areas including strategy, culture and performance;
• the Board had adequate visibility of the views of its key stakeholders,
and applied its understanding of these in its decision-making;
• members worked together well to achieve objectives, made easier by
the collective breadth of skills and differences of background of
members, resulting in complimentary skills and areas of expertise; and
• each Director continues to contribute effectively.
Nomination
Committee review
and discussion
Board and Committee
approval of process
Completion of
questionnaires
Preliminary review
of results
Final results report
reviewed by Board
Post-evaluation
actions agreed
November 2024
The Committee took the lead in
assessing whether an external
evaluation of the Board was
required. It recommended to
the Board that an internal
evaluation was appropriate.
December 2024
An overview of the proposed
process was given to the Board
by the Chair and the Company
Secretary, with feedback and
suggestions from members
incorporated. The process was
approved by the Board and
each Committee.
December/January 2025
Detailed evaluation
questionnaires were circulated
to the Board and Committees by
the Company Secretary. These
were completed and returned on
an anonymised basis by each
Board member.
February 2025
Results of the evaluation
questionnaires were reviewed by
the Company Secretary and the
Chair, as well as the Committee
Chairs in respect of information
on the Committees that they lead.
March 2025
The final results report was
drafted by the Chair, with support
from the Company Secretary,
and submitted to the Board,
which reviewed and discussed
it at its March 2025 meeting.
March 2025
The action plan for
implementation was approved
by the Board, which instructed
the Company Secretary to
oversee it during 2025.
The Board identified a small number of areas for development and
continued progression in 2025, including risk management and analysis,
and succession planning and talent development.
In response to suggested actions arising from the Board’s 2023
evaluation, between 1 January 2024 and the date of this report, the Board
undertook four sessions reviewing the Company’s principal risks, including
deep-dive reviews of those relating to geopolitical risk, succession
planning, Managed Services contracting risk, and the Group’s strategic
vendor relationships. The process of Board paper preparation was also
enhanced through the addition of paper review sessions with the Chair
ahead of Board meetings.
Measuring Board effectiveness
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024098
Measuring Board effectiveness
Focusing on our
customers
Our culture:
Our culture emphasises that we
must deliver great results for our
customers, in an environment
that prioritises long-term
decision-making and the
development of our people.
It empowers our people to react
decisively and responsibly to the
needs of our customers, on a
day-to-day basis.
Our Purpose:
In essence, our Purpose is to help
our customers change the world,
by enabling them to realise the
transformative benefits of IT.
We work relentlessly to build our
customers’ long-term trust, so
they can rely on us in a complex
and ever-changing business
environment.
Our Winning Together Values:
Our Values are central to our
culture and support the delivery
of our strategy and Purpose. They
require us to work hard to get to
know our customers, understand
their needs and put them at the
heart of everything we do.
Our strategy and strategic KPIs:
Our strategy and KPIs reflect: the
relationships we want to have
with our customers, so we retain
them and maximise their value;
our view that we do this most
effectively when we deliver a
significant Services element to
the customer; and the critical
importance of our people.
Our Purpose, strategy, Values and culture put
our customers at the heart of everything we do.
During 2024, the Board reaffirmed our Purpose and our Winning
Together Values and confirmed that they remained aligned with our
culture and strategy. The Board also spent considerable time on
strategy during the year, as summarised in the Chair’s governance
overview on page 082.
Our Purpose See inside front cover
Our strategic KPIs See page 018
Our culture See page 005
Our Values See page 005
Our Purpose, strategy, Values and culture
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Computacenter plc Annual Report and Accounts 2024 099
Governance GlossaryFinancial StatementsStrategic Report
Our Purpose, strategy, Values and culture
Our Purpose
The Board is responsible for setting our Purpose and
strategy, and then ensuring that the Group’s culture and
values help us to achieve and implement them.
We help our customers to change the world, by enabling their success
through the realisation of the transformative benefits of IT for their
organisations and people. The following section describes our values and
culture, which place our customers and our people at the centre of what
we do. It explains the Board’s involvement in showcasing our values
through its own actions and decision-making. It also provides examples
of how the Board ensures our values are being lived out on a day-to-day
basis, and that the desired culture is being maintained as the Group
continues to grow.
Our Winning Together Values
How the Board leads by example
Our values are clear and well understood across our business. Feedback
from our people tells us the importance of our values and culture in
delivering great service for our customers, and attracting, retaining and
motivating talent. Our people look to the Board for leadership in this area,
including by example.
The high standards of behaviour that we expect from our people also
apply to the Directors, who are subject to the Group’s Ethics Policy. The
terms of the Director Service Contract and Appointment Letter require
that they act with integrity at all times. Each Director has, during the year,
been asked to confirm to the Company that they have understood and
complied with the terms of the Group’s policies which apply to them
specifically as a result of being on the Board. These include the Group’s
Related Party Policy, Share Dealing Policy, and Disclosure Policy. They have
also been asked to confirm regulatory information relating to their Company
shareholding, external appointments and potential conflicts of interest.
Putting customers first
The Board continued to invest significant time understanding the needs,
priorities and challenges faced by our customers, hearing from members
of our Management team and also more widely from employees through
the Workforce Engagement Programme. The Board also completed a
review of our annual customer satisfaction survey of around 1,200
representatives from over 300 customers across the geographies in
which we operate.
Keeping promises
Our Keeping Promises value includes those we have made to our customers.
Under our governance framework, the Board continued to approve the
Group’s strategy, investments, budget, and certain material contracts.
By doing so, the Board provides a first line of defence in ensuring that our
business only makes promises to its customers where it has the expertise,
capability and resources to fulfil them on agreed terms, meeting or
exceeding customer expectations, while generating a return on
investment which is appropriate for our shareholders.
Keeping Promises also requires us to be straightforward and honest,
no matter who we are dealing with. In its governance role, the Board
plays a critical role in ensuring that this applies to our regulated
communications and disclosures as a public company. The Board
continually assists and challenges Management as it oversees that all
such disclosures are accurate, transparent and, in respect of future
financial performance, realistic.
Understanding people matter
Through its own activity and that of its principal Committees, the Board
had oversight of topics covering the Group’s workforce policies and
practices, such as its Modern Slavery and Gender Pay Gap reporting,
payment practices, and the CEO pay ratio. It also had oversight of metrics,
initiatives and policies relating to pay and wellbeing, and was satisfied
that the Group’s philosophy of pay for performance, as well as its policies
and practices, were consistent with and supported our values.
Our people can raise any matters of concern through an independent,
third-party, anonymous reporting helpline, run by Safecall. Through
updates from the Audit Committee Chair, the Board reviews this and
reports arising from its operation.
The Board also received frequent updates during the year from
the designated Non-Executive Director for Workforce Engagement.
This helped it to understand the approach, views, interests and
activities of our people, what our people understand the culture to
be, and how well they think it is embedded across the organisation.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024100
Our Purpose, strategy, Values and culture continued
Ros Rivaz held the role until she stepped down from the Board on
30 September 2024, at which point René Carayol took over. René has been
an independent Non-Executive Director since November 2022 and has
significant experience in diversity and inclusion, inclusive leadership and
cultural transformation across large organisations, making him the ideal
choice for engaging with our people. The Workforce Engagement
Programme included meetings with representatives from our European
Works Council, UK Inside Sales function, Ethnicity Employee Impact Group,
and from our Belgian employee forum. For further detail on the issues
raised by employees through the programme, please see page 040.
The Board also ensures that the Group continues to invest in and reward
our people appropriately. Please see pages 055 to 059 and pages 113 to
140 for further detail.
Considering the long term
The Board’s activities and decision-making, as set out on pages 087 to
089, saw it focus on the long term. This was particularly evident during the
year in its authorisation of continuing long-term investments against a
backdrop of difficult and uncertain macroeconomic conditions, particularly
across Europe. Particular examples include material investment into the
Group’s customer-facing IT systems, in order to enhance competitiveness
over the long term and further improve the current and future customer
experience. The Board also approved a significant multi-year investment
to relocate and enhance our Integration Center near Atlanta in the US,
demonstrating our long-term commitment to the US market and our
customers there.
Our culture
The Board recognises the critical importance of our culture and believes it
is a key differentiator for Computacenter. It therefore continued to assess
and monitor culture throughout the year, supported by its Committees.
Its regular oversight activities included receiving presentations and
reports from Management, including employee-related key performance
indicators such as engagement scores, training statistics, perceptions
of leadership and management, attrition rates and length of tenure.
The Group’s values help to ensure we have a consistent culture around the
world and the Board remains focused on maintaining our culture as we
grow, so we retain the special qualities that make us the business we are.
However, there will naturally be some variations in cultural practices
across our geographies and it can also take time to fully assimilate
acquisitions and create a unified culture across the enlarged business.
With this in mind, the Board’s visit to the North American business in June
2024 included an assessment of its culture, with our presence in this
market having been built rapidly through the acquisitions of FusionStorm
(2018), Pivot (2020) and BITS (2022). Alongside our organic growth, this has
resulted in the Group now employing over 1,600 people in North America.
Over several days, the Board spent time in our North American offices,
visited the Integration Center in Atlanta, met numerous employees in
small groups, received presentations from local management and held
dinners and meetings with the North American team. These events
included interactive questions and answers, allowing for good two-way
communication. The Chief People Officer also led a discussion on culture
and how we had assimilated the acquired businesses. The Board agreed
that the Group’s culture had been effectively embedded within the North
American business, and also that the US workforce is highly driven and
competitive, with a strong appetite for both Group and individual success.
The Board’s Committees also helped it assess whether our culture and
values were embedded across the Group and reflected in our people’s
actions day-to-day. In particular, the Audit Committee reported to the
Board on any potential breaches of our Group Ethics Policy and Code of
Business Conduct, and provided information on training requirement
completion, and monitoring and communications programmes. The
Committee also aided the Board’s assessment of how effectively related
policies and processes had been embedded within the organisation,
including by geography and business function.
How our Values underpin our culture and our success
Our Values determine our behaviours and actions that underpin our
daily activities, including our decisions, beyond the rules that we put
in place to comply with legal or regulatory requirements. They create
an alignment between our people, making it easier for them to work
towards shared goals and objectives, enabling us to be a more
consistent and predictable partner for our key stakeholders, and
allowing us to retain great talent.
Our values also provide clarity. Our people know what we stand for as
a business, and how we expect them to represent Computacenter,
no matter where they are, what they are doing, or with whom they are
interacting with on our behalf.
We take great pride in the feedback from our people which shows they
think that we live our values on a day-to-day basis.
Computacenter plc Annual Report and Accounts 2024 101
Strategic Report G overnance Financial Statements Glossary
Our Purpose, strategy, Values and culture continued
Membership and attendance
In 2024, the Committee was composed of the independent Non-Executive
Directors and the Chair of the Board.
The Company Secretary is secretary to the Committee. The Chief
Executive Officer and Chief People Officer attend meetings by invitation.
Activities of the Committee
1. Board succession planning and appointments
Leading the succession planning and appointment processes for
a new Chair and three independent Non-Executive Directors between
1 January 2024 and the date of this report.
2. Senior Management succession planning and talent development
Ensuring we have appropriate processes to identify and develop our
leaders of the future.
3. Board Effectiveness
Leading the design and implementation of the internally facilitated
Board evaluation and reviewing its findings. Advising the Board that it,
and each of its Committees, continued to function effectively.
The Committee’s full Terms of Reference are available at investors.
computacenter.com. The Committee made only minor changes to its
terms of reference in 2024.
Composition and Succession
The Committee’s main activities in 2024
The Nomination Committee met seven times during 2024, and its
work included:
Board succession planning and changes
We spent significant time considering Board succession planning and
leading Director appointment processes in the year.
The Company has a formal, rigorous and transparent procedure for
appointing Directors. The Committee leads the process, which is triggered
by identifying a skills gap on the Board. This is usually the result of a Board
resignation, changes in the Company’s activities or strategic focus, or
updated corporate governance requirements.
During the first quarter of 2024, a sub-committee explored internal and
external succession options for the Chair of the Board. The sub-committee,
which comprised Ros Rivaz (who was Senior Independent Director (SID) at
the time), René Carayol (Independent Non-Executive Director) and Mike
Norris (CEO), received advice from the search firm Russell Reynolds, which
has no other connections to the Company or its Directors. This work
resulted in a diverse list of possible succession candidates.
The sub-committee met each of the candidates and also discussed
Russell Reynolds’ feedback on them, after which a short list was prepared.
Shortlisted candidates met the sub-committee members for a second
time, and then the rest of the Board. Following this process, and Peter
Ryan’s notification in March that he would retire from the Board after the
2024 AGM, the Board appointed me as his successor.
Having overseen the Chair succession process, Ros Rivaz informed the
Board of her intention to step down as SID by no later than the 2025 AGM,
allowing for time to find a replacement. The Committee then led the
process to appoint two independent Non-Executive Directors, having
identified the need for financial expertise and experience of operations
in the US environment. The search firm engaged for these appointments
was Korn Ferry, which has no other connections to the Company or its
Directors. It provided input to a role specification, which we approved.
We then reviewed and interviewed a long list of candidates, agreed a
shortlist and invited the remaining candidates to second interviews with
Committee and other Board members, including the Executive Directors.
3
1
2
How the Nomination Committee spent its time
1. Board composition: 35%
2. Succession planning: 33%
3. Board effectiveness: 32%
Nomination Committee report
Members as at 31 December 2024 Role
Attendance
record
Pauline Campbell (Chair) Non-Executive Chair of
the Board 7/7
Kelly Kuhn Non-Executive Director 2/2
René Carayol Non-Executive Director 7/7
Ljiljana Mitic Non-Executive Director 7/7
Adam Walker Senior Independent
Director 3/3
Former Committee members in 2024
Peter Ryan Former Non-Executive
Chair of the Board 2/2
Ros Rivaz Former Senior
Independent Director 4/5
Board and Executive succession planning
See pages 102 to 103
Board evaluation process
See page 098
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024102
Nomination Committee report
The Board subsequently approved our recommendations to appoint
Adam Walker and Kelly Kuhn.
In addition to replacing Board members, following my recommendation,
the Committee approved the addition of one more Non-Executive Director.
Given the Board agenda and Group priorities, we believed that we would
greatly benefit from technology and operations experience. Provision 20
of the Corporate Governance Code states that open advertising and/or an
external search consultancy should generally be used for the appointment
of the chair and non-executive directors. However, our succession planning
may identify an individual with skills and experience that the Board
requires. If so, the Company may depart from provision 20 and approach
that individual directly, without using a search firm or open advertising,
following the recommendation of the Committee and Board approval.
We appointed Simon McNamara early in 2025, having approached him
directly. We had considered a broad long list during our recruitment of
Kelly, including individuals with a technology background, and decided
that another search process was not required. After the approach,
Simon indicated his willingness to be put forward for consideration
and went through the standard recruitment process described above.
The Board approved our recommendation and Simon joined the Board
in January 2025.
As a result, for the first time in several years, the Board exceeds the Code’s
requirement for at least half the Directors, excluding the Chair, to be
considered independent. At the date of this report, the Board deems five
out of eight directors (excluding me) to be independent. The Board will
continue to exceed the requirement following any Executive Director
recruitment in 2025, after Chris Jehle’s departure as CFO in the fourth
quarter of 2024. The Company was temporarily non-compliant with Code
provision 11 for three months in 2024, as my appointment as Chair meant
I was no longer independent under the Code. After recruiting three
independent Non-Executive Directors, the Board does not intend to be
non-compliant with this provision again.
The Board and Committee leadership roles are now held by me, as Chair
and Chair of the Nomination Committee, Adam Walker, as Senior
Independent Director and Audit Committee Chair, and René Carayol, as
Remuneration Committee Chair and Workforce Engagement Director.
The Committee also reviewed Board and Committee composition twice
during the year, along with each Director’s skills, diversity and knowledge.
We considered how the Group’s leadership needs might change, for
example due to its strategy, Service Lines, the operating geographies
which are integral to growth, and likely future corporate governance
requirements, leading to the appointments above.
We also reviewed and recommended to the Board the mutually agreed
terms under which former CFO Chris Jehle left the business in the fourth
quarter of 2024.
Following the departure of Chris as an Executive Director and Chief
Financial Officer in December, we have been progressing the search
process for a new Chief Financial Officer. Until such time as this has been
completed, leadership of the finance function is being undertaken by the
CEO on a temporary basis. He is being well supported by an extremely
experienced Finance Leadership Team, reporting directly to him, who
have all been in their positions at Computacenter for well over 10 years,
and therefore have a detailed understanding of the business and how
the finance function can best support it. We will continue to regularly
assess this arrangement on an ongoing basis to ensure that it remains
the most effective temporary solution and continues to be in the best
interests of the Company’s stakeholders whilst the CFO search is ongoing.
We expect that search to progress at pace during the second quarter
of 2025 and look forward to updating shareholders as and when it has
been concluded.
Senior Management succession planning and
talent development
The Board also reviewed Group Executive Management Team succession
planning, after feedback from the Committee and a presentation from
the CEO and Chief People Officer. This considered the criticality of each
role and the availability of internal and external candidates over various
time horizons.
The Committee reviewed senior Management succession planning and
ensured that diversity was properly considered for the pipeline. We received
a full update from the CEO on his Group Executive Management Team to
understand succession planning priorities. Following a presentation from
the Chief People Officer, we reviewed Management’s processes for managing
and developing talent, particularly at intermediate levels, which could
produce Group Executive Management Team candidates in the medium
term. This included how the Group identifies exceptional talent at the
earliest possible stage and ensures it is fully developed, regardless of
gender, ethnicity or social background.
Diversity
The Board recognises the benefits of diverse skills, experience and
thought, which we always consider during succession planning and
appointments. It also believes that appointments to it must be made
primarily on skills and experience. During the year, the Chief People
Officer presented to us on the Group’s approach to diversity and inclusion.
Following this review, we recommended to the Board that a single inclusion
policy be approved and implemented across the Group. This helps
illustrate the importance of diversity and inclusion to the Group and its
leadership bodies, aligns the Group’s approach in this area across
different countries, and recognises its benefit in mitigating our People
Risks, as set out on page 052. Failing to recruit and retain the right talent
is a strategic risk for Computacenter and our key mitigations include
initiatives relating to gender and ethnicity, among others. See pages 057
to 058 for more details.
The Group Inclusion Policy was approved by the Board, and applies
to it and its Committees. It is supported by Computacenter’s wider
approach in this area, including its five pillars of diversity, which have
the following objectives:
• Gender: improving the gender split in a male-dominated industry
• Disability & Accessibility: ensuring that everyone has the support and
environment they need to fully participate
• Pride: embracing the diversity of our people’s sexual orientation and
gender identity
• Generations: embracing the experiences, insights and perspectives
of a multigenerational workforce
• Cultures: respecting the diverse cultures, ethnicities, religions and
beliefs that make up our international employees
Our Equality and Respect at Work Policy, which also applies throughout the
organisation, has the objective of ensuring that everybody representing
Computacenter, including the Board and its Committees, promotes
equality, diversity and inclusion in their behaviour and communication,
and reinforces our zero-tolerance approach towards differential
treatment or discrimination.
Computacenter plc Annual Report and Accounts 2024 103
Strategic Report G overnance Financial Statements Glossary
Nomination Committee report continued
Our leadership teams comprise the Group Executive Management Team
and the people who directly report to them. Female representation in our
leadership teams increased from 29% to 32%. For further detail of the
progress we have made against our related objectives, please see pages
055 to 059.
We continued to consider the Listing Rules’ diversity targets. As at 31
December 2024, the Board complied with the target to have at least one
woman in a Board leadership role, with me as Chair, and René Carayol
fulfils the target to have at least one member from an ethnic minority
background. This remains the case as at the date of this report. Female
representation on the Board was 37.5% at the year end, and is now 33.3%,
both of which are below the 40% target. During our searches to replace
Ros Rivaz as a Director and me as a member of the Audit Committee, we
started our searches with a ‘female only’ request, but then had to broaden
the search to replace me to find the right skills and fit, within the time
frame of our requirements. We are satisfied that our appointments are
right for our business and that having a female Chair, for the first time,
visibly shows our commitment to gender diversity.
Our founders Sir Philip Hulme and Sir Peter Ogden, and CEO Mike Norris,
have been Directors since 1998. This reflects both the founders’ long-term
support and the Group’s sustained success under Mike. As at the date of
this report 50% of the non-founder Non-Executive Directors are female,
and one of the three remaining males is from an ethnic minority
background and chairs the Remuneration Committee. Notwithstanding
this, the Committee aspires to comply with the 40% target, which will
remain part of our succession planning, while ensuring the Board
maintains its balance across other areas of diversity, as well as skills
and experience.
The gender and ethnicity of our Board and Group Executive Management
Team, at 31 December 2024, is set out below in accordance with Listing
Rule 9.8.6 (10). The data is obtained through the Group’s year-end
disclosure questionnaire, which offered individuals the categories listed
in the table below and asked them to select how they identified in respect
of gender and ethnicity.
Board evaluation and Committee performance
The Committee led on approving the process for the 2024 performance
evaluation for the Board, its Committees and Directors. We concluded
there were no reasons for an external evaluation and the evaluation was
internally facilitated. The evaluation took place in the first quarter of 2025
and having reviewed the findings and discussed them with the Board,
I am satisfied that this Committee continued to function effectively
during the year.
Re-appointment of Directors
After considering the outcome of the 2024 evaluation exercise, the
Committee has recommended that all the Directors are put forward for
election or re-election at the AGM in May 2025.
Pauline Campbell
Chair of the Nomination Committee
17 March 2025
Number of Board
members
% of the
Board
Number of Senior
Positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
Management
% of Executive
Management
Gender
Male 5 62.5% 2 7 78%
Female 3 37.5% 1 2 22%
Other categories – 0% – – 0%
Not specified/prefer not to say – 0% – – 0%
Ethnicity
White British or other (including minority-white groups) 7 87.5% 3 8 89%
Mixed/multiple ethnic groups – 0% – – 0%
Asian/Asian British – 0% – 1 11%
Black/African/Caribbean/Black British 1 12.5% – – 0%
Other ethnic group including Arab – 0% – – 0%
Not specified/prefer not to say – 0% – – 0%
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024104
Nomination Committee report continued
Dear Shareholder
I am pleased to deliver my first Audit Committee report for the year ended
31 December 2024. In the report below I explain how the Committee has
discharged its responsibilities during the year, including the onboarding
of several new members, considering the significant matters relating to
external financial reporting and ensuring that the relationship with
internal and external auditors remains appropriate. As noted opposite,
I joined the Committee as Chair on 30 August 2024. This report covers the
full year’s activities of the Committee.
Meetings of the Committee
The Committee met four times during 2024. Meetings are attended routinely,
through invitation, by the Chair of the Board, Chief Financial Officer,
Group Head of External Reporting, Group Head of Internal Audit and Risk
Management and the external auditor. The Deputy Company Secretary
acts as secretary to the Committee. The meetings cover a standing list of
agenda items, which is based on the Committee’s Terms of Reference, and
consider additional matters when the Committee deems it necessary.
In addition to the Committee meetings, I also meet privately on occasion
with members of Management during the year, to discuss the risks and
challenges faced by the business as well as accounting and reporting
matters and, importantly, how these are being addressed. On two
occasions during the year, the Committee met separately with the
external auditor and the Group Head of Internal Audit and Risk
Management, without Management present, in addition to regular
dialogue with the external auditor.
I remain satisfied that the flow of information to the Committee is
appropriate and provided in good time, to allow members to review
matters due for consideration at each Committee meeting. The
Committee is also satisfied that meetings were scheduled to allow
adequate time to enable full and informed debate.
Composition of the Committee
As at 31 December 2024, the Audit Committee comprised the four
independent Non-Executive Directors. Pauline Campbell chaired the first
two meetings of the year prior to her appointment as Board Chair, with
Adam Walker chairing the remaining meetings following his appointment
to the Board. All members are considered to be appropriately qualified and
experienced to fulfil their role and allow the Committee to perform its
duties effectively. For the purposes of Code Provision 24, one member of
the Committee, Adam Walker, is considered to have recent and relevant
financial experience. The Committee notes the requirements of the Code
and confirms that, having considered the requirements against feedback
provided through the Board and Committee effectiveness review, the
Committee, as a whole, has competence relevant to the sector in which
the Company operates. Further details of specific relevant experience
can be found in the Directors’ biographies on pages 094 to 095.
How the Audit Committee spent its time
1. Financial statements and reporting
Reviewing the Interim and Annual Report and Accounts, considering the
key accounting judgements and estimates that affect the application of
the policies and reporting values and approving the Group’s going concern
basis of accounting and Viability Statement.
2. Risk management and internal controls
Reviewing the Group’s principal risks.
3. Audit and assurance
Reviewing and considering reports from the internal audit function and
Grant Thornton.
Immediately following each Committee meeting, the Chair reports to
the Board on the Committee’s activities and how it is discharging its
wider responsibilities.
3
1
2
1. Financial statements and reporting: 33%
2. Risk management and internal
controls: 37%
3. Audit and assurance: 30%
Audit Committee report
Current members Role
Attendance
record
Adam Walker (Chair) Senior Independent
Director 2/2
René Carayol Non-Executive Director 3/4
Kelly Kuhn Non-Executive Director 1/1
Ljiljana Mitic Non-Executive Director 4/4
Former Committee Members in 2024
Pauline Campbell Non-Executive Chair of
the Board 2/2
Ros Rivaz Former Senior
Independent Director 2/3
Peter Ryan Former Non-Executive
Chair of the Board 1/1
Computacenter plc Annual Report and Accounts 2024 105
Strategic Report G overnance Financial Statements Glossary
Audit Committee report
Activities of the Committee
The Committee’s activities during the year, which are based on its Terms
of Reference, are set out below:
Key estimates, judgements and current financial reporting standards
The Committee reviewed the integrity of the Group’s Consolidated
Financial Statements and, in doing so, considered the following key
estimates and judgements. In reviewing these matters, the Committee
also took account of the views of the external auditor, Grant Thornton UK
LLP (Grant Thornton).
Revenue recognition
The nature of the business leads to a significant amount of sales orders
around year end, with high volumes of ‘bill and hold’ transactions where
customers purchase inventory that remains in our Integration Centers
following revenue recognition. Judgement is required to determine if
the appropriate criteria have been met to recognise a ‘bill and hold’ sale.
There remains some risk that revenue is recognised in the incorrect
accounting period if the judgements are not made correctly.
Management has an established set of criteria to allow recognition
of revenue, which are applied consistently throughout the business
and designed to ensure compliance with International Financial
Reporting Standards.
The Audit Committee supported the auditor’s focus on testing
Technology Sourcing revenue cut-off, particularly in regard to ‘bill and
hold’ arrangements.
In addition, there are a number of Professional Services contracts where
revenue is recognised based on fulfilling the customers’ requirements in
accordance with their contract terms. Management highlights to the
Committee any contracts that may be of interest, including the process
by which such contracts are identified. During the year there were
material, complex contracts that required detailed accounting
consideration of revenue, leasing and working capital. Management
prepared a detailed assessment of all aspects that was considered by
the Committee.
The Committee noted that no errors with a material impact on reported
profitability were found as a result of the auditor’s work in the area of
revenue recognition.
Exceptional and other adjusting items
The Committee considered the nature and quantum of items disclosed as
exceptional or as other adjusting items outside of adjusted profit before
tax in the Group’s 2024 Annual Report and Accounts.
Management continued to exclude the amortisation of acquired
intangible assets, and the tax effect thereon, from adjusted profit after
tax in the Group’s 2024 Annual Report and Accounts. Management
highlighted that this charge had materially increased with the acquisitions
in North America. Management’s view is that amortisation of intangible
assets is non-cash and is significantly affected by the timing and size of
acquisitions, which affects the understanding of the Group and
Segmental operating results.
Management considered the presentation of adjusted profit in the first
half of the Annual Report and Accounts, after taking account of the
European Securities and Markets Authority Guidelines on Alternative
Performance Measures, which promote the usefulness and transparency
of such measures. Management remains satisfied with the reconciliation
between statutory and adjusted measures that the Group has presented
since the 2015 Interim Report, and the level of disclosure which explains
both the differences between these measures and the reasons for
the differences.
The Committee considered the nature and quantum of items disclosed as
exceptional or as other adjusting items that are excluded from the Group’s
adjusted profit before tax, and other alternative performance measures,
in the Group’s 2024 Annual Report and Accounts. The Committee
concluded that the presentation of adjusted profit was adequately
explained, was intended to provide clarity on performance and has
sufficient equal prominence with statutory profit.
Going concern basis for the Consolidated Financial Statements
Management prepared a paper that provided input to the Board’s
assessment of whether it is appropriate for the Group to adopt the going
concern basis in preparing Consolidated Financial Statements, at both
the half year and full year. To do so, Management reviewed the Group’s
financial plans and its liquidity, including its cash position and committed
bank facilities.
It also considered the Group’s financing requirements in the context
of available committed facilities and reviewed forecasts concerning
trading performance, which had been discussed and approved at the
12 December 2024 Board meeting. These forecasts were subsequently
further refined, updated and re-approved at the 14 March 2025
Board meeting.
In making its assessment Management considered factors which could
affect the modelling of the Group’s financial plans and its impact on the
going concern assessment. These included:
• Key financial performance forecasts for the next 18 months and the
predicted impact on cash generation.
• Consideration of where the potential impact of the principal risks and
uncertainties is applied to the forecasts.
• Risks and uncertainties that, individually or in plausible combination,
would threaten the Group’s business model, future performance,
solvency or liquidity over the assessment period and which are
considered to be severe but reasonable scenarios are considered.
It also takes into account an assessment of how the risks are managed
and the effectiveness of any mitigating actions.
The Committee considered the assessment described on page 079 of the
Strategic Report, together with the extended going concern disclosures
included within the ‘basis of preparation’ note to the Financial Statements
in the Annual Report and Accounts, and advised the Board on its view.
The Committee considered whether the going concern basis of preparation
continued to be appropriate and provided recommendations around its
adoption to the Board, with which the Board concurred. The statement
and explanation from the Directors can be found within the Strategic
Report on page 079 and the Basis of Preparation within the Notes to the
Consolidated Financial Statements on pages 164 to 165.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024106
Audit Committee report continued
Viability Statement
Management presented its conclusions on the Viability Statement, based
on its associated considerations and models, to the Audit Committee as
set out on pages 079 to 080 within the Strategic Report. These included
a recommendation of the appropriate period for the assessment of
viability that is based on the nature of the Group’s business model and its
strategic time horizon, coupled with the current short-term macroeconomic
environment. Management produces financial forecasts for the three-year
period including an assessment of how these forecasts would be affected
by a realistic concurrence of the Group’s principal risks and the estimated
impact of such a concurrence.
Management considered additional contingencies within the forecast,
utilising a downside sensitivity scenario as described within the going
concern analysis above. This downside scenario continues the
assessment of the risks for going concern throughout the assessment
period, with compounding impacts to cash flow as a result.
The financial forecasts build on the assumptions used for the going
concern assessment and extend this over the three-year period.
Management includes longer-term sensitivity analyses that range the
modelled downturn in the market across a number of factors, including
working capital usage, profitability, dividend payments and share
repurchases. The analyses also include an assessment of actions that
Management could take to support the balance sheet of the Company
in the event of the worst-case scenarios.
Following consideration of Management’s assessments and conclusions,
the Committee advised the Board that it could continue to set the period
of assessment for the Viability Statement at three years and that it could
make the statement required for the assessment period without
qualification. The statement and explanation from the Board can be
found within the Strategic Report on pages 079 to 080.
Parent Company investments in subsidiaries carrying value and
distributable reserves
Investments in subsidiaries are the primary asset on the Parent Company
Balance Sheet. The Committee considers Management’s assessment
of the carrying value of these investments annually or when an indicator
of impairment, or impairment reversal, is identified. Any impairment of
these investments would reduce the Company’s distributable reserves.
Management prepared an analysis to support the carrying value of the
investments in subsidiaries held by the Parent Company, including
assessing the cash flow forecasts and future trading assumptions
of each subsidiary.
During the year, the Company observed an improvement in the forecast
working capital of Computacenter France SAS, a wholly owned subsidiary.
This enhancement has positively impacted the recoverable amount of the
investment, leading to a reversal of the previously recognised impairment
loss based on the comparison of the net carrying value to the recoverable
amounts of the investments determined by a value-in-use calculation.
The Committee considered Management’s findings and agreed that the
impairment reversal was supportable.
No impairment of carrying value in the investment in subsidiaries
other than Computacenter France SAS was identified during the year.
The Committee considered Management’s assessments and remains
satisfied that the carrying value of each subsidiary remains appropriate.
Management assessed the Company’s distributable reserves, prior to
the declaration of both the interim and final dividends in respect of the
reporting period, and prior to the commencement of the £200m Share
Buyback Programme that commenced on 26 July 2024 and concluded on
30 October 2024, to ensure that sufficient reserves were legally available
for distribution. Further, Management modelled the medium-term
forecasts for distributable reserves, ensuring that the Board’s dividend
policy could remain supported by the generation of distributable
reserves within the Parent Company. The Committee received
a presentation of Management’s conclusions and reported to the Board
on the appropriateness of the dividend payment with regards to the
available distributable reserves.
Taxation
Management prepared papers documenting the Tax Strategy and the
Tax Policy of the Company. These papers document the policies,
processes and controls relating to the Group’s tax functions and the
Company’s Tax Strategy, which can be found on the Company’s website
at investors.computacenter.com.
Management presented to the Committee on all aspects of business
taxation in all territories in which the Group is currently operating.
The Group Tax Strategy and Policy is approved by the Board annually
following its consideration by, and advice from, the Committee.
Management prepared the calculation of the tax liability of the Group,
including uncertain tax positions, and assessed the recognition criteria
for potential deferred tax assets relating to jurisdictions with significant
carried forward tax losses. Future forecasts, changes to revenue
accounting standards, local taxation rates, and potential changes to
local tax structures, were taken into account in determining the Group’s
tax rate assessment. Management made recommendations for the
consideration of the Committee for the identification of tax liabilities,
assets and the tax rate being disclosed in the accounts. The Committee
was satisfied that the tax accounting is appropriate.
Prior year restatements
The Committee considered Management’s findings in relation to three
prior year restatements of certain note disclosure line items. Refer to
page 037 for Management’s commentary.
Management assessed that information had been available at the end of
the previous year in relation to the restatements and that the adjustments
should have been made at that time. As required, the adjustments have
been made to the prior year note disclosure line items.
The Committee agreed that the restatements were supportable.
The Committee also considered whether there was the possibility of further
adjustments needed to the prior year and agreed with Management that
none were required.
Computacenter plc Annual Report and Accounts 2024 107
Strategic Report G overnance Financial Statements Glossary
Audit Committee report continued
Improvements to general financial reporting
Management continues to review its accounting policies and reporting
in light of changes, general trends to improve financial reporting and
observations from the auditor.
During the period the Committee received recommendations for
consideration from Management on a range of topics focused on
improving the quality of the Group’s financial reporting.
These included:
• Ongoing implementation of a Group-wide Accounting Policy Handbook,
to ensure consistency in the application of the Group’s primary
accounting policies.
• Accounting treatment for certain one-off commercial contracts with
particularly unusual or non-recurring terms.
• Management’s response to findings and recommendations resulting
from the 2023 external audit. The implementation of
recommendations contained within advisory publications from the
FRC relating to, amongst others, best practice disclosures for revenue
and impairment.
• Improvements in the year-end revenue cut off procedures and
pre-audit review analysis.
Regulatory and legal compliance
Having been requested to do so by the Board in accordance with Code
Provision 27, the Committee also advises the Board on whether the
Annual Report and Accounts, taken as a whole, is fair, balanced and
understandable and provides the information necessary for shareholders
to assess the Group’s position and performance, business model and
strategy. The Committee sought assurance as to the review procedures
performed by Management, to support the Board in making this
statement. These include clear guidance issued to all contributors to
provide a consistent approach and a formal review process, to ensure
that the Annual Report and Accounts are factually correct and reflective
of material matters that have been discussed by the Board throughout
the year. Following a review, the Committee advised the Board that
appropriate procedures had been applied.
Risk and internal control
Risk management
The Board is responsible for establishing a framework of prudent and
effective controls, which enable the Company’s risks to be assessed and
managed. The Board has carried out a robust assessment of the principal
and emerging risks facing the Group, including those that threaten its
business model, future performance, solvency or liquidity. Please refer to
pages 045 to 052 for further information on the Group’s principal risks and
uncertainties, the procedures in place to identify emerging risks, and how
these are being managed and mitigated.
Management have primary responsibility for identifying and managing
the risks the Group faces. A comprehensive risk management programme
has been developed and is monitored by the Group Risk Committee, which
was chaired by the former Group CFO and, subsequently, the Group’s Legal
and Compliance Director during 2024, and whose members include the
Group Head of Internal Audit and Risk Management and senior operational
managers from across the Group.
The Board sets the Group’s risk appetite and, through the Audit
Committee, reviews the operation and effectiveness of the Group’s risk
management activities. The Board periodically reviews the Group’s
strategic risks and its key mitigation plans and, through the Audit
Committee, receives regular reports from the Group Risk Committee.
Effective risk management processes are vital to the Group’s continued
success. Therefore, the Board continues to apply a robust risk
management and governance model to provide assurance over the
principal risks that might affect the execution of the Group’s strategy
which is focused on our target market customers, scaling our key
activities and empowering our people.
The Group’s risk management approach recognises this, ensuring that
risks are identified and mitigated at the appropriate level. The Group’s
model uses the well-defined three lines of defence methodology:
• The first line of defence consists of operational management, who
owns the risks and apply the internal controls necessary for managing
risks day-to-day.
• The second line of defence comprises functions such as internal
compliance and assurance, which offer guidance, direction, oversight
and challenge at the appropriate level.
• The third line of defence, provided by Group Internal Audit, gives an
independent view of the effectiveness of the risk management and
internal control processes. It reports to the Audit Committee to ensure
independence from Management.
The Board reviews the operational effectiveness of the risk management
model by directing the reinforcement of the processes that underpin it
and by making sure it is embedded across all levels of the organisation.
For example:
• The Schedule of Matters Reserved for the Board ensures that the
Directors properly address all significant factors affecting Group
strategy, structure, financing and contracts.
• The Board and Group Executive Management Team consider the
principal risks, which are the barriers to achieving the Board’s strategy.
• The Group Risk Committee challenges the effectiveness of the principal
risk mitigations and considers each principal risk in-depth at least
once a year, by receiving reports from the risk owner.
• The Group Risk Committee’s deliberations, along with the current
status of each principal risk, are reported to the Audit Committee and
the Board.
• The principal risk list is reviewed annually and leverages a bottom-up
annual operational risk review, where operational management
identify their everyday risks.
• The Group Compliance Steering Committee assesses observance of
laws and regulations, and reports to the Group Risk Committee.
• The bid governance process reviews bids or major changes to existing
contracts, and aligns with the Group’s risk appetite and risk
management process.
The model and process comply fully with the UK Corporate Governance
Code and the Financial Reporting Council’s Guidance on risk management,
internal control and related financial and business reporting. Important
elements of our risk framework and processes include:
• Ensuring that risk owners consider risk appetite, non-financial risks
and potential risk triggers when reporting to the quarterly meetings
of the Group Risk Committee.
Strategic Report G overnance Financial Statements Glossary
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Audit Committee report continued
• All principal risks are reviewed at least annually by the Group Risk
Committee. Higher-level or more immediate risks are considered
more frequently, which has included cyber threat and contracting
risk during 2024.
• The Compliance Steering Committee, which reports to the Group Risk
Committee, has completed the rollout of a Compliance Management
System to assess and manage compliance risk more thoroughly.
The Group has detailed business interruption contingency plans for all
key sites, which are tested in accordance with an agreed schedule, while
improvements to the Information Services disaster recovery processes
are in progress to enhance control in this area.
Internal control
The Board has overall responsibility for maintaining and reviewing the
Group’s systems of internal control, and ensuring that the controls are
robust and enable risks to be appropriately assessed and managed.
All systems of internal control are designed to continuously identify,
evaluate and manage significant risks faced by the Group, to safeguard
the Group’s assets and ensure information used in the business and for
publication is reliable. This system of control is designed to reduce the
risk of failure to achieve business objectives to a level consistent with
the Board’s risk appetite, rather than eliminate that risk, and can
provide reasonable, but not absolute, assurance against material
misstatement or loss.
Throughout the year, the Board receives reports which enable it to
consider the Group’s significant risks, how they are identified, evaluated
and managed, and the effectiveness of the internal control system in
managing those significant risks. The Board also carries out an annual
review of the effectiveness of the internal control and risk management
systems, covering all material controls, including financial, operational
and compliance controls.
This formal process consists of a Management presentation to the
Audit Committee, which provides the detailed evidence necessary to
support its recommendation to the Board on the effectiveness of the
systems of risk management and internal control. The evidence from
which the Board draws its conclusions includes reports and other
relevant information received, the results of an annual risk and internal
controls questionnaire completed by Management and how any
significant control weaknesses are followed up and mitigated.
In the Board’s opinion, the system of risk management and internal
control has operated effectively during the year and the Group has also
complied with the Code’s internal control requirements throughout
the year.
Responsibilities and authority structure
As discussed above, the Board has overall responsibility for making
strategic decisions. There is a written Schedule of Matters Reserved for
the Board.
The Group Executive Management Team meets formally on a quarterly
basis and, more informally, on a fortnightly basis, to discuss day-to-day
operational matters. With the Group Operating Model in place across all of
the Group’s main operating entities, ultimate authority and responsibility
for operational governance sits at Group level.
The Group operates defined authorisation and approval processes
throughout its operations. Access controls continue to improve, where
processes have been automated to secure data. The Group has developed
management information systems to identify risks and enable the
effectiveness of the systems of internal control to be assessed. Linking
employee recognition and incentives to customer satisfaction and
profitability reinforces accountability and encourages further scrutiny
of costs and revenues.
Proposals for capital expenditure are reviewed and authorised, based on
the Group’s procedures and documented authority levels. The cases for all
investment projects are reviewed and approved at divisional level. Major
investment projects are subject to Board approval, and Board input and
approval is required for all merger and acquisition proposals.
Financial planning and reporting processes
Each year, Management prepares or updates the three-year strategic
plan, which the Board then reviews. The comprehensive annual budgeting
process is subject to Board approval. Performance is monitored through
a rigorous and detailed financial and management reporting system,
through which monthly results are reviewed against data for past
periods, budgets and agreed targets. The results and explanations for
variances are regularly reported to the Board and action is taken where
variances arise.
Management and specialists within the Finance Department are
responsible for ensuring that the Group maintains appropriate financial
records and processes. This ensures that financial information is relevant
and reliable, meets applicable laws and regulations, and is distributed
internally and externally in a timely manner. Management reviews the
Consolidated Financial Statements, to ensure that the Group’s financial
position and results are appropriately reflected.
Centralised Treasury function
The Board has established and regularly reviews key treasury policies,
which cover matters such as counterparty exposure, borrowing
arrangements and foreign exchange exposure management. The Group
Treasury function manages liquidity and borrowing facilities for customer-
specific requirements, ongoing capital expenditure and working capital.
The Group Treasury function would normally report to the Chief Financial
Officer, with regular reporting to the Audit Committee.
The Group Treasury Committee enhances Management oversight. It is
normally chaired by the Chief Financial Officer and also comprises the
Group Financial Controller, the Group Head of External Reporting and the
Group Head of Tax and Treasury. It is responsible for the ongoing review of
treasury policy and strategy, and for recommending any policy changes
for Board approval. The Audit Committee approves, on an ad hoc basis,
any treasury activities which are not covered by existing policies, or which
are Matters Reserved for the Board, and also monitors hedging activities
for effectiveness.
Compliance policies
The Group has a number of compliance policies, including those relating
to the General Data Protection Regulation, Business Ethics and Anti-
Bribery and Corruption. Any breach of these policies by an employee is
a disciplinary matter and is dealt with accordingly. The internal control
regime is supported by a whistleblowing function, which is operated by
an independent third party.
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Audit Committee report continued
The effectiveness of internal controls and of the risk
management framework
On behalf of the Board, the Committee is responsible for overseeing the
effectiveness of the Group’s systems of internal control and the risk
management framework. The Group Risk Committee (GRC) meets each
quarter to review the key risks facing the business. These are identified,
and their likelihood and impact are assessed, within the Group’s ‘Risk Heat
Map’. They are then reviewed in conjunction with accompanying risk
mitigation plans. The GRC meeting agendas are circulated to the Committee
for review, with any matters of note highlighted and explained to the
Committee by the GRC Chair. This includes how the Group’s risks may have
moved during the previous three months and the mitigations introduced
or developed. The GRC’s assessment of the effectiveness of the process
is also provided. To assist the Board, the Committee monitors the risk
management processes and reports from Internal Audit.
Internal control oversight
Periodically the Committee received reports on the operation of internal
controls from various Group functions. These included:
• A report from the Group Information Assurance (GIA) function on its
role, which continues to be a key part of the control framework for
data security and cyber defence, and how it fits into the overall control
structures of the Company within the wider risk management
framework. GIA reported on the programme of enhancements for
the Cyber Defence Center and cyber security. Where cyber incidents,
attacks and breaches are detected by the GIA, it reports to the
Committee on the mitigations and outcomes of any investigation,
including plans for remediation and improvements.
• Corporate Governance Code compliance reviews.
• Review of distributable reserves within the Parent Company.
• Treasury reporting, policy and controls including the Group Treasury
Strategy and Policy, Transactional Foreign Exchange Strategy and
Policy and activities of the Treasury Committee, which retains
operational oversight.
• Trade receivables control environment, to assess collection processes,
activities and risks.
• Trade payables and other creditors control environment, to review
procedures and payment timeliness analysis.
• Review of the operation, performance and planning of the Company’s
Finance Shared Service Center.
• Management’s review of the value of goodwill and acquired intangibles,
including the assessment of factors which could affect the recoverability
of these assets and whether they could give rise to an impairment.
• Received an external report, commissioned by the Committee, on the
effectiveness of our Group Internal Audit function.
• Reports from the Compliance Steering Committee.
• Updates on litigation matters.
• Revised policy on related parties.
• Introduction of a code of Ethics for Senior Financial Officers.
• Updates on the Failure to Prevent Fraud initiatives.
• Finance organisation change and talent review.
Whistleblowing
The Committee confirms that it is satisfied that, as at the date of this
report, arrangements are in place to ensure that employees are able, in
confidence, to raise any matters of concern, as detailed within the Strategic
Report on page 077. The Committee is also satisfied Management will
conduct proportionate and independent investigation of such concerns,
including an assessment of the financial impact, and any appropriate
follow-up action will be taken. During the year, the Committee was
satisfied that investigations and follow-up actions were appropriate.
As at the date of this report, all of the Group’s operating entities had
access to the same whistleblowing platform.
The effectiveness of the Internal Audit function
The Group has an Internal Audit function which reports to the Chair of the
Committee, and also has direct access to the CEO. Its key objectives are to
provide the Board, the Committee and Management with independent and
objective assurance on risks and the related mitigating controls, and to
assist the Board in meeting its corporate governance and regulatory
responsibilities. A formal audit charter guides the function’s work and
procedures and was updated during the year.
The Board, through the Committee, has directed the Internal Audit
department’s work towards areas of the business that are considered to
be the highest risk. The Committee approves a rolling audit programme,
ensuring that all significant areas of the business are independently
reviewed over, approximately, a four-year period. The programme and the
audit findings are assessed continually, to ensure they take account of
the latest information and, in particular, the results of the annual review
of the effectiveness of internal controls and any shifts in the focus areas
of the various businesses.
Each year, the Committee reviews the effectiveness of the Internal Audit
department and the Group’s risk management programme. The formal
review typically consists of an evaluation of Internal Audit’s activities by
managers across the business who have been subject to audit during
the year. The assessment normally covers areas such as departmental
organisation, business understanding, skills and experience,
communication and performance.
The Committee received an update from the Group Head of Internal
Audit and Risk Management at each meeting during the year. The updates
covered current audit activities and the results of completed audits.
The Chair met the Group Head of Internal Audit and Risk Management on
a number of occasions during the year, to be updated on the function’s
activities. The Committee kept Internal Audit’s staffing levels under
review throughout 2024.
The Committee has challenged and approved the Internal Audit plan and
the mapping of that plan to the Group’s principal risks and related
mitigating controls, as set out on pages 045 to 052. The plan is kept under
review to reflect the changing needs of the business and to ensure that
new and emerging business risks are appropriately considered within it.
Internal audit independence
In all material respects, Computacenter follows the ‘Internal Audit Code
of Practice: Guidance on effective internal audit in the private and third
sectors’ published by the Chartered Institute of Internal Auditors in January
2020. In particular the Group Head of Internal Audit and Risk Management
is ultimately responsible to the Chair of the Audit Committee, with a
secondary reporting line to the Chief Financial Officer for administrative
purposes only.
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Audit Committee report continued
To guarantee its independence and objectivity Internal Audit does not:
• Set the Company’s risk appetite.
• Impose risk management processes.
• Take decisions on risk mitigation or implement risk mitigation actions
on behalf of business management.
• Perform operational duties, including the operation of policies
and procedures.
• Initiate or approve accounting transactions.
In addition, the Audit Committee:
• Is responsible for the appointment and removal of the Group Head
of Internal Audit and Risk Management.
• Approves the annual Internal Audit plan and budget.
• Receives regular updates from the Group Head of Internal Audit and
Risk Management.
Performance of the Committee
An internal survey was performed to assess the current effectiveness of
the Committee.
The review indicated that the Committee continues to perform effectively.
No significant issues in the way the Committee functions were highlighted
as being in need of remediation. The Committee agreed that, whilst
Management papers submitted to it continued to improve during the year,
their quality could be further enhanced by limiting content to information
that enables or supports the Committee’s decision-making, emphasising
key points for consideration, and reducing duplication and unnecessary
detail. Refer to page 098 for further details on the internally facilitated
evaluation carried out.
The integrity of the Group’s relationship with the auditor
and the effectiveness of the external audit process
External audit
The Committee oversees the Group’s relationship with its auditor and
makes recommendations to the Board concerning the appointment,
reappointment and remuneration of the auditor.
Reappointment of the auditor
Following a review of the external auditor’s effectiveness and further
Committee discussions, the Committee has recommended to the Board
that it propose the reappointment of Grant Thornton as the Group’s
auditor, for approval by the Company’s shareholders at its 2025 AGM. Grant
Thornton was first appointed as the Group’s auditor with effect from May
2023, following a competitive tender process. The Committee will
continue to review the performance of Grant Thornton, as set out below,
on an annual basis.
Rotation of lead audit engagement partner
The lead audit engagement partner for the year ended 31 December 2024
was Ms Rebecca Eagle, who completed her second year in this role.
During the reporting period, the Company complied with The Statutory
Audit Services for Large Companies Market Investigation (Mandatory Use
of Competitive Tender Processes and Committee Responsibilities)
Order 2014.
Effectiveness of the external audit process
The Committee places great importance on ensuring a high-quality
and effective external audit process. When conducting the annual review,
the Committee considers the performance of the auditor as well as its
independence, compliance with relevant statutory, regulatory and ethical
standards, and objectivity.
The Committee remains satisfied with the engagement and performance
of Grant Thornton in its second year of appointment. The audit team
continued to have a substantive presence within the business. Grant
Thornton has focused its improvements on the adoption of earlier audit
procedures, effective resolution of matters raised and furthering their
understanding of our business. The formal review of effectiveness will be
reported to the Committee after the finalisation of the 2024 Annual Report
and Accounts.
During the year the Committee reviewed the effectiveness and quality
of the external audit process by:
• reviewing the audit plan, including the identified significant risks and
monitoring changes in response to new issues or changing
circumstances, including supporting the performance of additional
advanced procedures;
• reviewing the planned audit hours of each component;
• reviewing the audit scope with the lead audit engagement partner,
to ensure adequate coverage of full-scope audit components over the
Group’s operations;
• understanding the materiality thresholds adopted by Grant Thornton
at each reporting period, for both the audit of the Group and its key
audit components;
• receiving reports on the results of the audit work performed; and
• considering the most recent report of the FRC’s Audit Quality Review
team (AQRT) on Grant Thornton.
The Committee reviewed the Grant Thornton year-end report and
discussed it with the lead audit engagement partner. The Committee
further reviewed the effectiveness of the external audit process by
means of a questionnaire, which was completed by key stakeholders and
relevant Group Management. The matters covered by the questionnaire
included the understanding of the business and its audit risks, and the
degree of scepticism, challenge and competency of the Grant Thornton
employees that comprise the audit team. The results were discussed as
a specific agenda item at the Committee meeting immediately following
the completion of the questionnaire process, and actions requested by
the Committee to enhance effectiveness were followed up with a series
of face-to-face meetings and continue to be monitored as appropriate.
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Audit Committee report continued
Auditor independence
The Committee places considerable importance on ensuring the
continuing independence of the Group’s auditor. This topic is reviewed at
least annually with the auditor, which confirms its independence to the
Committee twice a year.
Non-audit services
To help maintain the auditor’s independence, the Committee has a policy
regarding the scope and extent of non-audit services provided by the
Group’s auditor, which is summarised below.
The auditor is appointed primarily to report on the annual and interim
Consolidated Financial Statements. The Committee places a high priority
on ensuring that the auditor’s independence and objectivity is not
compromised either in appearance or in fact. Equally, the Group should
not be deprived of expertise where it is needed and there may be occasions
where the external auditor is best placed to undertake other accounting,
advisory and consultancy work, in view of its knowledge of the business,
as well as confidentiality and cost considerations.
Under the Committee’s non-audit services policy, the Group auditor
should not be engaged to undertake work which constitutes a prohibited
non-audit service, as defined under provision 5.167 of the FRC’s Ethical
Standard. Any other non-audit service (a Permitted Service) must,
to the extent that it is not viewed as trivial, be approved in advance by
the Committee.
In each case where the Group auditor is authorised to perform a
Permitted Service, the Committee will assess threats to the auditor’s
independence and the proposed safeguards to be applied when such
services are carried out. It will also document what action was taken by
the Group auditor, including appropriate safeguards where necessary,
to ensure that its independence was not compromised as a result of
performing the Permitted Service. The Committee will consider
alternative suppliers and competitive tenders and then discuss and
document why it viewed the Group auditor as the most appropriate
party to perform the Permitted Service.
The Committee monitors compliance with this policy by monitoring the
level of non-audit work provided by the external auditor, resulting in
non-audit fees being 7.4% of Grant Thornton’s overall audit fee during
2024 (2023: 6.3%), as set out on page 181 of the Notes to the Consolidated
Financial Statements. The Group auditor will, in no circumstances,
undertake non-audit services for the Group to the extent that the total
fee payable by the Group to its auditor exceeds 70% of the average annual
statutory fee payable by the Group over the last three consecutive years.
During the year, the only Permitted Service performed by Grant Thornton
was the performance of the Interim Review. No other Permitted Services
or trivial non-audit services were provided to the Group during the year.
Any other trivial non-audit services provided would be subject to Grant
Thornton’s review of the impact on its own independence against the Group’s
non-audit services policy and to ensure that they are not a prohibited
non-audit service.
The Committee was satisfied that the independence of Grant Thornton,
as Group auditor, was not affected.
I look forward to completing my first full year as Chair of the Audit
Committee in 2025 and further progressing the effectiveness of the
Committee and its reporting to the Board.
Adam Walker
Chair of the Audit Committee
17 March 2025
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Computacenter plc Annual Report and Accounts 2024112
Audit Committee report continued
Annual statement from the Chair of the
Remuneration Committee
Dear Shareholder
On behalf of the Board, I am pleased to present the Directors’
Remuneration report for the year ended 31 December 2024.
The report that follows is split into three sections:
• this Annual Statement;
• a proposed new Directors’ Remuneration Policy (the Proposed Policy)
on pages 119 to 127, which is being put to a binding shareholder vote at
the Company’s 2025 AGM; and
• the Annual Report on Remuneration on pages 128 to 140, which includes
information on the amounts paid to the Executive and Non-Executive
Directors in respect of 2024 in accordance with the Company’s current
Directors’ Remuneration Policy (the Policy), and details of how the
Proposed Policy will be implemented in 2025, if approved by
shareholders. The report will be subject to an advisory vote by
shareholders at the 2025 AGM.
Our approach to remuneration
Our approach to executive remuneration, which covers Executive
Directors and the Group Executive Management Team, is based on the
principle that pay should be clearly linked to performance and the value
delivered to shareholders. We also consider broader strategic factors,
including sustainability metrics, as part of our overall assessment
of performance.
This means our executive remuneration structure is heavily weighted
towards variable pay, which rewards meeting stretching financial and
strategic targets over the short and long term. The structure is simple and
transparent, reflecting Computacenter’s Winning Together Values. It also
prioritises the Group’s long-term success, within a suitable risk framework
which aligns Management’s day-to-day decision-making and the Board’s
risk appetite. We are comfortable that our remuneration framework is
clearly understood by our stakeholders and Management and that the
Policy has operated as intended for 2024.
Membership and attendance
The Remuneration Committee is made up of independent Non-Executive
Directors and the Chair of the Board, who was considered to be
independent on appointment.
The CEO and Chief People Officer attend meetings by invitation.
The Company Secretary is the secretary to the Committee.
Activities of the Committee
• Remuneration benchmarking for the Chair, Executive Directors,
and Group Executive Management Team roles
• Review of performance measures and targets to ensure that they
remain aligned with our strategy
• Determination of leaving arrangements for the former CFO
• Assessment of variable remuneration outcomes for the CEO and
former CFO
• Review of the Remuneration Policy and determining the Proposed
Policy following that review
Current members Role
Attendance
record
René Carayol (Chair) Independent Non-
Executive Director 5/5
Pauline Campbell
Chair of the Board 5/5
Kelly Kuhn Independent Non-
Executive Director 2/2
Ljiljana Mitic Independent Non-
Executive Director 5/5
Adam Walker Senior Independent
Director 2/2
Former Committee members in 2024
Ros Rivaz Former Chair of the
Committee and Senior
Independent Director 3/3
Peter Ryan Former Chair of the Board 2/2
3
1
2
How the Remuneration Committee spent its time
1. Review of variable remuneration targets
and outcomes: 36%
2. Determining the Proposed Policy: 33%
3. Governance updates: 31%
Directors’ Remuneration report
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Directors’ Remuneration report
We consider share ownership by Executive Directors to be a key principle
supporting shareholder alignment, and we review and approve the Group’s
shareholding guidelines each year. Our CEO Mike Norris holds a significant
interest in the Company’s shares, which is well above the minimum
required. Our guidelines require any new Executive Directors to build their
shareholding to the required value, while former Executive Directors must
retain their shares for two years from stepping down from the Board.
Business context – the year under review
As outlined in the Strategic Report, we did not achieve the financial
performance we were expecting at the start of the year in 2024. This
partly reflected more difficult market conditions, a tough economic
environment and political uncertainty in several of our core markets.
Technology Sourcing delivered a solid result and the Group made further
progress in Professional Services. However, disappointing execution in
some areas of Managed Services held back the overall result. Despite this,
the Group had the most profitable half year in its history in the second half
of the year, ending 2024 with a record number of customers generating
over £1m of gross profit per annum.
Group adjusted profit before tax for the year decreased by 8.6%, to
£254.0m. Adjusted diluted EPS, our primary EPS measure, was 8.5% lower
at 159.9p. Our proposed full-year dividend is 70.7p per share, up 1.0% on
2023. Further details of the Group’s performance can be found on pages
020 to 031.
This outturn meant that the Group did not achieve its plan or meet the
market consensus expectations set at the start of 2024. The remuneration
outcomes for the year reflect this.
Remuneration outcomes
The Committee reviewed performance against the annual bonus conditions
for 2024. The performance in the year is reflected in the pay-out for the
CEO and former CFO, who received 19.85% of the award, at £210,526 and
19.85% of the award, at £139,060, respectively. Half of these amounts will
be deferred into shares in line with the Policy.
The Performance Share Plan (PSP) awards granted in March 2022 to our
CEO Mike Norris, as well as part of the replacement awards granted to
Christian Jehle on joining the Company, had performance measures
based on the Company’s adjusted diluted EPS and Group Services
revenue growth over the three financial years ended 31 December 2024.
Over this period, adjusted diluted EPS decreased by an average of 0.20%
per annum and Group Services revenue increased by 4.18% per annum.
This means the adjusted diluted EPS target was not met and, whilst the
Group Services revenue target was partially met, this element of the award
did not pay out as it was subject to a performance underpin requiring
adjusted diluted EPS to be positive over the performance period. As a result,
none of the PSP award will vest.
The Committee considered the formulaic bonus and PSP outturns in the
context of the external environment, individual and business performance,
the shareholder experience, the customer experience, and the treatment
of employees throughout the Group. Taking these factors into account,
the Committee considered the outcomes to be fair and did not exercise
its discretion to vary the amounts.
Remuneration for former directors
As referenced on page 010, Christian Jehle stepped down as CFO and as an
Executive Director on 16 December 2024 and left the Group as an employee
on 31 December 2024. Full details of his remuneration package on exit are
set out in this report. As part of his package, the Committee determined
Christian would:
• Be paid in lieu of notice for the balance of his 12-month notice period
and receive up to £10,000 (plus VAT) towards legal fees.
• Be eligible to receive an annual bonus in respect of the year ended
31 December 2024, subject to the Committee’s assessment of relevant
performance targets. The Committee considered his eligibility to
receive a full-year bonus appropriate given that he was employed by
the Company for the full year, and having stepped down from the Board
continued to contribute and be available to facilitate a smooth handover
of his responsibilities for the remainder of the year.
• Retain his outstanding deferred bonus and buy-out awards in
accordance with their terms, and be required to retain his shareholding
in Computacenter until 31 December 2026 in accordance with the
Group’s shareholding guidelines.
His 2023 and 2024 PSP awards lapsed on 31 December 2024 when he
ceased employment and no other payments for loss of office will be made
to him.
Proposed amendments to the Remuneration Policy
Over the last five years, Computacenter has achieved a step-change in
scale. We are now a leading independent technology and services provider,
and one of the world’s largest value-added resellers. As set out earlier in
this Annual Report, we are investing significantly to drive our organic and
inorganic long-term growth aspirations globally. During this time, the
Group has produced a substantial increase in revenues, strong profit
before tax performance matched by cash generation, whilst maintaining
a strong balance sheet. We have grown organically and inorganically
through acquisitions funded by our balance sheet and returned
significant value to our shareholders. Our business is now a much larger
and more complex organisation, operating in 70 countries globally.
Against this backdrop, the Committee has undertaken a review of the
Directors’ Remuneration Policy, in order to ensure that remuneration
arrangements remain relevant for the business today and into the future.
This includes attracting, motivating and retaining our Executive Directors
to deliver our long-term strategic objectives in an increasingly
competitive global market for talent.
The Policy was last approved by shareholders at our 2023 AGM. Whilst a new
policy would ordinarily not be required until the 2026 AGM, the Committee
considers the effectiveness of the Policy on an annual basis, in line with
best practice. Following a benchmarking exercise where we reviewed the
competitiveness of our packages against companies at the top end of the
FTSE 250 (excluding financial services) and US technology companies of
a similar market capitalisation to ours, we realised that:
1. The CEO’s remuneration was around the lower quartile on each
individual aspect of pay and around the lower decile overall against
the UK market.
2. Our CEO was the lowest paid against the peers in the US market,
primarily driven by a long-term incentive shortfall.
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Computacenter plc Annual Report and Accounts 2024114
Directors’ Remuneration report continued
Reflecting on this data, the Committee felt that our CEO, who has been
in place for over 30 years, and delivered very successful sustained
performance over that time, should not be positioned so far below the
market. In addition, the Committee recognised the CEO’s remuneration
was causing compression issues within his team.
Following the review, a number of key changes are proposed to the Policy:
1. Adopt a hybrid long-term incentive component consisting
of PSP and RSP
• Maintain the Performance Share Plan (PSP) in line with the current
approach – maximum annual opportunity of 200% of salary with
three-year performance period and two-year holding period.
• Introduce a new Restricted Share Plan (RSP) element – maximum
annual opportunity of 50% of salary, with a four-year cliff vesting
period and a one-year holding period. The RSP will be subject to a ‘good
practice’ underpin, including consideration of financial performance,
which will allow the Committee to adjust the vesting outturn of the RSP
awards where it considers it appropriate.
2. Increase the annual bonus maximum
• Increase the maximum annual bonus opportunity from 150% of salary
to 200% of salary.
• All other elements of annual bonus remain the same.
3. Increase the share ownership guideline
• Make the shareholding guideline 1x value of the total annual LTIP award
for each Executive Director (up to 250% of base salary under the Proposed
Policy). However, the shareholding requirement for our current CEO will
increase from 200% of base salary to 300% of base salary.
In determining the appropriateness of the proposed changes, the Committee
considered the following factors:
• Retention of Mike Norris as CEO. Mike Norris has been CEO of
Computacenter for over 30 years. He has been vital in growing the
business to its current scale and is critical to the future success of
the Company. It is therefore imperative that we offer Mike a package
which effectively retains and motivates him to achieve the long-term
objectives of the Company.
• Increased competitiveness in global talent markets. A ‘hybrid’
approach of PSP and RSP awards is the most common approach in the
US and globally – especially in the high-growth technology sector –
which is a market we consistently compete with for talent. We believe
that the hybrid approach will modify the volatility in our incentive
arrangements and enable us to use the PSP to drive performance,
and the RSP to ensure the retention of Executive Directors, whilst still
aligning them with the shareholder experience.
• In line with UK market norms. The Proposed Policy will continue to
contain best practice features adopted across the UK, including any
vesting under the RSP award remaining subject to the achievement of
a performance underpin and five-year total time horizons for all
long-term incentive awards.
• Long-term performance focus. The long-term incentives (PSP and
RSP) will remain the most substantial component of the remuneration
package, aligning participants, including those below the Board, with
the long-term success of the business.
• Increase through variable pay. The Committee decided to close the
gap to market by increasing the variable/performance elements of
remuneration, rather than via increases to base salary.
In addition, the Committee considered the impact the proposed changes
would have on the overall remuneration package. Under the Proposed
Policy, the CEO’s overall remuneration package would be positioned just
above the median against the UK companies of a similar size, broadly
covering the top 50 companies in the FTSE 250. The Committee is
comfortable with the positioning of the Proposed Policy against the
benchmarks, particularly given the CEO’s performance history and level
of experience.
The Committee has consulted with major shareholders on the proposed
changes and received valuable feedback. As a direct result of shareholder
feedback, the Committee determined that a more robust underpin should
be implemented for the RSP awards, as set out in more detail on page 116.
In addition, as part of the policy review, consideration had been given
to removing or reducing the annual bonus deferral requirement once
an Executive Director had met the shareholding guideline. Following
shareholder feedback, this proposed change was not adopted.
Wider workforce considerations
As part of our broader responsibilities, the Committee reviewed the Group’s
workforce policies and practices, as well as its gender pay gap and CEO
pay ratio reporting. This provided important context for our decisions
during the year.
For 2025, the average increase in salaries is circa 2.7% in the UK and 3.7%
globally. The Committee and Board believe this represents an appropriate
balance between our aspiration to motivate and retain the best talent and
ensuring a sustainable cost base for the business.
We continue to ensure that employees have an opportunity to share in our
success through our Sharesave plans, which we have operated for many
years. The employee participation rate in these plans, where an employee
is in at least one active savings plan, is 54% in the UK (2023: 55%), 26% in
Germany (2023: 25%) and 14% in the US (2023: 18%).
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2025 remuneration
Base salary
Mike Norris’s salary will increase by 2.7%, in line with the average for our
UK workforce. The Committee considers this appropriate, in the context
of both Company and individual performance.
Annual bonus
Subject to shareholder approval, the CEO’s maximum annual bonus
opportunity for 2025 will be 200% of salary. The 2025 bonus will continue
to have 80% weighting on financial measures (50% adjusted profit before
tax, 10% service contribution growth, 10% cash balance and 10% cost
efficiency) and a 20% weighting on personal performance. We continue to
include ESG targets in annual bonus personal objectives. For the CEO they
include an objective based on the progress made on the Group’s Net Zero
journey, diversity and inclusion, and the development of Circular Services
as a tool through which Computacenter can contribute to a sustainable
environment, as well as assisting our customers on their own sustainability
journeys. The Committee will keep this area under review as our Sustainability
Strategy continues to mature.
Long-term incentive plan
Subject to shareholder approval at the 2025 AGM, the intention is to grant
awards of PSPs and RSPs to the CEO for 2025.
The PSP award level remains unchanged at 200% of salary. The Committee
reviews performance targets for PSP awards each year to ensure they
continue to reflect and incentivise the Group’s strategy. For 2025 awards,
the performance measures are unchanged from those for the 2024
awards, namely compound annual EPS growth (70% weighting),
compound annual Services revenue growth (15% weighting) and EBIT
growth in North America (15% weighting). Full details of the targets are
on page 140.
Under the RSP, an award of 50% of salary will be made to the CEO. Awards
will be subject to a four-year vesting period and a one year holding period.
In line with best practice, the RSP awards are subject to a robust underpin
that ensures there is no reward for failure. For the 2025 RSP awards, the
underpin will consider:
1. Whether there is a material weakness in the underlying financial health
or sustainability of the business. Factors such as, but not limited to,
revenue, gross profit, adjusted diluted EPS and adjusted net funds
would be considered.
2. Performance against Computacenter’s key strategic, including both
financial and non-financial, priorities over the vesting period being at
an appropriate level.
3. Whether there has been a materially serious risk and/or reputational
event which could have been reasonably foreseen.
The Committee will assess performance against the underpin set out above
at the end of the four year vesting period and consider whether a discretionary
reduction (down to zero) in the vesting of awards was required.
Further details of the assessment of the underpin will be disclosed in the
relevant Annual Remuneration Report at the time of vesting.
Committee performance
During the year, the Committee and its activities were subject to an
internally facilitated review, which showed that the Committee continues
to be effective. The results of the Board and Committee evaluation are set
out in more detail on page 098.
The Committee’s role is to ensure that executive remuneration reflects the
Group’s performance. I hope that shareholders will be satisfied that the
Committee has discharged its duties appropriately and in line with your
interests, and will support the Proposed Policy at the 2025 AGM.
René Carayol
Chair of the Remuneration Committee
17 March 2025
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Directors’ Remuneration report continued
At a glance: key decisions in 2024 and implementation of the new Remuneration Policy for 2025
The table below summarises the Committee’s key decisions in 2024 and how, if approved by shareholders at the 2025 Annual General Meeting, key elements of the Proposed Policy will be implemented in 2025.
Element Remuneration outcomes 2024
(applicable to the CEO, Mike Norris and the former CFO, Chris Jehle)
Operation of the Proposed Policy in 2025
(applicable to the CEO, Mike Norris)
Base salary From 1 January 2024
CEO: £707,000
CFO: £467,000
No change to Policy
CEO: £726,000
(Circa 2.7% increase for the CEO, in line with the wider UK workforce increase)
Pension 5% of salary (in line with UK employees) No change from 2024
Annual bonus opportunity Maximum: 150% of salary Maximum: 200% of salary
Annual bonus measures • Financial measures are Group adjusted profit before tax (50%), Services contribution growth
(10%), cash balance (10%) and cost efficiency (10%)
• Remainder of the annual bonus (20%) based on personal objectives
No change to Policy
• The majority of the bonus will be based on financial measures and the remainder will be
based on non-financial measures.
• For 2025, the financial measures are Group adjusted profit before tax (50%), Services
contribution growth (10%), cash balance (10%), and cost efficiency (10%).
• The remainder of the annual bonus (20%) will be based on stretching personal objectives
for the year.
• Performance targets are considered to be commercially sensitive and will be disclosed in
full in the 2025 annual report, assuming they do not remain commercially sensitive.
Annual bonus deferral • Ordinarily 50% of the annual bonus will be deferred into shares, with half the shares payable
after one year and the remaining half after two years.
• No change to Policy
Performance Share Plan (PSP) opportunity Maximum: 200% of salary • No change to Policy
PSP measures • 2024 PSP awards will vest based on the Group’s adjusted diluted earnings per share (70%),
Services revenue growth (15%) and North American business EBIT growth (15%).
• Performance will be measured over a three-year period.
• Targets are disclosed prospectively.
• No change to Policy
PSP holding requirement • PSP awards are subject to a two-year, post-vesting holding period. • No change to Policy
Restricted Share Plan opportunity (RSP) • N/A • Maximum: 50% of salary
RSP vesting conditions • N/A • Vesting of RSP awards granted in 2025 will normally require continued employment by the
Group following a four-year vesting period, and will be subject to a ‘good practice’ underpin,
which allows the Committee to make a discretionary reduction to the award at vesting
based on Group performance to ensure there is no reward for failure.
RSP holding requirement • N/A • RSP awards will be subject to a one-year, post-vesting holding period.
Shareholding guideline • 200% of salary in-employment shareholding guideline.
• Post-cessation shareholding requirements apply at the same level as the in-employment
guideline (or actual shareholding, if lower) for two years after stepping down from the Board.
• 300% of salary in-employment shareholding guideline for the CEO.
• No changes to the post-cessation shareholding requirements.
• 1 x total LTIP annual award value for all other Executive Directors.
Malus and clawback • Malus and/or clawback provisions apply to annual bonus awards, including deferred awards
for a period of two years, and to PSP awards up to the fifth anniversary of grant.
• The malus and clawback provisions are set out in the Remuneration Policy later on in this report.
• Malus/clawback provisions will also apply to RSP awards.
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CEO and former CFO year-end outcomes:
2024 Bonus outcome • 19.85% of maximum pay-out (CEO)/19.85% of maximum pay-out (former CFO).
2022–24 PSP outcome • 0% of maximum vesting.
Alignment of our policy with the UK Corporate Governance Code
The Committee considers that the current Remuneration Policy, as well as the Proposed Policy, and its implementation appropriately address the following principles, as set out in the UK Corporate Governance Code.
Principle How the Committee has addressed this
Clarity • The Committee is committed to providing open and transparent disclosures with regard to executive remuneration arrangements.
• As part of our ongoing review of remuneration arrangements, we engage with our major shareholders and consult with them on material issues to allow the Committee to consider their
feedback. During the first quarter of 2025, we consulted with our top 15 shareholders (by value of holding) on our proposed changes to the Directors’ Remuneration Policy. The current
Remuneration Policy and the Proposed Policy clearly describe all aspects of Directors’ remuneration.
Simplicity • In determining the remuneration framework, the Committee was mindful of avoiding complexity and ensuring that arrangements are easy to understand.
• Our remuneration arrangements are simple in nature, comprising three main elements – fixed pay (comprising of base salary, pension and benefits), variable short-term incentives
(annual bonus), and variable long-term incentives (PSP and RSP awards). This framework is well understood by participants, and feedback from our shareholders indicates that it is also
well understood outside of our organisation.
Risk • The Committee believes that the structure of remuneration arrangements does not encourage excessive risk taking.
• The remuneration framework has a number of features which align remuneration outcomes with risk, including a two-year, post-vesting holding period applied to any PSP awards,
a one-year, post-vesting holding period applied to any RSP awards, and a deferred annual bonus plan (further details on pages 120 to 121) and personal shareholding guidelines applying
both in-employment and post-employment.
• In addition, malus and clawback provisions apply to the annual bonus, PSP awards and RSP awards.
Predictability • The Remuneration Policy outlines the threshold, target and maximum levels of pay that Executive Directors can earn in any given year over the three-year life of the approved
Remuneration Policy. Actual incentive outcomes vary depending upon the level of performance against various measures, with performance against targets normally disclosed in the
Annual Report on Remuneration each year. Areas over which the Committee can exercise discretion are clearly outlined in the Directors’ Remuneration Policy as set out from pages 119
to 127.
Proportionality • The Committee is satisfied that the Remuneration Policy does not reward poor performance. Payment of the annual bonus and PSP is subject to the achievement of stretching
performance targets, which are clearly linked to the Group’s strategy. Any vesting under the RSP awards will be subject to a good practice underpin to ensure there is no reward
for failure.
• The Committee is cognisant of the pay and conditions for the wider workforce, and this is taken into account when considering executive remuneration. Feedback and related
questions from our workforce are provided to the Workforce Engagement Director during his annual engagement process.
• Additionally, the Committee retains the discretion to adjust formulaic outcomes under the annual bonus, PSP and RSP, should it consider that the outcome is not aligned to the
underlying performance of the Company or individual.
Alignment to culture • Considering the long-term is one of our Winning Together Values and our remuneration arrangements, shareholding requirements and malus and clawback provisions all encourage the
Executive Directors to take a long-term view in their decisions. Personal performance objectives also often contain elements that directly link to our values and culture, such as people
or customer-based metrics.
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Computacenter’s Remuneration Policy
This section is the Group’s Remuneration Policy (the Proposed Policy), as reviewed and approved by the Board.
As required, it complies with Schedule 8 to The Large and Medium-sized Companies and Groups (Accounts and
Reports) Regulations 2008 (as amended).
It is intended that the Proposed Policy will be put before shareholders for approval by way of a binding vote at the
Company’s AGM on 15 May 2025. If approved by shareholders, the Proposed Policy will have effect immediately
thereafter. Until such approval, the Company’s existing Remuneration Policy will continue to apply.
Summary of decision-making process and changes to policy
In determining the Proposed Policy, the Committee followed a robust process which included discussions on the
content of the Proposed Policy at three Committee meetings. The Committee considered input from Management
and our independent advisors, and sought the views of Computacenter’s major shareholders. The Committee
also assessed the Proposed Policy against the principles of clarity, simplicity, risk management, predictability,
proportionality and alignment to culture. Further information on the Committee’s decision-making process is set
out in the Annual Remuneration report.
Overview of key changes
Following the review of the Remuneration Policy, the following key changes have been made:
• The annual bonus maximum opportunity has been increased to 200% of salary.
• A restricted share plan element, with a maximum opportunity of 50% of salary, has been added to the
long-term incentive. Awards will vest, subject to a good practice underpin being achieved, after four years
and will be subject to an additional one-year post-vesting holding period.
• Share ownership guidelines have increased from 200% to 300% of salary for the current CEO, Mike Norris,
and to the value of the total annual LTIP award (up to 250% of salary) for other Executive Directors.
The context in which the changes have been made and the associated rationale are set out in the Remuneration
Committee Chair’s letter on pages 113 to 116. Other minor changes have been made to improve the operation
and clarity of the Proposed Policy.
Policy table
Base salary
Purpose and link to strategy Supports the recruitment and retention of Executives of the calibre required to
deliver the Group’s strategy.
Operation Base salaries are paid in cash and reflect an individual’s responsibilities,
performance, skills and experience.
Normally reviewed annually with any changes typically effective on 1 January,
taking into account the factors above and the level of pay settlements across
Computacenter Group, the performance of the business and general market
conditions. Salary levels at other organisations of a similar size, complexity and
business orientation will be reviewed for guidance.
A review may not necessarily result in an increase in base salary.
An exceptional review may take place to reflect a change in the scale or scope
of a Director’s role, for example (but not limited to) a major acquisition.
Salaries in respect of the year under review (and for the following year) are
disclosed in the Annual Report on Remuneration.
Maximum opportunity There is no prescribed maximum base salary or maximum annual increase.
Ordinarily any salary increase will not exceed our standard approach to increases
for other employees in the market in which the Director is based. Higher increases
may be considered in certain circumstances as required, for example, to reflect:
• an increase in scope of role or responsibility;
• performance in role; or
• an Executive Director being moved to appropriate market positioning over time.
Performance measures Individual and business performance are taken into consideration when deciding
salary levels.
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Long term incentive Performance Share Plan (PSP) element Restricted Share Plan (RSP) element
Purpose and link to strategy To align the interests of Executive Directors and shareholders. To incentivise the
achievement of longer-term profitability and returns to shareholders, and growth
of earnings in a stable and sustainable manner.
Supports the recruitment and retention of Executives of the calibre required to deliver
the Group’s strategy.
Operation Awards of nil-cost options (or equivalent)
which are granted on a discretionary
basis and will normally vest subject to
performance and continued employment
at the end of a performance period,
which is usually at least three years.
PSP awards will normally be subject to
a two-year holding period following
vesting. Upon vesting, sufficient shares
can be sold to pay tax.
The shares held during the holding
period will include the right to receive
dividend equivalents on the vested
shares in respect of dividends paid
over the period from the end of the
performance period to the date on
which the Executive Director is first
able to acquire shares pursuant to the
award, calculated on such basis as
the Committee determines.
The Committee normally reviews the
performance criteria, targets and
weightings prior to each grant in line
with business priorities, to ensure they
are challenging and fair.
The Committee has discretion to vary
the percentage of awards vesting
downwards or upwards in appropriate
circumstances, including if it considers
that the outcome would otherwise not
be a fair and complete reflection of
performance over the performance
period.
Awards of nil-cost options (or equivalent)
which are granted on a discretionary
basis and will normally vest subject to
a good practice underpin and continued
employment at the end of a service/
vesting period, which is usually at least
four years.
RSP awards will normally be subject to
a one-year holding period following
vesting. Upon vesting, sufficient shares
can be sold to pay tax.
The shares held during the holding
period will include the right to receive
dividend equivalents on the vested
shares in respect of dividends paid over
the period from the end of the service/
vesting period to the date on which
the Executive Director is first able to
acquire shares pursuant to the award,
calculated on such basis as the
Committee determines.
The Committee has discretion to vary the
percentage of awards vesting downwards
in appropriate circumstances, including
if it considers that the outcome would
otherwise not be a fair and complete
reflection of performance over the
service/vesting period.
Awards are subject to malus and clawback provisions, as set out in the notes to
this table.
Annual bonus
Purpose and link to strategy To incentivise the delivery of annual, short-term, stretching financial and normally
also non-financial objectives. To align pay costs to affordability and the value
delivered to shareholders.
Operation Performance measures and targets are set at the beginning of each financial year.
Performance is normally assessed over one financial year.
Normally, 50% will be paid in cash and 50% will be deferred into Computacenter
shares, with half the shares payable after one year and the remaining half after
two years, unless the Committee determines otherwise.
Deferred awards will normally be granted under the Deferred Bonus Plan.
Deferred awards will usually include the right to receive dividend equivalents in
respect of dividends paid, calculated on such basis as the Committee determines.
Malus and clawback provisions will apply, as set out in the notes to this table.
The Committee has discretion to vary bonus payments downwards or upwards
in appropriate circumstances, including if it considers the outcome would not be
a fair and complete reflection of performance. To the extent that this discretion is
exercised, this will be disclosed in the relevant Directors’ Remuneration Report.
Maximum opportunity The maximum annual bonus opportunity in respect of any financial year is 200%
of base salary.
Bonus opportunities in respect of the year under review (and for the following year)
are disclosed in the Annual Report on Remuneration.
Performance measures Normally, the majority of the bonus will be based on financial measures and the
remainder on non-financial measures.
Financial measures may include profitability, cost management, cash management
and other appropriate measures.
Non-financial targets will be targets set by the Committee, including the delivery
of our strategy and/or the Executive Directors’ personal objectives for the year.
Targets are usually reviewed and approved annually by the Committee, to ensure
that they are stretching and adequately reflect the strategic aims of the Group.
The Committee determines the threshold and target payout levels each year, taking
into account the level of stretch in the targets set. The level of overall bonus award
which is payable for threshold performance will not normally exceed 30% of the
maximum opportunity.
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Long term incentive Performance Share Plan (PSP) element Restricted Share Plan (RSP) element
Maximum opportunity The maximum opportunity under the
PSP in respect of any financial year is
200% of annual base salary or 400%
of annual base salary in exceptional
circumstances.
For achievement of a threshold
performance level (which is the
minimum level of performance that
results in any part of an award vesting),
no more than 25% of the award will vest.
The maximum opportunity under the RSP
in respect of any financial year is 50% of
annual base salary.
The face value of awards in respect of the year under review (and for the following
year) are disclosed in the Annual Report on Remuneration.
Performance measures Earnings per share is currently the
primary measure for our Performance
Share Plan, but the Committee may
exercise its discretion to introduce
additional or alternative measures
which are aligned to the delivery of the
business strategy.
Details of the performance conditions
applied to awards granted in the year
under review and to be granted in the
forthcoming year will be set out in the
Annual Remuneration Report for the
relevant year.
RSP awards will be subject to a good
practice underpin. The Committee will
normally set the underpin (which may
include quantitative and/or qualitative
tests) prior to each grant, in line with
business priorities and to ensure failure
is not rewarded.
Details of the underpin applied to awards
granted in the year under review, and to
be granted in the forthcoming year will
be set out in the Annual Remuneration
Report for the relevant year.
Retirement benefits
Purpose and link to strategy To provide an income for retirement.
Operation No special arrangements are made for Executive Directors, who are entitled to
become members of the Group’s defined contribution pension scheme, which is
open to all UK employees, or the pension plan relevant to the country where they
are employed if different.
If the Executive Director so chooses, he/she may take some or all of the pension
contribution as a cash alternative, which will be the same percentage of salary as
the pension contribution foregone.
Maximum opportunity The maximum pension contribution or allowance for Executive Directors will be in
line with that available to UK employees or to participants in the pension plan in the
relevant country. For UK employees, this is currently 5% of salary.
Performance measures n/a
Other benefits
Purpose and link to strategy To provide a competitive level of employment benefits.
Operation No special arrangements are generally made for Executive Directors.
Benefits currently include (but are not limited to):
• a car benefit appropriate for the role performed;
• participation in the Company’s private health and long-term sickness schemes;
• life insurance and income continuance schemes; and
• participation in all-employee share plans, on the same basis as other eligible
employees.
If new benefits are introduced for a wider employee group, the Executive Directors
shall be entitled to participate on the same basis as other eligible employees.
The Company may settle any tax incurred on benefits provided or expenses
reimbursed.
If, in the opinion of the Committee, a Director must relocate to undertake and
properly fulfil his/her executive duties, relocation benefits may be provided, which
may include a cash payment to cover reasonable expenses. Reimbursed expenses
may include a gross-up to reflect any tax due in respect of the reimbursement.
Maximum opportunity There is no maximum level of benefits provided to an individual Executive Director,
as the cost of benefits is dependent upon costs in the relevant market. Benefits will
be set at levels which are competitive, but not excessive.
Participation by Executive Directors in any all-employee share plan operated by the
Company, is limited to the maximum award levels permitted by the plan rules from
time-to-time and, in the case of any UK tax qualifying plan, the limits prescribed by
the relevant tax legislation.
Performance measures n/a
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Shareholding requirements for Executive Directors
Purpose and link to strategy To strengthen alignment between Executives and shareholders.
Operation Levels are set in relation to annual base salary and are normally required to be built
over a five-year period. The Committee retains discretion to vary this period on an
individual basis, if it believes that it is fair and reasonable to do so.
Options which have vested unconditionally, but are as yet unexercised, and shares
subject to deferred bonus awards and PSP/RSP awards which are in the holding
period, but which are no longer subject to performance or service conditions, will be
included on a net of tax basis, for the purposes of calculating shareholdings, as will
shares held by an Executive’s spouse or dependants.
Post-cessation of employment, Executive Directors are also expected to remain
aligned with the interests of shareholders for an extended period after leaving the
Company, other than in exceptional circumstances. Details of the application of this
policy are set out in the Annual Report on Remuneration.
The Committee will regularly review the shareholding guidelines. It has discretion
to disapply or reduce the shareholding guidelines in extenuating circumstances,
for example in compassionate circumstances.
Maximum opportunity There is no maximum, but minimum levels have been set at the equivalent of the
Director’s most recent annual long-term incentive opportunity – i.e. up to 250% of
base salary – save that for Mike Norris, the minimum has been set at 300% of base
salary. Non-Executive Directors are not required to hold shares in the Company.
Executive Directors who have not yet met their shareholding guideline will normally
be expected to retain at least 50% of any deferred bonus awards and PSP awards
which vest (net of tax) until such time as this level of holding is met.
Performance measures n/a
Chair and Non-Executive Director fees
Purpose and link to strategy To ensure that the Group is able to attract and retain experienced and skilled
Non-Executive Directors.
Operation Fee levels are determined with reference to the scope of responsibilities and the
amount of time that is expected to be devoted during the year and taking into
account the fee levels paid by other companies of similar size and complexity.
No individual is involved in the process of setting his/her own remuneration.
Fee levels may be reviewed annually. They may also be increased on an ongoing or
temporary or ad hoc basis, to take into account changes in the working of the Board
and/or changes in responsibilities.
The Chair of the Board receives a fixed fee. Other Non-Executive Directors receive
a basic fee and additional fees are payable for the Chairing the Board’s Committees
and for the additional responsibility of being the Senior Independent Director and
may also be paid to other Non-Executive Directors to reflect additional time
commitments and responsibilities. Fees are normally paid in cash.
Travel expenses, hotel costs and other benefits related to the performance of the
role, including any tax due, are also paid where necessary.
Fees in respect of the year under review (and for the following year) are disclosed
in the Annual Report on Remuneration.
Non-Executive Directors do not participate in any of the Group’s incentive
arrangements or share schemes and are not eligible for pension or other benefits.
Maximum opportunity Maximum in line with the Company’s Articles of Association.
Performance measures n/a
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Discretion
The Committee has discretion in several areas of the Proposed Policy, as set out in this report. The Committee
may also exercise operational and administrative discretions under relevant plan rules approved by
shareholders, as set out in those rules.
In line with common market practice, the Committee retains the discretion as to the operation and
administration of these incentive plans, including with respect to:
• who participates;
• the timing of grant and/or payment;
• the size of an award and/or payment (within the plan limits approved by shareholders);
• the manner in which awards are settled;
• discretion to adjust performance conditions and/or the underpins/targets applying to an incentive and/or
set different measures and alter weightings for incentives if events occur (e.g. material divestment of a Group
business or changes to accounting standards) which cause the Committee to determine that an adjustment
or amendment is appropriate, so that the conditions achieve their original purpose; and
• discretion to adjust the size of an award and/or the measurement of performance in certain circumstances
(e.g. a variation of share capital, change of control, special dividend, distribution or any other corporate event
which may affect the current or future value of an award); and determination of a good leaver (in addition to
any specified categories) for incentive plan purposes, based on the plan rules and the appropriate treatment
under the plan rules.
All discretions available under share plan rules will be available under this Proposed Policy, except where explicitly
limited under this Proposed Policy. The intention is for PSP and RSP awards to be made under the Computacenter
Share Plan from 2025, subject to the plan being approved by shareholders at our AGM to be held on 15 May 2025.
In the event of a temporary base salary reduction, the Committee retains the discretion to apply the limits in the
Proposed Policy table relating to pension, annual bonus and share incentives to the base salary prior to any such
reduction. Where such temporary base salary or fee reductions are made, the Committee reserves the ability
(either in part or in full) to reimburse at a later date, taking into account all factors deemed relevant (e.g. the
underlying financial health of the Group).
Malus and clawback
Malus and clawback provisions apply to the annual bonus and PSP/RSP awards. For awards paid or granted
in respect of 2020 onwards, the provisions are set out below.
Malus and/or clawback may apply to annual bonus awards, including deferred awards for a period of two years,
and to PSP/RSP awards in the period up to the fifth anniversary of grant, in the event of:
• a material misstatement of results;
• gross or serious misconduct;
• an error or misstatement which has resulted in a material overpayment to the participants;
• a significant failure of risk management within the Company or any Group Member;
• significant reputational damage to the Company or any Group Member;
• the participant leaving in circumstances which, had all the facts been known, would have resulted in the
award lapsing; or
• any other circumstances that the Committee, in its discretion, considers to be similar in nature or effect
to those above.
The malus and clawback provisions that apply to awards prior to the dates set out above are in line with the
relevant policy in force at the time the awards were made.
Explanation of performance measures
The performance measures in respect of variable remuneration included in the Policy are based on a combination
of financial and strategic measures, with an emphasis on the financial performance of the Group, and therefore
to the value that the business delivers to its shareholders. The Company is committed to long-term earnings per
share growth through increased profitability and prudent use of cash generation, with a Services-led strategy.
This commitment is reflected in the current measures used to motivate and incentivise our Management team
through the annual bonus and PSP. The Committee may make changes to the performance measures in future
years to align them with the business strategy at that time.
The Committee usually reviews potential performance criteria and targets for the annual bonus and PSP
annually, with further detail set out in the Annual Report on Remuneration.
Performance conditions applying to any award may be amended or substituted by the Committee in accordance
with their terms or if an event occurs which causes the Committee to determine an amended or substituted
performance condition would be more appropriate and not materially less challenging.
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Remuneration arrangements across the Group
When setting executive remuneration, consideration is given to pay policies and employment conditions of
employees of the Company and elsewhere in the Group.
The remuneration of employees across the Group is based on three fundamental principles. First, that it allows
the Group to retain the level of talent necessary to implement the strategy as set by the CEO and Board. Second,
that levels of remuneration should be sufficient to achieve this aim, but should never be higher than is necessary
to do so. Finally, with limited exceptions, the more significant the ability of an employee to influence the Company’s
financial results through their individual performance, the higher the proportion of their remuneration should
be performance based.
The level and design of variable pay takes into account the need to avoid incentivising the Group’s employees
to act in a manner that is inconsistent with the Group’s risk appetite, as set by the Board.
Consistent with the policy for Executive Directors, where annual bonuses are in place across the Group, they are
currently linked to business performance, with a focus on underlying Group or divisional profit and other relevant
metrics.
Whilst only Executive Directors and senior executives participate in the PSP/RSP, other employees can
participate in the Company’s all-employee share schemes, which are designed to incentivise participants to
build a shareholding in the Company, thus aligning their interests with those of the Group’s shareholders.
These all-employee share plans are not subject to performance conditions but require the employee to remain
employed at the end of the term of the scheme which they have joined.
In line with local country practices, all employees are encouraged to contribute appropriate savings toward their
retirement. In the UK, the Company operates pension arrangements within the Occupational and Personal
Pension Schemes (Automatic Enrolment) Regulations 2010.
Whilst the Company does not feel it appropriate to consult directly with employees when drawing up the Directors’
Remuneration Policy, the Committee has considered any feedback received via employee engagement surveys
and from the regular meetings the CEO and Chief People Officer conduct with employee representative bodies
in each of our major geographies.
The Remuneration Committee Chair, René Carayol, was also appointed as the Designated Non-Executive Director
on 30 September 2024 to facilitate engagement with the wider workforce, to assist the Board in understanding
the views of Computacenter’s employees. Ros Rivaz carried out this role during the year prior to René’s appointment.
The role involves attending Works Council meetings and other employee events, and feeding back the views
raised by employees to the Board. These events have provided a valuable opportunity for employees to share
their views freely on a range of topics and both Ros and René have welcomed questions on a broad range of topics,
including remuneration. Further information on the role and the activities of the Designated Non-Executive
Director is on page 101.
Statement of consideration of shareholders’ views
The Committee takes the views of shareholders seriously when making any changes to executive remuneration
arrangements. It continues to welcome shareholders’ views on executive remuneration.
The Group consulted with its major shareholders during the first half of 2025 on the Proposed Policy and
welcomed the feedback received, which was valuable and fully considered during the Committee’s subsequent
deliberations prior to recommending to the Board that the Proposed Policy be put to shareholders for approval
at the 2025 AGM.
Approach to recruitment remuneration
When hiring a new Executive Director or promoting to the Board from within the Group, the Committee will offer
a package that is sufficient to attract, retain and motivate the right talent, whilst at all times aiming to pay no
more than is necessary.
New Executive Directors will normally receive a base salary, retirement benefits and other benefits in line with
the Proposed Policy table above and would also be eligible to join the annual bonus and long-term incentive plans,
up to the limits set out in the Proposed Policy. In addition, the Committee has discretion to include any other
remuneration component or award, including a performance-based award, which it feels is appropriate taking
into account the specific circumstances of the recruitment, subject to the maximum limit of 450% of salary
(in line with the maximum limit under the annual bonus and long-term incentive in the Proposed Policy),
excluding any buy-out awards referred to below. In determining an appropriate remuneration package, the
Committee will take into consideration all relevant factors including, but not limited to, the candidate’s location,
skills and experience, external market influences and internal pay relativities.
Salary would be provided at such a level as required to attract the most appropriate candidate and may be set
initially at below market level, on the basis that it may progress towards the market level once expertise and
performance have been proven and sustained.
In order to facilitate recruitment, the Committee may offer additional cash and/or share-based elements in
respect of any incentive or deferred pay awards forfeited by an Executive Director as a result of the termination
of their former position, including utilising UK Listing Rule 9.3.2(2) if necessary. When determining any buy-out
award, the Committee would seek to ensure, where possible, that these awards would be consistent with awards
forfeited in terms of form of award, time horizons, value and performance conditions. For an internal Executive
Director appointment, any variable pay element awarded in respect of the prior role may be allowed to pay out
according to its terms. In addition, any other ongoing remuneration obligations existing prior to appointment may
continue. For external and internal appointments, the Committee may agree that certain incidental expenses
will be met as appropriate.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024124
Directors’ Remuneration report continued
Where a newly appointed Executive Director is required to relocate, the Group may pay the costs of relocation including,
but not limited to, housing, travel, taxation advice, shipping costs and education for dependants. Additionally, any
Executive Director based outside of the UK will be eligible to participate in insurance and other benefits, in line
with local practice. Other elements may be included in the following circumstances: (i) an interim appointment
being made to fill an Executive Director role on a short-term basis; and (ii) if exceptional circumstances require
that the Chair or a Non-Executive Director takes on an executive function on a short-term basis.
Any awards made on recruitment may be subject to such malus and clawback provisions that the Committee
deems to be appropriate.
Service contracts
The Directors’ service contracts and letters of appointment are available for inspection at our registered office
during normal hours of business and will also be available at our AGM to be held on 15 May 2025. Details of the
duration of the Directors’ service contracts are set out on page 136.
Executive Directors
The current Executive Director has a service contract with the Company which provides for a notice period
of up to 12 months from either party. It is intended that this policy would also apply to new appointments of
Executive Directors.
With the consent of the Board, where an appointment can enhance an individual Executive Director’s experience
and add value to the Company, Executive Directors are able to accept non-executive appointments outside the
Company. Retention of any fees received by the Executive Director is at the discretion of the Committee.
Non-Executive Directors
Non-Executive Directors are appointed pursuant to a letter of appointment for an initial period which is normally
three years, which may be subject to renewal thereafter. Appointments may be terminated by either the Company
or the Non-Executive Director usually giving three months’ notice. Save in respect of retirement by rotation, a
Non-Executive Director being removed from office may receive an amount equal to the fee during any remaining
notice period.
Loss of office payments
We are committed to ensuring a consistent approach, so that we do not pay more than is necessary in
circumstances of loss of office. In the event of an early termination of a contract, the aim is to seek to minimise
any liability. If an Executive Director’s employment is terminated, any compensation arrangements will not normally
exceed those set out in their service contract and the rules of the relevant incentive plans.
When managing such situations, the Committee takes a range of factors into account including, but not limited
to, contractual obligations, shareholder interests, organisational stability and the need to ensure an effective
handover.
In the normal course of events, an Executive Director will work their contractual notice period and receive usual
salary payments and benefits during this time. In the event of a termination where Computacenter requests that
the Executive Director ceases work immediately or early, a payment in lieu of notice may be made that is equal to
fixed pay, pension entitlements and other benefits. Payments may be made on a phased basis and may be subject
to mitigation. Alternatively, an Executive Director may be placed on garden leave for the duration of some or all of
their notice period. Where an Executive Director leaves during a financial year, an annual bonus may be payable
with respect to the period of the financial year worked, to the extent that they are determined to be a good leaver
by the Committee, although it will be pro-rated for time and normally paid at the normal payment date(s) and in
the normal manner.
In the event of termination for cause (e.g. gross misconduct or negligence), neither notice nor a payment in lieu
of notice would be given and the Executive Director would cease to perform services immediately.
Any share-based entitlements granted to an Executive Director under our share plans will be determined based
on the relevant plan rules. The default treatment is that any unvested awards lapse on cessation of employment
during the relevant service/vesting, performance or deferral period. However, in certain prescribed circumstances,
such as ill-health, injury, disability, redundancy, retirement (for all Deferred Bonus Plan (DBP) awards and for PSP
awards made prior to March 2019), sale of the employing company or business outside the Group, or any other
circumstances at the discretion of the Committee, ‘good leaver’ status may be applied. For good leavers, awards
will normally vest on their normal vesting date, and for PSP and RSP awards be subject to the satisfaction of the
relevant performance conditions and performance underpins respectively at that time, and PSP and RSP awards
reduced pro-rata to reflect the proportion of the service/vesting or performance period (as applicable) actually
served. The Committee may allow awards to vest at the time of cessation on the basis outlined above. PSP/RSP
awards will typically remain subject to the holding period and will be released at the end of it, although the
Committee has discretion to release the awards at the date of cessation or at some other time after cessation
but before the end of the holding period.
Computacenter plc Annual Report and Accounts 2024 125
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Directors’ Remuneration report continued
PSP/RSP awards which are subject only to the holding period following vesting will lapse in the event of cessation
of employment for cause (e.g. gross misconduct or negligence).
In the event of the death of an Executive Director, unless the Committee decides otherwise, PSP/RSP awards vest
at cessation. In such circumstances, unless the Committee determines otherwise, awards will be reduced
pro-rata to reflect the proportion of the performance period actually served and assessed at that time against
any applicable performance conditions and/or underpins.
In the event of a takeover or winding-up of Computacenter which is not part of an internal reorganisation of the
Group, awards may also vest to the extent determined by the Committee, taking into account the period that has
elapsed since the awards were granted, and (where relevant) the performance achieved against any applicable
performance targets and/or underpins. Early vesting may also be permitted on the same basis in the event of a
demerger or other transaction which, in the Committee’s opinion, would affect the value of awards. Shares may
also be released early from holding periods. Share plan awards may be adjusted in the event of any variation of
the Company’s share capital or any demerger, delisting, special dividend or other event that may affect the
Company’s share price.
Where the Executive Director participates in one or more of the Company’s all-employee share schemes, awards
may vest upon termination or in the event of a takeover or other relevant event, in accordance with applicable
scheme rules.
As is consistent with market practice, we may pay a sum equivalent to any unused annual leave and a contribution
towards an Executive Director’s legal fees for entering into a statutory agreement and may pay a contribution
towards fees for outplacement services or repatriation, as part of a negotiated settlement.
There are no agreements currently in place between the Company and any of its Directors providing for
additional compensation for loss of office or employment, other than as disclosed in this report.
In any event, the Committee will not sanction rewards for failure and will seek to mitigate any termination
payments where possible.
Exceptions to the Policy
The Proposed Policy, as set out in this report, comprises the full suite of possible components for the remuneration
of Directors at Computacenter.
Notwithstanding the restrictions laid out in the Proposed Policy, where the Company has made a commitment
to a Director which:
• was in accordance with the prevailing remuneration policy at the time that the commitment was made; and/or
• was made before the Director became a Director and, in the opinion of the Committee, the payment was not in
consideration for the individual becoming a Director of Computacenter
the Company will continue to give effect to it, even if it is inconsistent with the Remuneration Policy of the
Company which is in effect at that time.
Earlier remuneration policies of the Company will continue to apply in relation to awards granted under any
Company PSP and options granted under the Company’s all-employee Sharesave Schemes, prior to the approval
of this Proposed Policy, as these may be granted under one policy and vest or be exercised under a later one.
Details of these previous commitments are included within previous Computacenter Annual Reports, which are
available at investors.computacenter.com
The Committee may make minor amendments to the Policy set out above for regulatory, exchange control, tax or
administrative purposes, or to take account of a change in legislation, without obtaining shareholder approval
for such amendments.
The charts on page 127 show the level of remuneration that is projected to be received by the Director in accordance
with the Proposed Policy in 2025. The charts opposite show four outcome scenarios: (a) minimum receivable pay;
(b) remuneration for performance in line with expectations; (c) maximum remuneration achievable; and (d)
maximum remuneration achievable with, in the case of the PSP/RSP, the additional impact of share price
appreciation of 50% over the three-year performance and four-year vesting periods.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024126
Directors’ Remuneration report continued
Executive Director remuneration scenarios
CEO – Mike Norris
Total remuneration (£’000)
5,000
4,000
£’000
3,000
2,000
1,000
Maximum and
Share Price
Growth (50%)
Minimum In line with
expectations
Maximum
0
Total fixed Annual bonus Long-term incentives Share price growth
779
2,594
4,954
4,046
100% 30% 19% 16%
28%
42%
37%
18%
36% 29%
45%
In developing the scenarios, the following assumptions have been made:
Minimum pay receivable
• Only total fixed pay is received (i.e. base salary, benefits and pension), and there is no vesting of any
of Computacenter’s variable pay schemes;
• salary is the salary that applies in 2025;
• benefits reflect the actual 2024 benefits received by the Chief Executive Officer; and
• pension is measured by applying a cash in lieu rate against salary in 2025.
In line with expectations
This is based on what an Executive Director would receive if performance was in line with the Company’s
expectations, which would result in the following scenario:
• fixed pay is received;
• annual bonus pays out at 50% of total potential bonus award; and
• PSP award pays out at 50% of maximum (face value of 100% of salary) and RSP pays out at 100% of maximum
(face value of 50% of salary).
Maximum
This is based on what an Executive Director would receive assuming that the variable pay awards set out above
pay out in full (i.e. a bonus of 200% of base salary, a PSP award with a face value of 200% of base salary and an
RSP award with a face value of 50% of salary).
Maximum with additional share price appreciation impact
This is based on the same assumptions as the ‘Maximum’ scenario, with the additional impact of share price
appreciation of 50% applied (i) over the three-year performance period for the PSP award and (ii) over the
four-year service period for the RSP award.
The impact of share price appreciation has not been taken into account in any of the other three scenarios.
The impact of dividends or dividend equivalent entitlements have not been taken into account under any scenario.
Computacenter plc Annual Report and Accounts 2024 127
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Directors’ Remuneration report continued
Annual Report on Remuneration
Responsibilities of the Remuneration Committee
The Committee’s full responsibilities are set out in its Terms of Reference, which are available on the Company’s
website at investors.computacenter.com.
Advisor to the Committee
The principal advisor to the Committee during the year was Deloitte LLP (Deloitte), which the Committee selected
in September 2016 through a tender process.
The total fees paid to Deloitte for advising the Committee in 2024 were £76,950. The Committee considers
Deloitte’s advice to be independent, as it is a founding member of the Remuneration Consultants Group and, as
such, voluntarily adheres to its Code of Conduct. During the year, Deloitte also provided consulting, tax and share
plan advice to the Company.
Additional independent advice was provided by Farient Advisors, primarily in relation to the review of the
Remuneration Policy. The total fees paid to Farient Advisors for advising the Committee in 2024 were £69,200.
The Committee considers Farient Advisors’ advice to be independent, and it has no other connection to the
Company or its Directors.
Directors’ information
The following pages illustrate how we have applied our Remuneration Policy during 2024 and describes all
elements of remuneration received by our Directors.
Audited information
The audited tables and related notes are identified within this report, using
A
key.
A
Single figure of total remuneration
The total amount paid by the Company to each of the Directors, in respect of the financial years ended
31 December 2024 and 2023, is set out in the tables that follow.
Year ended 31 December 2024
Salary or fees
£’000
Benefits
£’000
Pension
£’000
Total
fixed pay
£’000
Annual bonus
£’000
PSP
awards
£’000
Total
variable pay
£’000
Total
£’000
Executive
Mike Norris 707.0 15.3
1
31.1 753.4 210.5 – 210.5 963.9
Chris Jehle
2
467.0 15.1
1
20.5 502.6 139.1 – 139.1 641.7
Non-Executive
Pauline Campbell
3
182.2 – – 182.2 – – – 182.2
René Carayol
4
65.5 – – 65.5 – – – 65.5
Philip Hulme 57.0 – – 57.0 – – – 57.0
Kelly Kuhn
5
15.9 – – 15.9 – – – 15.9
Ljiljana Mitic 62.6 – – 62.6 – – – 62.6
Peter Ogden 57.0 – – 57.0 – – – 57.0
Ros Rivaz
6
62.4 – – 62.4 – – – 62.4
Peter Ryan
7
85.2 – – 85.2 – – – 85.2
Adam Walker
8
30.4 – – 30.4 – – – 30.4
Total (£’000) 1,792.2 30.4 51.6 1,874.2 349.6 – 349.6 2,223.8
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024128
Directors’ Remuneration report continued
Year ended 31 December 2023
Salary or fees
£’000
Benefits
£’000
Pension
£’000
Total
fixed pay
£’000
Annual bonus
£’000
PSP
awards
£’000
Replacement
Awards
£’000
Total
variable pay
£’000
Total
£’000
Executive
Mike Norris 681.2 16.3
1
29.9 727.4 782.3 1,265.9
9
– 2,048.2 2,775.6
Chris Jehle
10
262.5 7.0
1
11.5 281.0 297.5 – 533.4
11
830.9 1,111.9
Tony Conophy
12
233.0 9.5 10.2 252.7 222.5 717.4
9
– 939.9 1,192.6
Non-Executive
Peter Ryan 230.6 – – 230.6 – – – – 230.6
Pauline Campbell 80.2 – – 80.2 – – – – 80.2
René Carayol 60.4 – – 60.4 – – – – 60.4
Philip Hulme 54.9 – – 54.9 – – – – 54.9
Ljiljana Mitic 60.4 – – 60.4 – – – – 60.4
Peter Ogden 54.9 – – 54.9 – – – – 54.9
Ros Rivaz 80.2 – – 80.2 – – – – 80.2
Total (£’000) 1,798.3 32.8 51.6 1,882.7 1,302.3 1,983.3 533.4 3,819.0 5,701.7
1. The benefits figure represents the taxable benefit arising from cash allowances paid in lieu of the provision of company car and other
travel-related benefits for the CEO and the provision of a company car for the CFO.
2. Chris Jehle stepped down from the Board, and as Chief Financial Officer of the Group, with effect from 16 December 2024. His employment
with the Group ended on 31 December 2024 and the figures in the table above cover the period until this date.
3. Pauline Campbell stepped down as Audit Committee Chair and was appointed as Chair of the Board with effect from 14 May 2024.
4. René Carayol was appointed as Chair of the Remuneration Committee on 30 September 2024.
5. Kelly Kuhn was appointed as an Independent Non-Executive Director on 30 September 2024.
6 Ros Rivaz stepped down from the Board on 30 September 2024, having previously been Senior Independent Director and Chair of the
Remuneration Committee.
7. Peter Ryan stepped down as Chair of the Board with effect from 14 May 2024.
8. Adam Walker was appointed as an Independent Non-Executive Director and Chair of the Audit Committee with effect from 30 August 2024.
9. The value of the 2020 PSP awards has been updated to reflect the actual share price at vesting on 21 March 2024 of £26.96.
10. Chris Jehle was appointed to the Board on 1 June 2023.
11. Chris Jehle was granted a number of replacement awards to compensate him for awards forfeited as a result of leaving his previous
employer, Experian plc. Further detail on the amount and structure of these awards was set out on page 151 of the 2023 Annual Report
and Accounts. The value in the table above relates to his replacement bonus (£262,500) and replacement restricted stock units (RSUs)
delivered in cash (£135,464) and as nil-cost options over Computacenter shares (£135,484). Under the terms on which Chris left the
business by mutual agreement in December 2024, the replacement RSU options will vest on 1 July 2025.
12. Tony Conophy stepped down from the Board on 1 June 2023 and the figures in the table above cover the period until his retirement date
of 31 July 2023. Details of his leaving arrangements were set out on in the 2023 Annual Report and Accounts.
Computacenter plc Annual Report and Accounts 2024 129
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Directors’ Remuneration report continued
Remuneration paid in 2024: Executive Directors
2024 base salary
The Company provides competitive salaries to reflect individual responsibilities, performance, skills and
experience which supports the recruitment and retention of executives of the calibre required to deliver the
Group’s strategy. As disclosed in last year’s Annual Report on Remuneration, the annual salaries of the CEO and
the former CFO were increased by 3.8% to £707,000 and £467,000 respectively, effective 1 January 2024. This
increase was in line with the average wider workforce increase for the year and took into account Company and
individual performance.
2024 annual bonus
The annual bonus incentivises the delivery of annual, short-term, stretching financial and non-financial
objectives. The maximum bonus opportunity in 2024 was 150% of base salary for the CEO and 150% of base
salary for the former CFO. Half of the bonus paid will be deferred into Computacenter shares, with half payable
after one year and half payable after two years. The former CFO, Chris Jehle, stepped down from the Board on
16 December 2024, and ceased employment on 31 December 2024, by mutual agreement with the Company.
As part of his agreed terms of exit, Chris remained eligible to participate in the annual bonus for the full 2024
financial year, subject to the achievement of performance conditions. Any bonus payment will remain subject
to deferral, in line with the normal approach. The 2024 annual bonus opportunity was driven by the financial
performance of the business and individual targets for each Director. For 2024, a total of 80% of this award was
conditional on achieving criteria linked to the Group’s financial performance. The Committee sets these targets
with reference to the Group’s strategic and financial plans, as approved by the Board.
The Executive Directors’ non-financial personal objectives were based principally on integration of the North
American business, execution of the Group’s information systems roadmap, the Group’s environmental
commitments, and certain people-related objectives, including organisational design and progress on diversity
and inclusion. However, the non-financial objectives are subject to a profit threshold which was not achieved
during the year. The Committee therefore did not assess performance against the non-financial objectives and
there was no pay-out related to their achievement in 2024.
Supporting context for the 2024 annual bonus outcomes is provided in the Remuneration Committee Chair’s
letter on pages 113 to 116.
A
The table below sets out details of the annual bonus criteria which applied for the CEO and former CFO for 2024
and the performance delivered:
As a percentage of
maximum bonus
opportunity
Performance required
Actual %
achieved Payout £’000Threshold Target Stretch Maximum
Measure CEO Former CFO CEO Former CFO
Financial criteria
Profit before tax (£m)
50%
278.0 289.0 300.0 315.0 262.1
1
– –
Percentage payout 10% 20% 35% 50% 0%
Services contribution growth (£m)
10%
301.8 318.6 335.4 335.4 334.4
104.5 69.0
Percentage payout 5% 7.5% 10% 10% 9.85%
Cash balance (£m)
10%
262.4 306.1 349.8 349.8 396.3
106.0 70.1
Percentage payout 5% 7.5% 10% 10% 10%
Cost/Efficiency related measure (%)
10%
25.2% 25.8% 26.5% 26.5% 24.1%
2
– –
Percentage payout 5% 7.5% 10% 10% 0%
Non-financial criteria
Personal objectives 20% 0% 7.5% 15% 20% 0%
3
0% – –
Total 100% 25% 50% 80% 100% 19.85% 19.85% 210.5 139.1
1. Profit before tax represents Group adjusted profit before tax on a currency adjusted basis excluding the results of the entities acquired during the year which were not included in the targets.
2. The measure represents the percentage derived by dividing Group adjusted operating profit by Group gross profit, on a currency-adjusted basis.
3. Any payment against the personal objectives can only be made where a specified profit threshold has been met. As the profit threshold was not met, the personal objectives were not assessed and the outturn against this element was therefore 0%.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024130
Directors’ Remuneration report continued
PSP
PSP awards incentivise the achievement of long-term profitability, returns to shareholders, and growth of earnings
in a suitable and sustainable manner.
Vesting of these awards to the CEO, and the former CFO, was dependent upon the achievement of the following
performance measures over a three-year period:
The compound annual growth rate of the Group’s adjusted diluted earnings per share (EPS) – 70% weighting
Performance level
*
Adjusted diluted EPS CAGR
Maximum (100% vesting) 12.50%
In line with expectations (50% vesting) 8.33%
Threshold (10% vesting) 5.00%
* Vesting occurs on a straight-line basis in between these thresholds.
The EPS number used for the base year of this award (i.e. EPS in 2021) was adjusted by the Committee from
165.6p to 160.9p. On this basis, the decline in adjusted diluted EPS during the period 1 January 2022 to
31 December 2024 was -0.20% per annum, which resulted in 0% vesting for this performance element.
Remuneration awards granted in 2024: Executive Directors
A
Share plan interests awarded during the year
The table below details awards made during 2024 under the PSP plan. The performance conditions for these awards are set out in more detail on the following page. Any awards that vest will be subject to a two-year holding period.
Year ended 31 December 2024
Plan/type of
award
Number of
shares
Face value at
time of grant
Performance
conditions
applied
Amount vesting related to
threshold of performance
Performance
period set
Threshold
performance
(% of face value)
Maximum
performance
(% of face value)
CEO
PSP – nil
cost option
50,628 £1,362,400
1
Compound growth rate of Company EPS (70%) 10% 100%
Three financial years from 1 January 2024Compound growth rate of Services revenue (15%) 25% 100%
Compound growth rate of North American Business EBIT (15%) 25% 100%
Former CFO
PSP – nil
cost option
29,264 £787,500
1
Compound growth rate of Company EPS (70%) 10% 100%
Three financial years from 1 January 2024Compound growth rate of Services revenue (15%) 25% 100%
Compound growth rate of North American Business EBIT (15%) 25% 100%
1. This is based on the average mid-market share price of Computacenter plc on the three immediately preceding business days from the 26 March 2024 grant, being £26.91.
Services revenue growth – 30% weighting (measured on a constant currency basis)
Performance level
*
Services revenue CAGR
Maximum (100% vesting) 7.5%
In line with expectations (50% vesting) 5.5%
Threshold (25% vesting) 3.5%
* Vesting occurs on a straight-line basis in between these thresholds.
As set out in the Annual Statement from the Chair of the Remuneration Committee on page 114, as EPS growth
was negative, no vesting was possible under the services revenue growth element of the PSP. Therefore, whilst
Services revenue growth during the period 1 January 2022 to 31 December 2024 was 4.18% per annum, which
would have resulted in 33.51% of this element vesting, the EPS performance underpin resulted in the award
lapsing in full.
The Committee considered the PSP formulaic outturn in the context of wider Company performance and the
wider stakeholder experience and considers that the outcome is a fair reflection of performance over the
performance period.
Computacenter plc Annual Report and Accounts 2024 131
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Directors’ Remuneration report continued
Vesting of these awards to the CEO will be dependent upon achieving the following performance measures over a
three-year period from 1 January 2024:
The compound annual growth rate of the Group’s adjusted diluted earnings per share (EPS) – 70% weighting
Performance level
*
Adjusted diluted EPS CAGR
Maximum (100% vesting) 10.0%
In line with expectations (50% vesting) 7.22%
Threshold (10% vesting) 5.0%
* Vesting occurs on a straight-line basis in between these thresholds. As disclosed last year, the base year of this award (i.e. EPS in 2023) will
be consistent with the EPS number that was used to calculate the vesting of PSP awards granted for the performance period 2021 to 2023.
The compound annual Services revenue growth rate – 15% weighting (measured on a constant currency basis)
Performance level
*
Services revenue CAGR
Maximum (100% vesting) 7.5%
In line with expectations (50% vesting) 5.5%
Threshold (25% vesting) 3.5%
* Vesting occurs on a straight-line basis between these thresholds.
The compound annual EBIT growth rate of Group’s North American Business – 15% weighting (measured on a constant currency basis)
Performance level
*
Services revenue CAGR
Maximum (100% vesting) 20%
In line with expectations (50% vesting) 16%
Threshold (25% vesting) 12%
* Vesting occurs on a straight-line basis in between these thresholds.
The PSP awards made in 2024 to the former CFO have lapsed, as previously disclosed by the Company.
The table below details awards made during 2024 under the deferred bonus plan.
Plan/
type of award
Number of
shares Face value Vesting date
CEO DBP
2
– Conditional Share 14,534 £391,110
1
50% – 30/03/2025
50% – 30/03/2026
Former CFO DBP
2
– Conditional Share 5,527 £148,732
1
50% – 30/03/2025
50% – 30/03/2026
1. This is based on the average mid-market share price of Computacenter plc on the three immediately preceding business days from grant
on 26 March, being £26.91.
2. These are not subject to any other performance conditions.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024132
Directors’ Remuneration report continued
A
Executive Director outstanding share awards as at 31 December 2024
Directors’ interests in share plans
Plans Note
Exercise/share
price Exercise period At 1 January 2024
Granted during
the year
Exercised during
the year
Lapsed during
the year
At 31 December
2024
Mike Norris Sharesave 1 1,011.0p 01/12/24 – 31/05/25 2,967 – – – 2,967
Sharesave 1 1,975.0p 01/12/29 – 01/06/30 – 1,594 – – 1,594
PSP 3 Nil 21/03/24 – 20/03/29 90,604 – 90,604 – –
PSP 3 Nil 31/03/25 – 22/03/30 110,977 – – – 110,977
PSP 2,3 Nil 21/03/26 – 21/03/31 51,678 – – 4,724 46,954
PSP 3 Nil 21/03/27 – 20/03/32 39,368 – – – 39,368
PSP 3 Nil 23/03/28 – 05/04/33 60,437 – – 60,437
PSP 4 Nil 23/03/29 – 25/03/34 – 50,628 – – 50,628
DBP 5 Nil 21/03/2024 7,086 – 7,086 – –
DBP 5 Nil 02/04/2024 3,156 – 3,156 – –
DBP 5 Nil 31/03/2025 3,156 – – – 3,156
DBP 5 Nil 26/03/2025 – 7,267 – – 7,267
DBP 5 Nil 26/03/2026 – 7,267 – – 7,267
Chris Jehle Replacement PSP 6 Nil 05/06/25 – 05/06/33 13,527 – – – 13,527
Replacement RSUs 7 Nil 01/07/25 – 05/06/33 5,695 – – – 5,695
PSP 3 Nil 23/03/28 – 05/06/33 33,973 – – 33,973 –
PSP 4 Nil 23/03/29 – 25/03/34 – 29,264 – 29,264 –
DBP 5 Nil 26/03/2025 – 2,763 – – 2,763
DBP 5 Nil 26/03/2026 – 2,764 – – 2,764
1. Issued under the rules of the Computacenter 2018 Sharesave Plan, which is available to employees of Computacenter in the UK, Germany
and the US. Eligible employees can save between £5 and £500 a month to purchase options in shares in Computacenter plc at a price fixed
at the beginning of the Plan term. There are no conditions relating to the performance of the Company for this Plan.
2. These awards vested during the year at 90.86%, with 9.14% of the shares under award lapsing.
3. Issued under the terms of the Computacenter Performance Share Plan 2005, as amended at the AGMs held on 19 May 2015, 14 December
2017, 18 May 2018, 7 March 2019, 5 March 2020, 20 May 2021, 19 May 2022, 17 May 2023 and 14 May 2024.
(a) In respect of 70% of the total award: no awards will vest if the compound annual EPS growth over the performance period is less
than 5% per annum. Awards will vest in relation to one-tenth of the shares comprised in them if the compound annual EPS growth
over the performance period is 5%. This portion of the award will vest in full if the compound annual EPS growth equals or exceeds
10% per annum, with straight-line vesting between 5% and 10%.
(b) In respect of 30% of the total award: the award will start to vest if the compound annual Services revenue growth rate over the
performance period equals 3.5%. If the compound annual Services revenue growth rate over the performance period is 7.5%, this
portion of the award will vest in full. If the compound annual Services revenue growth rate over the period is between 3.5% and 7.5%,
then this portion of the award will vest on a straight-line basis between 25% and 100%.
PSP awards from 2018 onwards are subject to a two-year holding period.
4. Issued under the terms of the Computacenter Performance Share Plan 2005, as amended at the AGMs held on 19 May 2015, 14 December
2017, 18 May 2018, 7 March 2019, 5 March 2020, 20 May 2021, 19 May 2022, 17 May 2023 and 14 May 2024.
(a) In respect of 70% of the total award: no awards will vest if the compound annual EPS growth over the performance period is less
than 5% per annum. Awards will vest in relation to one-tenth of the shares comprised in them if the compound annual EPS growth
over the performance period is 5%. This portion of the award will vest in full if the compound annual EPS growth equals or exceeds
10% per annum, with straight-line vesting between 5% and 10%.
(b) In respect of 15% of the total award: the award will start to vest if the compound annual Services revenue growth rate over the
performance period equals 3.5% per annum, with 50% vesting for growth of 5.5% per annum. If the compound annual Services
revenue growth rate over the performance period is 7.5% per annum, this portion of the award will vest in full. If the compound
annual Services revenue growth rate over the period is between 3.5% and 7.5%, then this portion of the award will vest on a straight-
line basis between 25% and 100%.
(c) In respect of 15% of the total award: 25% of this portion will vest if the compound annual EBIT growth rate of the Group’s North
American business during the performance period equals 12% per annum, with 50% vesting for growth of 16% per annum.
If the compound annual EBIT growth rate over the performance period is 20% per annum, this portion of the award will vest in full.
There will be straight-line vesting between these points.
Computacenter plc Annual Report and Accounts 2024 133
Strategic Report G overnance Financial Statements Glossary
Directors’ Remuneration report continued
A
Directors’ shareholdings
The beneficial interest of each of the Directors and their connected persons in the shares of the Company, as at
31 December 2024, is as follows:
Director
Number of
shares in the
Company as at
31 December
2024
Percentage of
requirement
achieved
Interests in shares (shares or options vested but unexercised or
subject to a holding period)
SAYE PSP DBP Total
Mike Norris 1,079,214 1762%
3
2,967 164,177
2
18,055
1
1,264,413
Pauline Campbell 8,900 n/a – – – 8,900
René Carayol – n/a – – – –
Philip Hulme 16,426,812 n/a – – – 16,426,812
Kelly Kuhn – n/a – – – –
Ljiljana Mitic – n/a – – – –
Peter Ogden 26,240,461 n/a – – – 26,240,461
Adam Walker 2,014 n/a – – – 2,014
Former Director
Chris Jehle – 100% – – 11,293
1
11,293
Note: There has been no grant of, or trading in, shares of the Company by the current Directors between 1 January 2025 and 17 March 2025.
1. Shares issued as a result of annual bonus deferral, in line with the rules of the Computacenter Deferred Bonus Plan 2017, and the Group’s
Directors’ Remuneration Policy.
2. These are all currently subject to a two-year holding period following vesting, in line with the Group’s Performance Share Plan 2015, and the
Group’s Directors’ Remuneration Policy.
3. Based on the Company’s closing share price as at 31 December 2024, of £21.24, and the approved 2024 base salaries. Interests in shares
count towards the Shareholding Guideline, on a net of tax basis (deemed to be 50%) for the PSP and DBP. Interest in shares for the SAYE
count fully towards the achievement of the Shareholding Guideline. Interests in shares include dividend equivalents awarded (in shares)
during any holding period for the PSP and vesting period for the DBP, per the terms of those plan rules.
5. Conditional shares issued under the terms of the Computacenter 2017 Deferred Bonus Plan. Awards vest in equal tranches on the first
and second anniversary of the grant date.
6. Replacement Award granted to Chris Jehle to compensate him for performance-based awards forfeited by him as a result of leaving his
previous employer, Experian plc. Performance period of 1 January 2022 to 31 December 2024, and subject to the same performance
conditions as set out in note 3 above. No holding period applies following vesting on 5 June 2025 (which is on or around the date of vesting
of his Experian awards, had they not been forfeited).
7. Further Replacement Award granted to Chris Jehle to compensate him for service-based awards he forfeited as a result of leaving
Experian plc. The terms of the Computacenter 2017 Deferred Bonus plan will be applied, except for those rules relating to reduction of
awards and clawback, cessation of employment and amendments. There are no performance conditions or performance period which
apply to the award, which is structured as a nil-cost option. It will vest to Chris Jehle on 1 July 2025.
Director gains
PSP
Director Date of vesting Plan
Number of
shares Exercise price
Market price
at vesting
Notional
gain made
Mike Norris 21/03/2024 PSP 46,954 Nil £26.96 £1,265,879.24
Chris Jehle – – – – – –
The closing market price of ordinary shares at 31 December 2024 (being the last trading day of 2024) was £21.24
(29 December 2023: £27.92).
The highest price during the year was £29.62 and the lowest was £20.86.
Minimum shareholding requirements
The Group’s minimum shareholding guidelines in the current Remuneration Policy require Executive Directors,
to build up a shareholding that is equal to 200% of their gross salary, with the expectation that they will achieve
this within five years of appointment. For the purposes of calculating shareholdings, the following are included
on a net basis: deferred bonuses, shares subject to the holding period, options which have either vested but are
as yet unexercised or which have no performance conditions (other than time lapsation), and shares held by an
Executive’s spouse or dependants. There is no requirement for the Non-Executive Directors to hold shares.
When an Executive Director steps down from the Board, they are expected to retain an interest in Computacenter
shares based on their in-employment shareholding guideline (or actual shareholding at the date of stepping
down from the Board if lower) for a period of two years.
The Committee has the discretion to disapply or reduce this requirement in extenuating circumstances,
for example in compassionate circumstances.
Mike Norris substantially exceeds his shareholding requirement.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024134
Directors’ Remuneration report continued
Dilution limits
Computacenter is able to use a mixture of both new issue and market purchase shares to satisfy the vesting of
awards made under its PSP, DBP and Sharesave plans. In line with best practice, the use of new or treasury shares
to satisfy awards made under all share plans is restricted to 10% in any ten-year rolling period, with a further
restriction for discretionary plans of 5% in the same period. The Company’s current position against its dilution
limit is below each of these thresholds. The Company regularly reviews its position against the dilution guidelines
and, should there be insufficient headroom within which to grant new awards which could be satisfied by issuing
new shares, the Company intends to continue its current practice of satisfying new awards with shares
purchased on the market.
Payments to past Directors and payments for loss of office
Aside from the leaving arrangements for Chris Jehle as set out below, and in the table on page 128, there were
no payments made to past Directors and no payments made for loss of office during the period.
Leaving arrangements for Christian Jehle
As previously announced, Chris Jehle stepped down from the Board on 16 December 2024, and as an employee
on 31 December 2024 (Departure Date), by mutual agreement with the Company.
In accordance with Mr Jehle’s service contract and the Company’s Remuneration Policy:
• He continued to receive his salary (£467,000 p.a.) and contractual benefits in the normal way up to the
Departure Date, was paid salary in lieu of notice for the balance of his 12-month notice period (£449,038.46)
and received a payment of £5,388.46 in respect of accrued but unused holiday.
• He remained eligible to receive his bonus (of up to 150% of base salary) in respect of 2024 following
assessment of applicable performance measures. Further detail of the amount actually paid to Mr Jehle
following that assessment is set out in the table on page 130, of which 50% will be deferred into shares under
the rules of the DBP.
• He has 5,527 unvested deferred bonus shares under the DBP that will continue in accordance with the rules
of the DBP and remain capable of vesting on their normal vesting dates (as set out on page 133).
• He has an unvested nil-cost Performance Share Plan (PSP) option over 13,527 shares. This will not vest in March
2025, as set out on page 131. Mr Jehle has an unvested nil-cost option over 5,695 shares, which was granted to
him to replace incentives he forfeited on leaving his previous employer to join the Company. These options
were not impacted by Mr Jehle’s departure and will continue to vest and be exercisable in accordance with
their terms, which were set out on page 151 of the 2023 Annual Report and Accounts.
• He had unvested nil-cost PSP options over 63,237 shares, which were granted as part of the PSP. These options
lapsed on his departure.
• He also received support in respect of legal fees of £10,000 (excluding VAT).
Mr Jehle’s remuneration for the period he was employed by the Company is shown in the single figure table
on page 128.
Executive service contracts
The CEO’s contract of employment is summarised in the table below:
Director Start date Expiry date Unexpired term
Notice period
(months)
Mike Norris 23/04/1998 n/a None specified 12
The CEO has a rolling 12-month service contract with the Company, which is subject to 12 months’ written notice
by either the Company or the CEO.
External appointments for Executive Directors
Executive Directors are permitted to hold outside directorships, subject to approval by the Board, and to retain
any fees paid for such services. During 2024, no Executive Director held any external fee-paying directorships.
Computacenter plc Annual Report and Accounts 2024 135
Strategic Report G overnance Financial Statements Glossary
Directors’ Remuneration report continued
Non-Executive Directors’ letters of appointment
The Non-Executive Directors have not entered into service contracts with the Company. They each operate under
a letter of appointment which sets out their terms, duties and responsibilities. Non-Executive Directors are
appointed for an initial term, which runs to the conclusion of the third AGM following their appointment, and which
may be renewed at that point. The letters of appointment provide that should a Non-Executive Director not be
re-elected at an AGM before he or she is due to retire, then his or her appointment will terminate.
The terms and conditions of appointment of the Non-Executive Directors are available for inspection by
shareholders at the Company’s registered office. The appointments continue until the expiry dates set out below,
unless terminated for cause or on the period of notice stated below:
Director
Date of latest letter of
appointment Expiry date Notice period
Pauline Campbell 21 March 2024 Close of the Company’s AGM in 2027 3 months
René Carayol 1 November 2022 Close of the Company’s AGM in 2025 3 months
Philip Hulme 4 May 2022 Close of the Company’s AGM in 2025 3 months
Kelly Kuhn 30 September 2024 Close of the Company’s AGM in 2027 3 months
Simon McNamara 9 January 2025 Close of the Company’s AGM in 2027 3 months
Ljiljana Mitic 16 May 2022 Close of the Company’s AGM in 2025 3 months
Peter Ogden 4 May 2022 Close of the Company’s AGM in 2025 3 months
Adam Walker 30 August 2024 Close of the Company’s AGM in 2027 3 months
Pauline Campbell took up the role of Non-Executive Chair on the 14 May 2024. Following her appointment, a review
of the Chair fee was undertaken to ensure that this reflected the complexity of the Company and skills required
for the role. The market data showed that the current Chair fee was not in line with market practice and was
below the lower quartile of the Top 50 of FTSE 250 (excluding financial services) peer group. Therefore, in 2025, the
Chair will be paid a single consolidated fee of £300,000. The Chair fee remains below the median of this peer group.
The Non-Executive Directors are paid a basic fee, plus additional fees for chairing Board Committees or Senior
Independent Director duties. In 2025, Non-Executive Directors’ annual fees will increase as follows:
Position
2024 Annual
fees (£)
2025 Annual
fees (£)
Independent Non-Executive Directors 62,650 69,000
Founder Non-Executive Directors 57,000 62,750
Additional fee for Chairing the Audit Committee 20,550 21,100
Additional fee for Chairing the Remuneration Committee 11,420 15,000
Additional fee for the position of Senior Independent Director 9,130 13,000
Additional fee for the position of Chairing the ESG Committee – 13,000
Performance of the Company
Total shareholder return performance
(Computacenter versus FTSE Software and Computer Services sector)
0
100
200
300
400
500
600
Dec
2014
Dec
2015
Dec
2016
Dec
2017
Dec
2018
Dec
2019
Dec
2020
Dec
2021
Dec
2022
Dec
2024
Dec
2023
Computacenter FTSE All Share – Software and Computer Services
In this graph, TSR performance shows the value, in December 2024, of £100 invested in the Company’s shares
in December 2014, assuming that all dividends received between December 2014 and December 2024 were
reinvested in the Company’s shares (source: S&P Capital IQ).
The FTSE Software and Computer Services Index has been used for comparison as it includes companies that
Computacenter directly competes with.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024136
Directors’ Remuneration report continued
CEO pay history
The table below shows the total remuneration figure for the CEO over the previous ten financial years. The total remuneration figure includes the annual bonus and PSP awards which vested based on performance in those years.
The annual bonus and PSP percentages show the payout for each year as a percentage of the maximum.
Plan/type of award 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
CEO single figure of remuneration (£) 2,763,900 1,807,600 2,291,500 2,081,700 2,391,409 2,538,817 4,084,506 3,339,063 2,755,509 963,897
Annual bonus payout (as a % of maximum opportunity) 84.54% 49.12% 92.35% 82.63% 92.5% 96.0% 96.0% 27.85% 76.56% 19.85%
Annual bonus (£) 803,200 319,280 606,047 557,753 636,863 674,400 825,120 271,538 782,269 210,526
PSP vesting (as a % of maximum opportunity) 71.5% 85.13% 68.01% 65.68% 80.78% 70.00% 100% 100% 90.86% 0%
PSP vesting (£) 1,384,500 891,800 1,101,400 923,699 1,150,120 1,398,898 2,653,094 2,372,688 1,265,880 –
Percentage change in remuneration of Board Directors and employees
The table below sets out the percentage change in the salary, benefits and annual bonus of all Executive and Non-Executive Directors compared to the average amount paid to Computacenter employees in the UK, in the years
ended 31 December 2020, 2021, 2022, 2023 and 2024.
Computacenter plc is the Group’s Parent Company and does not have any employees. The comparator group of Computacenter’s UK-based employees was therefore chosen on a voluntary basis, as the Committee believes it
provides a sufficiently large comparator group based on a similar incentive structure to the CEO and reduces any distortion arising from currency and cost of living differences in other geographies in which the Group operates.
% change in remuneration
between 2019 and 2020
% change in remuneration
between 2020 and 2021
% change in remuneration
between 2021 and 2022
% change in remuneration
between 2022 and 2023
% change in remuneration
between 2023 and 2024
Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus
Executive
Mike Norris (23.47%)
1
(34.35%) 5.89% 35.94%
1
(24.32%)
2
22.35% 13.44%
3
103.70%
2
(67.09%) 4.80% (1.21%) 188.14% 3.79% (6.13%) (73.09%)
Chris Jehle
4
– – – – – – – – – – – – 77.90%
4,5
115.71%
4,5
(53.24%)
4,5
Tony Conophy
6
(23.53%)
1
(5.99%) 4.20% 35.97%
1
2.52% 27.73% 2.69% 4.94% (72.11%) (38.88%)
6
(44.12%)
6
80.60% – – –
Computacenter plc Annual Report and Accounts 2024 137
Strategic Report G overnance Financial Statements Glossary
Directors’ Remuneration report continued
% change in remuneration
between 2019 and 2020
% change in remuneration
between 2020 and 2021
% change in remuneration
between 2021 and 2022
% change in remuneration
between 2022 and 2023
% change in remuneration
between 2023 and 2024
Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus Salary/Fee Benefits Annual bonus
Non-Executive
Pauline Campbell
7
– – – – – – 195.89%
7
– – 4.84% – – 127.33%
8
– –
René Carayol
9
– – – – – – – – – 528.60% – – 8.60%
10
– –
Rene Haas 172.28%
11
– – 2.0%
11
– – (5.88%)
12
– – – – – – – –
Philip Hulme (75.0%)
13
– – 308.0%
13
– – 2.69% – – 4.83% – – 3.83% – –
Kelly Kuhn
14
– – – – – – – – – – – – – – –
Simon McNamara
15
– – – – – – – – – – – – – – –
Ljiljana Mitic 59.42%
16
– – 2.0% – – 2.67% – – 4.77% – – 3.81% – –
Peter Ogden (75.0%)
17
– – 308.0%
17
– – 2.69% – – 4.83% – – 3.83% – –
Minnow Powell 3.69% – – (23.56%)
18
– – – – – – – – – – –
Ros Rivaz 3.69% – – 2.05% – – 2.69% – – 4.84% – – (22.15%)
19
– –
Peter Ryan 39.72%
20
– – 2.0% – – 2.71% – – 4.82% – – (63.04%)
21
– –
Adam Walker
22
– – – – – – – – – – – – – – –
Employees
Computacenter
UK-based employees 3.26% (10.39%) (3.48%) 4.19% (4.49%) (0.69%) 5.81% (5.60%) 1.29% 6.33% (0.09%) (14.52%) 5.41% 3.89% 2.35%
23
1. The significant percentage increase for the CEO and former CFO (Tony Conophy) reflects the voluntary temporary reduction in base salary
for the period 1 April 2020 to 30 June 2020.
2. The reduction in benefits in 2021 for the CEO was due to his election not to have a car and driver provided from the middle of 2021 onwards.
The rise in his benefits in 2022 represents an uplift through a car allowance, to offset his loss of car and driver, in line with that given to the
former CFO (Tony Conophy), for the whole of the year.
3. Following shareholder consultation, the CEO salary was increased by 13.4%.
4. Chris Jehle joined the Company, as the Group CFO and as an Executive Director of the Board on 1 June 2023.
5. Chris Jehle stepped down as the Group CFO and as an Executive Director of the Board, by mutual agreement with the Company, on 16 December
2024, and left the Group as an employee on 31 December 2024.
6. Tony Conophy stepped down as the Group CFO and as an Executive Director of the Board on 1 June 2023, and then remained with the
Company as an employee until his retirement on 31 July 2023.
7. Pauline Campbell was appointed to the Board on 16 August 2021 and assumed the role of Chair of the Audit Committee on 30 September 2021.
8. Pauline Campbell was appointed as Chair of the Board on 14 May 2024, and stepped down as Chair of the Audit Committee at that time.
9. René Carayol was appointed to the Board on 1 November 2022.
10. René Carayol was appointed as Chair of the Remuneration Committee on 30 September 2024.
11. Rene Haas was appointed to the Board on 20 August 2019.
12. Rene Haas stepped down from the Board on 1 December 2022.
13. The significant percentage increase for Philip Hulme reflects his decision to waive basic fees due to him as a founder Non-Executive
Director from 1 April 2020 until 31 December 2020, as announced by the Company on 6 April 2020.
14. Kelly Kuhn was appointed to the Board on 30 September 2024.
15. Simon McNamara was appointed to the Board on 9 January 2025.
16. Ljiljana Mitic was appointed to the Board on 16 May 2019.
17. The significant percentage increase for Peter Ogden reflects his decision to waive basic fees due to him as a founder Non-Executive
Director from 1 April 2020 until 31 December 2020, as announced by the Company on 6 April 2020.
18. Minnow Powell stepped down from the Board on 30 September 2021.
19. Ros Rivaz stepped down as Senior Independent Director and Chair of the Remuneration Committee with effect from 30 September 2024.
20. Peter Ryan was appointed to the role of Chair on 16 May 2019. The increase reflects that he was only paid the Chair’s fee for part of the
prior year.
21. Peter Ryan stepped down as Chair of the Board on 14 May 2024.
22. Adam Walker was appointed to the Board and as Chair of the Audit Committee on 30 August 2024, and as Senior Independent Director on
30 September 2024.
23. The change in the Computacenter UK-based employee annual bonus figure is based on the bonus paid during 2024 in respect of 2023
rather than in respect of 2024 due to the availability of data at the time this report is finalised. The data for the Executive Directors is
based on the bonus to be paid in 2025 in respect of 2024. Therefore the like-for-like comparison of the UK-based employee figure is with
the change in Executive Director bonus between 2022 and 2023 in the table above.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024138
Directors’ Remuneration report continued
CEO pay ratio
The CEO pay ratio table shows the ratio of pay between the CEO of Computacenter and Computacenter’s UK
employees. The ratio compares the total remuneration of the CEO against the total remuneration of the median
UK employee and those who sit at the 25th and 75th percentiles (lower and upper quartiles).
Computacenter’s CEO pay ratios have been calculated using Option B, a continuation of approach from the
previous four years and based on the availability of data at the time the Annual Report is published. This uses the
most recent gender pay data to identify the three employees that represent our 25th, 50th and 75th percentile
employees. As a sense check, the salary and total pay and benefits of a number of employees either side of these
25th, 50th and 75th percentile employees were also reviewed, with an adjustment made where appropriate to
ensure that the figures used were representative of an employee at these positions. For example, where the
employee at the relevant position is not representative of other employees at that level, the employee next to
them has been used instead. The total remuneration for these individuals has been calculated based on all
components of pay for 2024, including base salary, performance-based pay, pension and benefits. The
Committee considers that this provides an outcome that is representative of the employees at these pay levels.
Where an identified employee received a pro-rated component of pay, their figures have been converted to a full-year
equivalent. No other adjustments were necessary other than the adjustments already set out above. The day by
reference to which the Company determined the 25th, 50th and 75th percentile employees was 31 December 2024.
The Committee believes that the median pay ratio is consistent with the pay, reward and progression policies for
the Company’s UK employees taken as a whole. Computacenter’s employer pension contributions, Company-
paid benefits and voluntary benefit scheme options are consistent for all UK employees, including the CEO. In
addition, the CEO is eligible to participate in the Company’s annual bonus and Performance Share Plan, in line with
other members of the Management team. The value of these variable pay awards is affected by performance
delivered and, in the case of the Performance Share Plan, share price movement over three years.
The 2024 CEO pay ratio is lower than in 2023. This is primarily as a result of the CEO’s 2024 total remuneration
being significantly lower than the previous year. The CEO’s remuneration is heavily performance linked and, as
set out earlier in the report, this year has seen a lower bonus award outcome in respect of 2024, together with no
vesting of LTIP awards. The median employee total compensation figure has also increased year-on-year, which
reflects the salary increase approach applied for 2024 and ongoing fluctuations within employee demographics.
Year Method 25th percentile pay ratio Median pay ratio 75th percentile pay ratio
2024 Option B 26:1 17:1 11:1
2023
1
Option B 77:1 53:1 33:1
2022 Option B 98:1 68:1 44:1
2021 Option B 114:1 83:1 55:1
2020 Option B 69:1 57:1 34:1
2019 Option B 76:1 51:1 36:1
1. The 2023 ratios have been updated to reflect the CEO’s actual 2023 single figure total using the share price on the date of vesting, further
detail of which is set out in the notes to the single figure table on page 129.
2024 salary and total pay and benefits – all UK employee figures
Employees 25th percentile Median 75th percentile
Total pay and benefits £37,152 £58,164 £89,923
Salary £35,384 £51,281 £81,082
Relative importance of spend on pay
The charts below show the Group’s relative expenditure on the pay of its employees, against certain other key
financial indicators, for both 2023 and 2024:
Expenditure on Group employees’ pay
(£m)
24
23
1,189.9
1,150.3
Shareholder distributions
**
(£m)
24
23
78.9
77.3
Group adjusted profit before tax
*
(£m)
24
23
254.0
278.0
* As well as information prescribed by current remuneration reporting regulations, Group adjusted profit before tax has also been included
as this is deemed to be a key performance indicator of the Group, which is linked to the delivery of value to our shareholders.
** Relates to shareholder distributions made in, and not for, the relevant year.
Statement of implementation of Remuneration Policy in the following financial year
Executive Director remuneration for 2025 will be in accordance with the terms of our Proposed Directors’
Remuneration Policy, as set out on pages 119 to 127 of this report. The awards below relating to annual bonus,
Performance Share Plan and Restricted Share Plan are all subject to shareholder approval being given for the
Proposed Policy at the Company’s 2025 AGM.
2025 base salaries
The base salary of the CEO will increase by approximately 2.7% to £726,000 from 1 January 2025. This is in line with
the average increase for the wider UK workforce and takes into account Company and individual performance.
Computacenter plc Annual Report and Accounts 2024 139
Strategic Report G overnance Financial Statements Glossary
Directors’ Remuneration report continued
2025 annual bonus
The performance measures and weightings for the 2025 annual bonus would be as follows:
Mike Norris – CEO
(2025)
50% 10% 10% 10% 20%
Group adjusted profit before tax (up to 50%)
Services contribution growth (up to 10%)
Cash balance (up to 10%)
Cost efficiency (up to 10%)
Personal objectives (up to 20%)
The measures for 2025 have been set to be challenging relative to our 2025 business plan. The Committee deems
the targets themselves to be commercially sensitive and therefore they have not been disclosed. They will be
disclosed when the Committee no longer deems them to be commercially sensitive, and it currently anticipates
including them in the 2025 Annual Report and Accounts.
The maximum 2025 annual bonus opportunity for the CEO will be 200% of base salary.
2025 PSP
The award level for the CEO in the 2025 financial year is 200% of salary.
The 2025 PSP award will be subject to the following performance conditions, with further context provided in the
Annual Statement from the Chair of the Committee:
Performance Measure Weighting Vesting
1
Performance
Compound annual adjusted diluted
EPS growth rate
70%
Maximum (100% vesting) 10%
In line with expectations (50% vesting) 7.22%
Threshold (10% vesting) 5.0%
Compound annual Services
revenue growth rate
15%
Maximum (100% vesting) 7.5%
In line with expectations (50% vesting) 5.5%
Threshold (25% vesting) 3.5%
Compound annual EBIT growth
rate of the North American
Business
15%
Maximum (100% vesting) 20%
In line with expectations (50% vesting) 16%
Threshold (25% vesting) 12%
1. Any shares vesting will be subject to an additional two-year holding period post vesting.
2025 RSP
The award level for the CEO in the 2025 financial year is 50% of salary.
The award will vest, subject to the achievement of a good practice underpin that considers factors including,
but not limited to, key strategic objectives and the Group’s financial health.
At the end of the four-year vesting period, the Committee will assess whether the underpin has been met and would
consider whether, and to what extent, a discretionary reduction in the vesting of awards was required. Further
details of the assessment of the underpin will be disclosed in the relevant annual report at the time of vesting.
Any shares vesting will be subject to an additional one-year holding period post-vesting.
Statement of voting
The results of voting on the Directors’ Remuneration Report at the Company’s 2024 AGM are shown in the table
below:
Votes cast in favour Votes cast against Total votes cast Votes withheld/abstentions
94,234,353 97.95% 1,971,841 2.05% 96,206,194 2,473
The results of voting on the Directors’ Remuneration Policy at the Company’s 2023 AGM are shown in the table
below:
Votes cast in favour/discretionary Votes cast against Total votes cast Votes withheld/abstentions
99,013,713 99.37% 626,069 0.63% 99,639,782 111,948
The Committee is grateful for the continuing support of shareholders. To ensure that this continues, the Committee
will consult with shareholders on major issues where it is appropriate to do so. It will also continue to adhere to its
underlying principle that Executive Directors’ pay must be linked to performance and the sustainable delivery of
value to our shareholders.
This Annual Report on Remuneration has been approved by the Board of Directors and signed on its behalf by:
René Carayol
Chair of the Remuneration Committee
17 March 2025
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024140
Directors’ Remuneration report continued
The Directors present their report, together with the audited accounts of Computacenter plc and its subsidiary
companies (the Group), for the year ended 31 December 2024.
Computacenter plc is incorporated as a public limited company and is registered in England and Wales with
the registered number 3110569 . Computacenter plc’s registered office address is Hatfield Avenue, Hatfield,
Hertfordshire, AL10 9TW. The Company’s registrar is Equiniti Limited, which is situated at Aspect House, Spencer
Road, Lancing, West Sussex, BN99 6DA. The Company has a listing on the London Stock Exchange.
The pages from the inside front cover to 146 of this Annual Report and Accounts are incorporated by reference
into the Directors’ Report, which has been drawn up and presented in accordance with English company law, and
the liabilities of the Directors in connection with that report shall be subject to the limitations and restrictions
provided by such law. The Statement of Directors’ Responsibilities can be found on page 146.
Strategic Report
The Companies Act 2006 requires the Group to prepare a Strategic Report, which commences at the start of this
Annual Report and Accounts up to page 080. The Strategic Report includes information about the Group’s operations
and business model, particulars of all important events affecting the Company or its subsidiaries, the Group’s
financial performance in the year and likely future developments, strategic KPIs, principal risks and information
regarding the Group’s Sustainability Strategy.
Corporate governance
Under Disclosure and Transparency Rule 7.2, the Company is required to include a Corporate Governance report
within the Directors’ Report.
Information on our corporate governance practices can be found in the Corporate Governance Report on pages
082 to 101 (including in relation to our culture, purpose and values), and the reports of the Nomination, Audit and
Remuneration Committees on pages 102, 105 and 113 respectively, all of which are incorporated into the
Directors’ Report by reference.
Management Report
The Strategic Report, the Corporate Governance Report and the Directors’ report together form the Management
Report for the purposes of Disclosure and Transparency Rules 4.1.5 and 4.1.8-4.1.11R.
Results and dividends
The Group’s Consolidated Income Statement is on page 159. The Group’s activities resulted in a profit before tax
of £244.6m (2023: £272.1m). The Group profit for the year, attributable to equity shareholders, amounted to
£170.8 (2023: £197.6m). Dividends paid and declared in respect of the year, as well as relevant ex-dividend,
record and payment dates, are set out on page 035 in the financial review.
Following the payment of an interim dividend for 2024 of 23.3p per share on 25 October 2024, subject to the
approval of shareholders at the Company’s 2025 AGM, the total dividend for 2024 will be 70.7p per share. The
Board has consistently applied the Company’s dividend policy, which states that the total dividend will be 2 to 2.5
times covered by adjusted diluted earnings per share. Further detail on the Company’s dividend policy can be
found within the financial review on page 035.
Dividends are recognised in the accounts in the year in which they are paid, or in the case of a final dividend,
when approved by the shareholders. As such, the amount recognised in the 2024 Annual Report and Accounts,
as described in note 14, is made up of the 2024 interim dividend of 23.3p per share and the 2023 final dividend
of 47.4p per share.
Articles of Association
The Company’s Articles of Association set out the procedures for governing the Company. The Articles of Association
may only be amended by a special resolution at a general meeting of the shareholders. A copy of the Articles of
Association is available on the Company’s website at investors.computacenter.com.
Voting rights
Shareholders are entitled to attend and vote at any general meeting of the Company. It is the Company’s practice
to hold a poll on every resolution at general meetings. Every member present in person or by proxy has, upon a
poll, one vote for every share held. In the case of joint holders of a share the vote of the senior who tenders a vote,
whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders and, for
this purpose, seniority shall be determined by the order in which the names stand in the Register of Members in
respect of the joint holdings.
Dividend rights
Shareholders may by ordinary resolution declare dividends, but the amount of the dividend may not exceed the
amount recommended by the Board.
Transfer of shares
There are no specific restrictions on the size of a holding, nor on the transfer of shares, which are both governed
by the general provisions of the Company’s Articles and prevailing legislation. The Directors are not aware of any
agreements between holders of the Company’s shares that may result in restrictions on the transfer of securities
or on voting rights at any meeting of the Company. There is one class of shares in issue, and all shares are fully paid.
Stakeholder engagement
The Board is aware that its actions and decisions impact our stakeholders. Effective engagement with
stakeholders is important for the Group. In order to comply with section 172 of the Companies Act 2006, each
Director is required to act in a way that he or she considers will promote the success of the Company whilst taking
into account the interests of stakeholders. The Directors must also include a statement in the Annual Report and
Accounts explaining how they have discharged this duty during the year. The Group’s key stakeholders are
identified on pages 038 to 044 of the Strategic Report and the statement of compliance with section 172 is set
out on page 078.
Directors’ report
Computacenter plc Annual Report and Accounts 2024 141
Strategic Report G overnance Financial Statements Glossary
Directors’ report
Modern slavery and human rights
Computacenter publishes an annual Modern Slavery Statement in compliance with the UK Modern Slavery
Act 2015. The Board approved the latest statement in March 2025, and it can be found on our website at
www.computacenter.com/information/modern-slavery-statement. Copies of our policies that relate to
human rights can be found on our website at www.computacenter.com.
During 2024, we delivered ‘Combatting Modern Slavery’ e-learning to all our employees and, as in previous years,
key members of certain teams have further developed their awareness and understanding of the area due to the
nature of their role. Any employee who breaches our policies in this area will face disciplinary action, which could
result in dismissal for misconduct or gross misconduct. We reserve the right to terminate our relationship with
other individuals and organisations working on our behalf if they do not comply with our Supplier Code of Conduct,
which covers areas such as modern slavery and human rights.
Directors and Directors’ authority
The Directors who served during the year ended 31 December 2024 were Pauline Campbell, René Carayol, Philip
Hulme, Chris Jehle, Kelly Kuhn, Ljiljana Mitic, Mike Norris, Peter Ogden, Ros Rivaz, Peter Ryan and Adam Walker.
Biographical details of each Director as at the date of this report, are given on pages 094 to 095. Details of our
Board diversity and inclusion disclosure required under the Listing Rules can be found on page 104.
The Company’s Articles of Association require that at each AGM, those Directors who were appointed since the
last AGM retire, as well as one-third of the Directors who have been the longest serving. The Board has decided,
in accordance with the UK Corporate Governance Code, that all Directors will retire at each forthcoming AGM
and offer themselves for re-election. The Nomination Committee has considered each Director who is standing
for election or re-election, and recommends their election or re-election. Further details on the Committee’s
recommendations for the election and re-election of the Directors are set out in the Notice of AGM, which
summarises the skills and experience that the Directors bring to the Board.
Subject to applicable law and the Company’s Articles of Association, the Directors may exercise all of the powers
of the Company. The Company’s Articles of Association provide for a Board of Directors consisting of between
three and 20 Directors, who manage the business and affairs of the Company. The Directors may appoint additional
or replacement Directors, who shall serve until the following AGM of the Company, at which point they will be
required to stand for election by the members. A Director may be removed from office by shareholders or the
Board as provided for by applicable law, in certain circumstances set out in the Company’s Articles of Association,
and at a general meeting of the Company by the passing of an Ordinary Resolution (provided special notice has
been given in accordance with the Companies Act 2006).
Members have previously approved a resolution to give the Directors authority to allot shares, and a renewal of
this authority is proposed at the 2025 AGM. This authority allows the Directors to allot shares up to the maximum
amount stated in the Notice of AGM (approximately one-third of the issued share capital). In addition, the Company
may not allot shares for cash (unless pursuant to an employee share scheme) without first making an offer to
existing shareholders in proportion to their existing holdings. This is known as rights of pre-emption. Two resolutions
allowing a limited waiver of these rights were passed by the members at last year’s AGM.
At the Company’s 2024 AGM, shareholders passed a resolution authorising the purchase of up to 11,414,110 ordinary
shares in the Company (representing approximately 10% of the issued ordinary shares) by way of market purchase.
This authority will expire at the 2025 AGM, when a resolution to renew the authority to purchase Company shares
will be submitted to shareholders. During the year, 7,897,178 ordinary shares of 7⁵⁄₉ p each (representing 6.7%
of the ordinary shares in issue at 31 December 2024) were purchased by the Company for a total consideration
of £199,999,835.53, including expenses, and subsequently transferred to be held in treasury. During the year,
the Company cancelled 5 million of its ordinary shares held in treasury. Therefore, as at 31 December 2024, there
were 11,444,039 ordinary shares held in treasury, representing 9.72% of the ordinary shares in issue. The maximum
number of shares held by the Company in treasury during the year was 11,981,774, which at the time represented
9.93% of the ordinary shares in issue. The purpose of the share buyback programme was to reduce the capital
of the Company.
Directors’ indemnities
The Company has executed deeds of indemnity with each of the Directors. These deeds contain qualifying
third-party indemnity provisions, indemnifying the Directors to the extent permitted by law, and remain in force
at the date of this report, as was the case for the duration of 2024. The indemnities are uncapped and cover all
costs, charges, losses and liabilities the Directors may incur to third parties, in the course of acting as Directors
of the Company or its subsidiaries. In addition, the Group maintains liability insurance for its Directors and officers.
No Company Directors were indemnified during the year.
Directors’ conflicts of interest
The Directors are required to notify the Company Secretary of any situations (appointments, holdings or otherwise),
or any changes to such, which may give rise to an actual or potential conflict of interest with the Company. These
notifications are then reviewed by the Board and recorded in a register maintained by the Company Secretary.
If appropriate, they are then considered further by the Directors who are not conflicted, who may authorise the
position. The register of notifications and authorisations is reviewed by the Board twice a year. Where the Board
approves an actual or potential conflict, the conflicted Director cannot participate in any discussion or decision
affected by the conflict.
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024142
Directors’ report continued
Directors’ interests in shares
The Directors’ interests, and those of their Connected Persons, in the Company’s share capital, at the start and
end of the reporting period, were as follows (with no changes to the below as at 17 March 2025):
As at 31 December 2024 or
date of standing down from
the Board (if earlier)
As at 1 January 2024 or date
of appointment (if later)
Number of ordinary shares Number of ordinary shares
Executive Directors
Mike Norris 1,079,214 1,079,214
Chris Jehle
*
– –
Non-Executive Directors
Pauline Campbell 8,900 –
René Carayol – –
Philip Hulme 16,426,812 18,394,988
Kelly Kuhn – –
Ljiljana Mitic – –
Peter Ogden 26,240,461 26,802,745
Ros Rivaz
**
611 2,181
Peter Ryan
***
3,100 3,100
Adam Walker 2,014 –
* Chris Jehle left the Board on 16 December 2024, and the Company on 31 December 2024.
** Ros Rivaz stepped down from the Board on 30 September 2024.
*** Peter Ryan stepped down from the Board on 14 May 2024.
Major interests in shares and voting rights
As at 31 December 2024, the Company had been notified under the FCA’s Disclosure and Transparency Rules of the
following interests in its total voting rights, which are equal to or greater than 3%.
Name of major shareholder Percentage of total voting rights held
Philip William Hulme 7.93%
No further interests have been disclosed to the Company between 31 December 2024 and 17 March 2025.
An updated list of the Company’s major shareholders, based on information available to the Company, is available
at investors.computacenter.com.
Capital structure and rights attaching to shares
As at 31 December 2024, there were 117,687,970 fully paid ordinary shares in issue, of which the Company held
11,444,039 ordinary shares in treasury, representing 9.72% of voting rights. The total number of voting rights in
the Company, which shareholders may use as the denominator when calculating if they are required to notify
their interest in the Company or a change to that interest, under the Disclosure and Transparency Rules, is
therefore 106,243,931.
The rights attaching to each of the Company’s ordinary shares and deferred shares are set out in its Articles
of Association. As at 31 December 2024, there were no deferred shares in issue.
The holders of ordinary shares are entitled, subject to applicable law and the Company’s Articles of Association, to:
• have shareholder documents made available to them, including notice of any general meetings of the
Company; and
• to attend, speak and exercise voting rights at general meetings of the Company, either in person or by proxy.
Pursuant to the Company’s share plans, there is an employee benefit trust which, as at the year end, held a total
of 1,365,793 ordinary shares of 7⁵⁄₉p each, representing approximately 1.16% of the issued share capital. During
the year, the trust purchased a total of 965,612 shares, so it could satisfy the maturities occurring pursuant to
these share option plans. When the trust holds shares before transferring them to participants, in line with good
practice, the Trustees do not exercise the associated voting rights. The Trustees also have a dividend waiver in
place in respect of shares which are the beneficial property of the trust. During 2024, no ordinary shares in the
Company were issued for cash to satisfy the exercise of options.
Significant agreements and relationships
Details regarding the status of the Group’s various borrowing facilities are provided in the financial review on
page 037. These agreements each include a change of control provision, which may result in the facility being
withdrawn or amended upon a change of control of the Company.
The Group’s longer-term Services contracts may also contain change of control clauses that allow a counterparty
to terminate the relevant contract in the event of a change of control of the Company. These arrangements are
commercially confidential.
The Company does not have any agreements with any Director or employee that would provide compensation for
loss of office or employment resulting from a change of control on takeover, except in relation to the Company’s
share plans, as described above.
Financial instruments
The Group’s financial risk management objectives, policies and related risks are discussed in the financial review
on page 037.
Related-party transactions
Internal controls are in place to ensure that any related-party transactions involving Directors or their Connected
Persons are carried out on an arm’s length basis and are properly recorded and disclosed where appropriate.
Computacenter plc Annual Report and Accounts 2024 143
Strategic Report G overnance Financial Statements Glossary
Directors’ report continued
Employee share plans
The Company operates a Performance Share Plan (PSP) to incentivise employees. During the year, 353,692
ordinary options of 7⁵⁄₉p each were awarded subject to performance conditions (2023: 434,398). At the year-end,
1,438,115 options remained outstanding under the PSP (2023: 1,604,617). During the year, 397,389 shares were
transferred to participants and 122,805 options lapsed. In addition, the Company operates a Sharesave Plan for
the benefit of employees. As at the year-end, 3,306,271 options granted under the Sharesave Plan remained
outstanding (2023: 3,304,459).
During the year, in accordance with the rules of the Computacenter 2017 Deferred Bonus Plan, the Company
granted a conditional award over 24,915 ordinary shares of 7⁵⁄₉p each. (2023: 14,870).
The employee share plans have change of control provisions that would be triggered if another entity or individual
takes control of the Company. Participants may, in certain circumstances, be allowed to exchange their existing
options for options of an equivalent value over shares in the acquiring company. Alternatively, the options may
vest early. Early vesting under the executive schemes will generally be on a time-apportioned basis. Under the
Sharesave scheme, employees will only be able to exercise their options to the extent that their accumulated
savings allow at that time.
Further detail of our approach to investing in and rewarding our workforce can be found on pages 055 to 059.
Corporate sustainable development, charitable donations and political donations
The Board recognises that acting in a socially responsible way benefits the community, our customers,
shareholders, the environment and employees alike. Further information can be found in the report on pages
053 to 077, which covers matters regarding health and safety, equal opportunities, employee involvement and
employee development.
During the year, the Group did not make any political donations or incur any political expenditure within the
meaning of sections 362 to 379 of the Companies Act 2006.
Equal opportunities
The Group acknowledges the importance of equality and diversity and is committed to equal opportunities
throughout the workplace. The Group’s policies for recruitment, training, career development and promotion
of employees, are based purely on the suitability of the employee and give those who may be disabled equal
treatment to their able-bodied colleagues. Where an employee becomes disabled after joining the Group,
all efforts are made to enable that employee to continue in their current job. However, if, due to the specific
circumstances, it is not possible for an employee to continue in their current job, they will be given suitable
training for alternative employment within the Group or elsewhere.
The Group monitors and regularly reviews its policies and practices to ensure that they meet current legislative
requirements, as well as its own internal standards. The Group is committed to making full use of the talents and
resources of all its employees and to providing a healthy environment that encourages productive and mutually
respectful working relationships. Policies dealing with equal opportunities are in place in all parts of the Group,
which take account of the Group’s overall commitment and also address local regulatory requirements.
Employee involvement and development
The Group is committed to involving all employees in significant business issues, especially matters which affect
their work and working environment. A variety of methods are used to engage with employees, including team
briefings, intranet, email and in-house publications. The Group uses one or more of these channels to brief
employees on the Group’s performance and the financial and economic factors affecting it. Team briefings are
a primary method for engaging and consulting with employees, with managers tasked with ensuring regular
information sharing, discussion and feedback.
Employee consultative forums exist in each Group country, to consult employees on major issues affecting
employment and matters of policy, and to enable Management to seek employees’ views on a wide range of
business matters. Where there are cross-jurisdictional issues to discuss, a European forum is engaged, made up
of representatives from each country forum. The Workforce Engagement Director attends at least one meeting
per year of this European forum, to engage directly with employee representatives and reports a summary of
this engagement to the Board.
The Group regularly reviews employees’ performance through a formal review process, to identify areas for
development. Managers are responsible for setting and reviewing personal objectives, aligned to corporate and
functional goals. The Board closely oversees and monitors Management skills and the development of talent,
to meet the Group’s current and future needs. The Board directly monitors and closely reviews succession and
plans for developing identified key senior managers.
The development of employee skills and careers, as well as the communication of the Group’s goals, are driven
by our Winning Together processes and tools. Annual assessments via our Winning Together processes and tools
are a formal requirement of all managers.
The Group operates a Save As You Earn (SAYE) share plan for eligible employees, including those in the UK, who
are encouraged to save a fixed monthly sum for a period of either three or five years. When the plan matures,
participants can purchase shares in the Company at a price set at the start of the savings period.
Further information can be found in the report on pages 055 to 059 covering employee involvement and
employee development, and in the Stakeholder Engagement section on page 040, which explains how the
Company and Board have engaged with and considered employees.
Engagement with suppliers, customers and others
The required disclosure on engagement with our key stakeholders can be found in the Stakeholder Engagement
section on pages 038 to 044. Pages 087 to 089 include detail of how the Board considered the views and interests
of our stakeholders in its decision-making.
Trade creditor arrangements
Computacenter has a strong covenant and enjoys a favourable credit rating from technology vendors and other
suppliers. Some suppliers provide standard credit directly on their own credit risk, whereas other suppliers
decide to sell the debt to banks, which offer to purchase the receivables and manage collection. The standard
credit terms offered by suppliers are typically between 30 and 60 days, whether provided directly or when sold to
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024144
Directors’ report continued
a third-party finance provider. In the latter case, the cost of the free-trade credit period is paid by the relevant
supplier, as part of the overall package of terms provided by suppliers to Computacenter and our competitors.
Branches
Our activities and interests are operated through subsidiaries, branches of subsidiaries and associates which
are subject to the laws and regulations of many different jurisdictions. The Parent Company of the Group,
Computacenter plc, does not have any branches.
Business ethics
The Group Ethics Policy commits employees to the highest standards of ethical behaviour in respect of customers,
suppliers, colleagues and other stakeholders in the business. The policy includes a requirement for all employees
to report abuses or non-conformance with the policy and sets out the procedures to be followed.
Going concern
The Directors’ statement regarding adoption of the going concern basis of accounting in preparation of the
annual Consolidated Financial Statements is set out within the Strategic Report on page 079.
Viability Statement
The Directors’ statement regarding the long-term viability of the Company is set out within the Strategic Report
on pages 079 to 080.
Greenhouse gas emissions
The Company is required to state the annual quantity of emissions in tonnes of carbon dioxide equivalent from
Group activities, and to provide details of its energy usage and the principal measures taken by the Company in
2024 to increase its energy efficiency. Details can be found in the Strategic Report on pages 053 to 075. Further
details of our environmental policies and programmes can be found on our website at computacenter.com. The
Group’s disclosure in response to the Task Force on Climate-related Financial Disclosures can be found on pages
065 to 075. The Company does not own and does not pay for any of its Directors to use private jets, including when
they are conducting Company business.
Auditor
A resolution to appoint Grant Thornton UK LLP as auditor of the Group was approved by the Company’s
shareholders at the Company’s 2024 AGM. Resolutions to reappoint Grant Thornton UK LLP as the auditor of the
Group, as well as to authorise the Directors to determine its remuneration for fulfilling that role, will be put to
shareholders at the forthcoming 2025 AGM.
Disclosure of information to the auditor
The Directors who held office as at the date of approval of this Directors’ report confirm that: (i) so far as they
are aware, there is no relevant audit information of which the Company’s auditor is unaware; and (ii) each
Director has taken all of the steps that he/she ought to have taken as a Director to make himself/herself aware
of any relevant audit information and to establish that the Company’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the
Companies Act 2006.
Annual General Meeting
The Board currently intends to hold the AGM on 15 May 2025 at 11.00am. The arrangements for the Company’s
2025 AGM, and details of the resolutions to be proposed, together with explanatory notes, will be set out in the
Notice of AGM to be published on the Company’s website.
Listing rule (LR) disclosures
The information required to be disclosed by LR 6.6.1.R is set out below, along with cross references indicating
where the relevant information is set out in the Annual Report and Accounts:
Interest capitalised n/a
Publication of unaudited financial information n/a
Details of performance share plans n/a
Waiver of emoluments by a Director n/a
Waiver of future emoluments by a Director n/a
Non pre-emptive issues of equity for cash n/a
Non pre-emptive issues of equity for cash in relation
to major subsidiary undertakings
n/a
Contracts of significance Details of transactions with related parties are set out
on page 217 in note 34 to the Consolidated Financial
Statements.
Provision of services by a controlling shareholder n/a
Shareholder waiver of dividends The Trustees of the Company’s employee share plans
have a dividend waiver in place in respect of shares which
are the beneficial property of each of the trusts.
Shareholder waiver of future dividends The Trustees of the Company’s employee share plans
have a dividend waiver in place in respect of shares which
are the beneficial property of each of the trusts.
Agreements with controlling shareholder n/a
This Directors’ Report has been approved by the Board and signed on its behalf by:
Simon Pereira
Company Secretary
17 March 2025
Computacenter plc Annual Report and Accounts 2024 145
Strategic Report G overnance Financial Statements Glossary
Directors’ report continued
Statement of Directors’ Responsibilities in respect of the Annual Report and the
Financial Statements
The Directors are responsible for preparing the Annual Report, the Directors’ Remuneration Report and the Group
and Parent Company financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and Parent Company financial statements for each
financial year. Under that law the Directors have to prepare the Group financial statements in accordance with
UK-adopted international accounting standards and have elected to prepare the Parent Company financial
statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards and applicable law, including FRS 101 ‘Reduced Disclosure Framework’).
Under company law the Directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs and profit or loss of the Company and Group for that period.
In preparing each of the Group and parent Company financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• for the Group financial statements, state whether applicable UK-adopted international accounting standards
have been followed, subject to any material departures disclosed and explained in the financial statements;
• for the Parent Company financial statements, state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the Group and Parent Company’s transactions and disclose with reasonable accuracy at any time the financial
position of the Group and Parent Company and enable them to ensure that the financial statements and the
Directors’ Remuneration report comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The Directors confirm that:
• so far as each Director is aware, there is no relevant audit information of which the company’s auditor is
unaware; and
• the Directors have taken all the steps that they ought to have taken as directors in order to make themselves
aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.
The Directors are responsible for preparing the annual report in accordance with applicable law and regulations.
The Directors consider the annual report and the financial statements, taken as a whole, provides the
information necessary to assess the company’s performance, business model and strategy and is fair, balanced
and understandable.
The Directors are responsible for the maintenance and integrity of the corporate and financial information
included on the company’s website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the Annual Report and Accounts
We confirm that to the best of our knowledge:
• the Group financial statements, prepared in accordance with UK-adopted international accounting standards,
and the Parent Company financial statements, prepared in accordance with United Kingdom Generally
Accepted Accounting Practice, give a true and fair view of the assets, liabilities, financial position and profit
or loss of the company and the undertakings included in the consolidation taken as a whole; and
• the Strategic Report and Directors’ Report include a fair review of the development and performance of the
business and the position of the company and the undertakings included in the consolidation taken as a
whole, together with a description of the principal risks and uncertainties that they face.
The Annual Report from inside front cover to page 146 was approved by the Board of Directors and authorised
for issue on 17 March 2025 and signed for and on behalf of the Board by:
Chief Executive Officer
Directors’ Responsibilities
Strategic Report G overnance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024146
Directors’ Responsibilities
Glossary
Financial statements
148 Independent Auditor’s report to the
members of Computacenter plc
159 Consolidated Income Statement
159 Consolidated Statement of
Comprehensive Income
160 Consolidated Balance Sheet
161 Consolidated Statement of Changes
in Equity
162 Consolidated Cash Flow Statement
163 Notes to the Consolidated Financial
Statements
218 Company Balance Sheet
219 Company Statement of Changes in Equity
220 Notes to the Company Financial
Statements
225 Group five-year financial review
226 Corporate information
226 Financial calendar
227 Principal offices
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Strategic Report Governance Financial Statements
Independent Auditor’s report to the members of Computacenter plc
Opinion
Our opinion on the financial statements is unmodified
We have audited the financial statements of Computacenter plc (the ‘parent company’) and its subsidiaries
(the ‘group’) for the year ended 31 December 2024 which comprise the Consolidated Income Statement,
Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement
of Changes in Equity, Consolidated Cash Flow Statement, Company Balance Sheet and Company Statement
of Changes in Equity and notes to the financial statements, including a summary of significant accounting
policies. The financial reporting framework that has been applied in the preparation of the group financial
statements is applicable law and UK-adopted international accounting standards. The financial reporting
framework that has been applied in the preparation of the parent company financial statements is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101
‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion:
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s
affairs as at 31 December 2024 and of the group’s profit for the year then ended;
• the group financial statements have been properly prepared in accordance with UK-adopted
international accounting standards;
• the parent company financial statements have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies
Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable
law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the
audit of the financial statements’ section of our report. We are independent of the group and the parent
company in accordance with the ethical requirements that are relevant to our audit of the financial statements
in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the group’s and the parent company’s ability to continue as
a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report.
However, future events or conditions may cause the group or the parent company to cease to continue as
a going concern.
Our evaluation of the directors’ assessment of the group’s and the parent company’s ability to continue
to adopt the going concern basis of accounting included:
• obtaining and challenging the underlying assumptions in management’s base case scenario for at least
12 months from the date of this audit report including corroborating to supporting documentation
where appropriate;
• obtaining management’s downside scenarios, which reflect management’s assessment of uncertainties
such as worsening economic conditions, and evaluating the assumptions regarding reduced trading levels,
an increased cost base and decreased collection rates of trade receivables;
• assessing whether the key assumptions (such as revenue growth and working capital) are consistent
with our understanding of the business obtained during the course of the audit and the changing external
circumstances arising from the changing global economic environment.
• evaluating management’s historical forecasting accuracy and the impact of this on management’s assessment.
• checking post year end minutes of meetings of the board of directors and all of its committees to assess
if post year end events have been factored into management’s forecasts; and
• evaluating the appropriateness of disclosures in respect of going concern made in the financial statements.
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Independent Auditor’s report to the members of Computacenter plc
In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the group’s
and the parent company’s business model including effects arising from macro-economic uncertainties such
as inflationary pressures and wider changes in the geopolitical environment, we assessed and challenged the
reasonableness of estimates made by the directors and the related disclosures and analysed how those risks
might affect the group’s and the parent company’s financial resources or ability to continue operations over
the going concern period.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the group’s and the parent company’s
ability to continue as a going concern for a period of at least twelve months from when the financial
statements are authorised for issue.
In relation to the group’s reporting on how it has applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the directors’ statement in the financial statements about
whether the directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
Our approach to the audit
Overview of our audit approach
Key audit
matters
Materiality
Scoping
Overall materiality:
Group: £12,300,000, which represents approximately 5% of the group’s profit before taxation.
Parent company: £5,000,000, which represents approximately 1% of the parent company’s total assets.
Key audit matters were identified as:
• Revenue recognition – Technology Sourcing Revenue – unshipped bill and hold (same as previous year)
• Revenue recognition – outliers identified through Audit Data Analytics (‘ADA’) (same as previous year)
Our auditor’s report for the year ended 31 December 2023 included one key audit matter that has not been
reported as a key audit matter in our current year’s report. This relates to Revenue Recognition of Technology
Sourcing – non-bill and hold cut-off. The work conducted in the previous year indicated that the existing
cut-off process is sufficiently effective in mitigating risk, as confirmed by the testing carried out.
We performed audit procedures on the entire financial information (full-scope audit) of two group
components in the United Kingdom, one group component in Germany and one group component in the
United States of America. We performed audits of one or more classes of transactions including specified,
risk focused audit procedures (specific scope procedures) relating to the risks of material misstatement
of the group financial statements for one component in France. In addition, specified procedures were
performed on two components in North America. We performed analytical procedures at a group level
(analytical procedures) on the financial information of all the remaining group components which are
based in a number of countries across North America, Europe and Asia.
Strategic Report Governance Financial Statements
Computacenter plc Annual Report and Accounts 2024 149
Glossary
Independent Auditor’s report to the members of Computacenter plc continued
Key audit matters (KAM)
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial statements of the current period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) that we identified. These matters included those that had the
greatest effect on the overall audit strategy; the allocation of resources in the audit; and directing the efforts
of the engagement team. These matters were addressed in the context of our audit of the financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
In the graph opposite, we have presented the key audit matters and significant risks relevant to the audit.
This is not a complete list of all risks identified by our audit.
Disclosures Our results
Description Audit response
KAM
Extent of management judgment
High
Low
Low High
Potential financial statement impact
Key audit matter Significant risk
Revenue Recognition:
Outliers identified
through ADA
Management override
of controls
Revenue
Recognition:
unshipped
bill and hold
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Independent Auditor’s report to the members of Computacenter plc continued
Key Audit Matter – Group How our scope addressed the matter – Group
Revenue Recognition
We identified revenue recognition as one of the most
significant assessed risks of material misstatement
due to fraud and error.
Group revenue totals £6,964.8m (2023: £6,922.8m)
We pinpointed the significant risk of fraud in revenue
recognition to fall into two areas:
• Technology sourcing revenue in relation to unshipped
bill and hold revenue.
• Revenue transactions that do not follow the expected
transaction flow, which we define as outliers
identified through Audit Data Analytics (‘ADA’)
In responding to the key audit matter, we performed
the following audit procedures:
For all pinpointed areas of risk
We assessed whether the accounting policies
adopted by the directors are in accordance with
the requirements of IFRS 15 ‘Revenue from
Contracts with Customers’, and whether
management applied them consistently and
appropriately to revenue transactions.
Technology Sourcing Revenue – unshipped bill
and hold
Technology Sourcing revenue includes revenues
from bill and hold transactions, which involves
the Group invoicing a customer and recognising
associated revenue, while retaining physical
possession of the product until it is delivered to the
customer at a future point in time. As such, there is
a risk that revenue is recognised too early or that
control of the product has not yet been transferred
to the customer at the time of revenue recognition.
Given the complexity of these arrangements, there
is a higher risk of fraud and error on unshipped bill
and hold revenue.
Technology Sourcing Revenue – unshipped bill
and hold
• We selected a sample of items from the
unshipped population and agreed these to
relevant and appropriate supporting evidence
(such as signed agreements) to determine that
these arrangements were substantive and to
understand when the customer obtains control
of the product to assess whether revenue is
recognised in the appropriate period.
Key Audit Matter – Group How our scope addressed the matter – Group
Outliers identified through Audit Data Analytics
(‘ADA’)
A large proportion of revenue is made up of a high
volume of relatively low value transactions.
Therefore, we have pinpointed our fraud risk to
those transactions that do not follow the expected
transaction flow which we define as ‘unusual
transactions’. We consider there is a higher risk of
fraud in respect of these unusual transactions.
Outliers identified through Audit Data Analytics
(‘ADA’)
• We utilised audit data analytical (“ADA”)
procedures on non-complex revenue to identify
transactions that do not follow the expected
transaction flow. As part of our procedures to
support the ADA output, we tested the operating
effectiveness of the bank reconciliation controls
and tested a sample of revenue transactions to
supporting evidence such as invoice, remittance,
cash receipt and proof of delivery; and
• We have assessed and substantively tested the
transactions identified outside of the expected
transaction flow by obtaining corroborative
evidence that supports these transactions.
Relevant disclosures in the Annual Report
and Accounts
• Financial statements:
• Note 2 Summary of significant accounting
policies, Revenue
• Note 3 Critical accounting estimates
and judgements
• Note 5 Revenue
• Audit Committee Report: Page 106 Activities
of the Committee
Our results
Based on the audit work performed, we did not
identify any material misstatement in relation to
revenue recognition.
We did not identify any key audit matters relating to the audit of the financial statements of the parent company.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 151
Independent Auditor’s report to the members of Computacenter plc continued
Our application of materiality
We apply the concept of materiality both in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements and
in forming the opinion in the auditor’s report.
Materiality was determined as follows:
Materiality measure Group Parent company
Materiality for financial statements as
a whole
We define materiality as the magnitude of misstatement in the financial statements that, individually or in the aggregate, could reasonably be expected to influence the
economic decisions of the users of these financial statements. We use materiality in determining the nature, timing and extent of our audit work.
Materiality threshold £12,300,000 (2023: £13,200,000), which represents approximately 5% of profit
before taxation.
£5,000,000 (2023: £4,967,000) which represents approximately 1% of total assets.
Significant judgements made by auditor
in determining materiality
In determining materiality, we made the following significant judgements:
• Profit before taxation is considered to be the most appropriate benchmark
because this is a key performance indicator used by the Directors to report to
investors on the financial performance of the group.
• We have considered 5% to be an appropriate percentage, given the business
operates in a stable environment, has limited debt, is not currently in a significant
growth phase and has not been impacted by significant changes in operations
during the period.
Materiality for the current year is lower than the level that we determined for the
year ended 31 December 2023 (£13.2m) given the decrease in profit before taxation
in the current year.
In determining materiality, we made the following significant judgements:
• Total assets is considered to be the most appropriate benchmark as it reflects the
parent company’s status as a non-trading holding company.
• We have considered 1% to be an appropriate percentage, given the parent company
has no external debt and the concentration of ownership is comparably high for a
listed entity of its size. Additionally, we note that a significant portion of the asset total
is made up of investments in subsidiary undertakings. These subsidiaries operate in
stable environments, which supports the overall stability and resilience of the Group’s
financial position.
Materiality for the current year represents approximately 1% of total assets. Our
benchmark and selected percentage remain consistent with the methodology applied
in the prior year where materiality represented approximately 1% of total assets for the
year ended 31 December 2023.
Significant revision of materiality threshold
that were made as the audit progressed
We calculated materiality during the planning stage of the audit and then during the course of our audit, we re-assessed initial materiality based on actual total assets and
profit before taxation for the year ended 31 December 2024, with no revisions required.
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Independent Auditor’s report to the members of Computacenter plc continued
Materiality measure Group Parent company
Performance materiality used to drive
the extent of our testing
We set performance materiality at an amount less than materiality for the financial statements as a whole to reduce to an appropriately low level the probability that the
aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.
Performance materiality threshold £8,600,000 (2023: £8,580,000), which is 70% (2023: 65%) of financial
statement materiality.
The range of component performance materialities used across the group
was £4,500,000 to £6,800,000.
£3,500,000 (2023: £3,228,550), which is 70% (2023: 65%) of financial
statement materiality.
Significant judgements made by auditor in
determining performance materiality
In determining performance materiality, we made the following significant
judgements:
• as there were only a few adjustments made to the financial statements in the
prior period we have increased our performance materiality threshold from
65% to 70%
• few significant control deficiencies have been identified in the prior period that
would require a decrease in performance materiality
• there were no significant changes in business objectives/strategy
In determining component performance materiality, we made the following
significant judgements:
• extent of disaggregation of financial information across components, including
the relative risk and size of a component to the group
For each component in scope for our group audit, we allocated a performance
materiality that is less than our overall group performance materiality.
In determining performance materiality, we made the following significant judgements:
• as there were no adjustments made to the financial statements in the prior period
we have increased our performance materiality from 65% to 70%
• few significant control deficiencies have been identified in the prior period that would
require a decrease in performance materiality
• there were no significant changes in business objectives/strategy
Specific materiality
We determine specific materiality for one or more particular classes of transactions, account balances or disclosures for which misstatements of lesser amounts than
materiality for the financial statements as a whole could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Specific materiality We determined a lower level of specific materiality for the following areas:
• Directors’ remuneration
• Identified related party transactions outside of the normal course of business
We determined a lower level of specific materiality for the following areas:
• Directors’ remuneration
• Identified related party transactions outside of the normal course of business
Communication of misstatements to
the audit committee
We determine a threshold for reporting unadjusted differences to the audit committee.
Threshold for communication £615,000 and misstatements below that threshold that, in our view, warrant
reporting on qualitative grounds.
£250,000 and misstatements below that threshold that, in our view, warrant reporting
on qualitative grounds.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 153
Independent Auditor’s report to the members of Computacenter plc continued
The graph below illustrates how performance materiality and the range of component performance materiality
interacts with our overall materiality and the threshold for communication to the audit committee.
Overall materiality – Group
1. Group PBT: £245m
2. FSM: £12.3m
1. FSM:
£12.3m
2. PM:
£8.6m
3. RoM:
£4.5m to £6.8m
4. TfC:
£0.62m
1. FSM:
£5m
2. PM:
£3.5m
3. TfC:
£0.25m
12
Overall materiality – Parent
1. Total assets: £517m
2. FSM: £5m
1
2
2 3
4
1
2
3
1
FSM: Financial statement materiality
PM: Performance materiality
RoPM: range of performance materiality at components
TfC: Threshold for communication to the audit committee.
An overview of the scope of our audit
This year, we applied the revised group auditing standard, ISA (UK) 600 (Revised), in our audit of the consolidated
financial statements. The revised standard changes how an auditor approaches the identification of components,
and how the audit procedures are planned and executed across components.
In particular, the definition of a component has changed, with a greater focus on how we, as the group
auditor, plan to perform audit procedures to address risks of material misstatement of the consolidated
financial statements. Similarly, the group auditor has an increased role in designing the audit procedures as
well as making decisions on where these procedures are performed and how these procedures are executed
and supervised.
We performed risk assessment procedures, with input from our component auditors, to identify and assess
risks of material misstatement of the consolidated financial statements and to determine which of the group’s
components are likely to include risks of material misstatement to the consolidated financial statements and
which procedures to perform at these components to address those risks.
We performed a risk-based audit that requires an understanding of the group’s and the parent company’s
business and in particular matters related to:
Understanding the group, its components, their environments, and its system of internal control including
common controls
• Our audit approach was founded on a thorough understanding of the group’s and parent company’s
business, its environment and risk profile. The group’s accounting process is primarily resourced through
a central function within the UK, with local finance functions reporting subsidiary results to Group and
certain financial and operational processes and functions being performed from a shared service centre
in Hungary. Each local finance function reports into the central Group finance function based at the Group’s
head office. The group auditor obtained an understanding of the group and its environment, including
common controls and centralised activities, and assessed the risks of material misstatement at the
Group level,
• In our identification of components we considered our evaluation of:
– the Group’s operational structure
– the existence of common information systems
– the existence of common management across entities
– the existence of common risk profiles across entities
– geographical location
– and our ability to perform audit procedures centrally,
• We obtained an understanding of the business processes for all significant classes of transactions,
including significant risks, in order to enhance our understanding of the control environment across
the group,
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• For in scope full-scope audits and specific scope procedures, component auditors obtained an understanding
of the relevant controls over the entity-specific financial reporting systems identified as well as the
centralised financial reporting system as part of our assessment, and
• We documented and assessed the design and implementation of controls related to key audit matters and
other significant risks communicated in this report.
Identifying components at which to perform audit procedures
We have determined the components at which to perform further audit procedures, by considering
the following:
– components in scope for further audit procedures due to individually including a risk of material
misstatement to the group financial statements due to the component’s nature or circumstances;
– components in scope for further audit procedures due to the nature and size of assets, liabilities and
transactions at the component (being of financial significance to one or more scoped items that it is
required to be in scope); and
– components in scope for further audit procedures to obtain sufficient appropriate audit evidence for
significant classes of transactions, account balances and disclosures, or for unpredictability.
Type of work to be performed on financial information of parent and other components (including how
it addressed the key audit matters)
• Full-scope audit procedures on the financial information of four components, being Computacenter plc
(parent), Computacenter UK Ltd, Computacenter AG & Co oHG and Computacenter USA Inc. These full-scope
audits included the work on the identified key audit matters described above;
• Specific scope procedures on the financial information of one component in the USA. This work included the
work on the identified key audit matters described above;
• Specified audit procedures relating to the risks of material misstatement of the financial statements for one
component in France and specified audit procedures on a financial statement line item in one component
in North America to ensure we achieved sufficient coverage;
• Analytical procedures using group materiality on the financial information of all remaining group
components which are based in a number of countries across North America, Europe and Asia.
• The work performed on the parent company, the specific-scope procedures in North America and the
analytical procedures performed on the remaining components were performed by the Group auditor.
Performance of our audit
• Further audit procedures performed on components subject to specific scope may not have included
testing of all significant account balances of such components, but further audit procedures were
performed on specific accounts within that component that we, the group auditor, considered had the
potential for the greatest impact on the group financial statements either due to risk, size or coverage.
• The components within the scope of further audit procedures accounted for the following percentages
of the Group’s results, including the key audit matters identified:
.
Audit approach
No. of
components
% coverage
total assets
% coverage
revenue
% coverage
profit before tax
Full-scope audit 4 80% 78% 85%
Specific scope audit 1 8% 8% 6%
Specified audit procedures 2 – – –
Analytical procedures 37 12% 14% 9%
Total 43 100% 100% 100%
Communications with component auditors
• As part of establishing the overall group audit strategy and plan, we conducted risk assessment and
in-person planning discussion meetings with component auditors to discuss risks of material misstatement
at group level relevant to the components, including the key audit matters in respect of revenue recognition:
outliers identified through ADA and revenue recognition: unshipped bill and hold.
• Component auditors were issued with detailed audit instructions, highlighting the relevant significant risks
and group reporting requirements. These instructions highlighted the significant risks that needed to be
addressed through the audit procedures and specified the information that we required to be reported to
the group auditor;
• Where component auditors were instructed to perform specific-scope procedures, detailed instructions
were issued highlighting the specific testing requirements and the information that we required to be
reported to the group auditor;
• Throughout the planning, fieldwork, and concluding stages of the group audit, the group auditor
communicated with all component auditors and conducted a review of their work. Key working papers
were prepared by the group auditor to summarise the review of component auditor files;
• We visited the component auditors of all full-scope and specific-scope components in the United Kingdom,
the United States of America and Germany on multiple occasions throughout the audit. Virtual meetings
were also held on a regular basis during each phase of the audit with these component auditors. At the
visits and meetings, the results of the planning procedures and further audit procedures communicated
to us were discussed in more detail, and any further work required by us was then performed by the
component auditors;
• Across the group audit, the group auditor and all component auditors carried out the majority of work performed
in person with the respective finance teams. We held detailed discussions with the component audit teams,
including remote and in-person reviews of the work performed, update calls on the progress of their
fieldwork and by attending the component audit clearance meetings with component management; and
• We inspected the work performed by the component auditors for the purpose of the group audit and
evaluated the appropriateness of conclusions drawn from the audit evidence obtained and consistencies
between communicated findings and work performed, with a particular focus on revenue recognition.
Strategic Report Governance Financial Statements Glossary
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Independent Auditor’s report to the members of Computacenter plc continued
Changes in approach from previous period
• As a result of the migration of certain operations within North America, one component is no longer subject
to a full scope audit of its financial information in North America. For the current year, only specific-scope
procedures have been performed due to the component’s reduced contribution to the group’s overall
financial results.
• One component in France is only subject to specific-scope procedures in relation to the defined benefit
pension scheme. This represents a reduction in scope compared to the prior year, where multiple financial
statement line items were subject to audit work due to it being the first year of our audit tenure. The change
in scope reflects that sufficient coverage is obtained without the contribution of this component and also
the fact that no issues were identified in the prior year work performed.
Other information
The other information comprises the information included in the annual report and accounts, other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other information
contained within the annual report and accounts. Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly stated in our report, we do not express any
form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Our opinions on other matters prescribed by the Companies Act 2006 are unmodified
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared
in accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the directors’ report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report under the Companies Act 2006
In the light of the knowledge and understanding of the group and the parent company and their environment
obtained in the course of the audit, we have not identified material misstatements in the strategic report or
the directors’ report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit
have not been received from branches not visited by us; or
• the parent company financial statements and the part of the directors’ remuneration report to be audited
are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit
Corporate governance statement
We have reviewed the directors’ statement in relation to going concern, longer-term viability and that part of
the Corporate Governance Statement relating to the group’s compliance with the provisions of the UK Corporate
Governance Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of
the Corporate Governance Statement is materially consistent with the financial statements or our knowledge
obtained during the audit:
• the directors’ statement with regards to the appropriateness of adopting the going concern basis of
accounting and any material uncertainties identified set out on page 079;
• the directors’ explanation as to their assessment of the group’s prospects, the period this assessment
covers and why the period is appropriate as set out on page 079;
• the director’s statement on whether they have a reasonable expectation that the group will be able to
continue in operation and meet its liabilities set out on page 080;
• the directors’ statement on fair, balanced and understandable set out on page 037;
• the board’s confirmation that it has carried out a robust assessment of the emerging and principal risks
set out on pages 045 to 052;
• the section of the annual report that describes the review of the effectiveness of risk management and
internal control systems set out on page 110; and
• the section describing the work of the audit committee set out on pages 105 to 112.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 146, the directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and
fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
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Independent Auditor’s report to the members of Computacenter plc continued
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent
company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate the group or the
parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which
our procedures are capable of detecting irregularities, including fraud, is detailed below:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the parent
company and the Group and sector in which they operate and how the parent company and the Group are
complying with those legal and regulatory frameworks, through our commercial and sector experience,
making enquiries of management and those charged with governance, and inspection of the parent
company’s and the Group’s key external correspondence. We corroborated our enquiries through our
inspection of board minutes and other information obtained during the course of the audit.
• We have identified the following areas within the Group’s operations that are particularly susceptible to
non-compliance with laws and regulations, including export legislation, GDPR compliance, listing rules,
health and safety, contract legislation, anti-bribery, employment law, and certain aspects of company and
environmental legislation. This is due to the nature of the Group’s activities, which involve the export of IT
hardware and the provision of global IT services.
• In addition, we evaluated the Group’s compliance with laws and regulations that have a direct impact on the
financial statements. These laws and regulations include financial reporting legislation (including related
companies legislation), distributable profits legislation, pension legislation, company legislation, climate
regulation, and taxation legislation.
• Our assessment of the Group’s compliance with these laws and regulations was integrated into our
procedures on the related financial statement items. We obtained an understanding of the Group’s systems
and processes for monitoring compliance, tested key controls, and evaluated the effectiveness of the
Group’s compliance program. We also reviewed relevant documentation and obtained representations from
management regarding their compliance with these laws and regulations.
• To gain assurance on the Group’s compliance with laws and regulations, we made enquiries of management
and the Board of Directors to determine if they were aware of any instances of non-compliance. Additionally,
we made enquiries of the finance team, internal audit, head of risk and compliance, and the Audit Committee
to understand the company’s policies and procedures related to identifying, evaluating, and complying with
laws and regulations. We also assessed the susceptibility of the parent company’s and the Group’s financial
statements to material misstatement, including fraud risk.
• We obtained an understanding of the company’s compliance with legal and regulatory frameworks by
consulting with management, those responsible for legal and compliance procedures, and the company
secretary. Our findings were corroborated by our review of the board minutes. In assessing the risk of fraud,
we consulted with our forensic specialists and considered management’s incentives and opportunities for
manipulation of the financial statements, including the risk of management override of controls.
• Our audit procedures were specifically designed to prevent and detect fraud, and included:
– Evaluated the design and implementation of the controls that management has put in place to prevent
and detect fraudulent activities;
– Conducted journal entry testing with a focus on journals indicating large or unusual transactions
or account combinations based on our understanding of the business;
– Gained an understanding of and tested significant related party transactions; and
– Performed audit procedures to ensure compliance with applicable financial reporting requirements.
• These audit procedures were designed to provide reasonable assurance that the financial statements were
free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the
risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently
more difficult than detecting those that result from error, as fraud may involve collusion, deliberate
concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with
laws and regulations is from events and transactions reflected in the financial statements, the less likely
we would become aware of it;
• As part of the engagement partner’s assessment of the engagement team’s collective competence and
capabilities, we considered their understanding of, and practical experience with, audit engagements of
a similar nature and complexity through appropriate training and participation. We also evaluated their
knowledge of the industry in which the parent company and the Group operate, as well as their understanding
of the legal and regulatory requirements specific to the parent company and the Group.
• We communicated relevant laws and regulations and potential fraud risks to all engagement team
members, including internal specialists, and remained alert to any indications of fraud or non-compliance
with laws and regulations throughout the audit.
• For components at which audit procedures were performed, we requested component auditors to report to
us instances of non-compliance with laws and regulations that gave rise to a risk of material misstatement
of the group financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditor’s report.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 157
Independent Auditor’s report to the members of Computacenter plc continued
Other matters which we are required to address
We were appointed by the Board on 14 May 2024 to audit the financial statements for the year ending
31 December 2024. Our total uninterrupted period of engagement is 2 years, covering the years ended
31 December 2023 to 31 December 2024.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent
company and we remain independent of the group and the parent company in conducting our audit.
Our audit opinion is consistent with the additional report to the audit committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members
those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the
company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Rebecca Eagle
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
30 Finsbury Square
London
EC2A 1AG
17 March 2025
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Independent Auditor’s report to the members of Computacenter plc continued
Note
| 2024 | 2023 | ||
| £m | £m | ||
Revenue | 4,5 | ||
Cost of sales | 4 | ( | ( |
Gross profit | 4 | ||
Administrative expenses | ( | ( | |
Other income related to acquisition of a subsidiary | 8 | ||
Gain related to acquisition of a subsidiary | 8 | ||
Operating profit | |||
Finance income | 10 | ||
Finance costs | 11 | ( | ( |
Profit before tax | |||
Income tax expense | 12 | ( | ( |
Profit for the year | |||
| Attributable to: | |||
Equity holders of the Parent | |||
Non-controlling interests | |||
Profit for the year | |||
| Earnings per share: | |||
– basic | 13 | ||
– diluted | 13 |
All of the activities of the Group relate to continuing operations.
The accompanying notes on pages 163 to 217 form an integral part of these consolidated financial statements.
Note
| 2024 | 2023 | ||
| £m | £m | ||
Profit for the year | |||
| Items that may be reclassified to the Consolidated Income | |||
| Statement: | |||
(Loss)/gain arising on cash flow hedge | ( | ||
Income tax effect | 12d | ( | ( |
( | |||
Exchange differences on translation of foreign operations | ( | ( | |
( | ( | ||
| Items not to be reclassified to the Consolidated Income Statement: | |||
Remeasurement of retirement benefit obligation | 33 | ( | |
Other comprehensive expense for the year, net of tax | ( | ( | |
Total comprehensive income for the year | |||
| Attributable to: | |||
Equity holders of the Parent | |||
Non-controlling interests | |||
Total comprehensive income for the year |
For the year ended 31 December 2024
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 159
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Note
| 2024 | 2023 | ||
| £m | £m | ||
| Non-current assets | |||
Property, plant and equipment | 15 | ||
Right-of-use assets | 15 | ||
Intangible assets | 16 | ||
Investment in associate | 18a | ||
Deferred income tax assets | 12d | ||
Trade and other receivables | 25 | ||
Prepayments | 5 | ||
| Current assets | |||
Inventories | 19 | ||
Trade and other receivables | 20 | ||
Income tax receivable | |||
Prepayments | 5 | ||
Accrued income | 5 | ||
Derivative financial instruments | 24 | ||
Cash and short-term deposits | 21 | ||
Total assets | |||
| Current liabilities | |||
Trade and other payables | 22 | ||
Deferred income | 5 | ||
Borrowings | 23a | ||
Lease liabilities | 23b | ||
Derivative financial instruments | 24 | ||
Income tax payable | |||
Provisions | 26 | ||
Note
| 2024 | 2023 | ||
| £m | £m | ||
| Non-current liabilities | |||
Borrowings | 23a | ||
Lease liabilities | 23b | ||
Retirement benefit obligation | 33 | ||
Provisions | 26 | ||
Deferred income tax liabilities | 12d | ||
Total liabilities | |||
Net assets | |||
| Capital and reserves | |||
Issued share capital | 29 | ||
Share premium | 29 | ||
Capital redemption reserve | 29 | ||
Own shares held | 29 | ( | ( |
Translation and hedging reserve | 29 | ||
Retained earnings | |||
Shareholders’ equity | |||
Non-controlling interests | 29 | ||
Total equity |
The accompanying notes on pages 163 to 217 form an integral part of these consolidated financial statements.
Approved by the Board on 17 March 2025 .
MJ Norris
Chief Executive Officer
Consolidated Balance Sheet
As at 31 December 2024
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Strategic Report Governance Financial Statements Glossary
Consolidated Balance Sheet
| Attributable to equity holders of the Parent | |||||||||
| Capital | Own | Translation and | |||||||
| Issued share | Share | redemption | shares | hedging | Retained | Shareholders’ | Non-controlling | Total | |
| capital | premium | reserve | held | reserves | earnings | equity | interests | equity | |
| £m | £m | £m | £m | £m | £m | £m | £m | £m | |
At | ( | ||||||||
Profit for the year | |||||||||
Other comprehensive (expense)/income | ( | ( | ( | ||||||
Total comprehensive (expense)/income | ( | ||||||||
Reclassification | ( | ||||||||
| Transactions with owners: | |||||||||
– Cost of share-based payments | |||||||||
– Tax on share-based payments | ( | ( | ( | ||||||
– Share buyback programme (note 29) | ( | ( | ( | ||||||
– Expenses relating to share buyback programme (note 29) | ( | ( | ( | ||||||
– Cancellation of shares | ( | ( | |||||||
– Exercise of options | ( | ||||||||
– Purchase of own shares | ( | ( | ( | ||||||
– Equity dividends | ( | ( | ( | ||||||
Total | ( | ( | ( | ( | ( | ||||
At | ( | ||||||||
At 1 January 2023 | ( | ||||||||
Profit for the year | |||||||||
Other comprehensive (expense) | ( | ( | ( | ( | ( | ||||
Total comprehensive (expense)/income | ( | ||||||||
| Transactions with owners: | |||||||||
– Cost of share-based payments | |||||||||
– Tax on share-based payments | |||||||||
– Capital reduction | ( | ||||||||
– Exercise of options | ( | ||||||||
– Purchase of own shares | ( | ( | ( | ||||||
– Equity dividends | ( | ( | ( | ||||||
Total | ( | ( | ( | ( | ( | ||||
At 31 December 2023 | ( |
The accompanying notes on pages 163 to 217 form an integral part of these consolidated financial statements.
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 161
Consolidated Statement of Changes in Equity
Note
| 2024 | 2023 | ||
| £m | £m | ||
| Operating activities | |||
Profit before taxation | |||
Net finance income | ( | ( | |
Depreciation of property, plant and equipment | 15 | ||
Depreciation of right-of-use assets | 15 | ||
Amortisation of intangible assets | 16 | ||
Gain related to acquisition of a subsidiary* | 8 | ||
Share-based payments | 9 | ||
Loss on disposal of property, plant and equipment | |||
Net cash flow from inventories | ( | ||
| Net cash flow from trade and other receivables | |||
(including contract assets) | ( | ||
| Net cash flow from trade and other payables | |||
(including contract liabilities)* | ( | ||
Net cash flow from provisions and retirement benefit obligation | ( | ( | |
Other adjustments | |||
Cash generated from operations | |||
Income taxes paid | ( | ( | |
Net cash flow from operating activities | |||
| Investing activities | |||
Interest received | 10 | ||
Contingent consideration | 18c | ( | ( |
Purchases of property, plant and equipment | 15 | ( | ( |
Purchases of intangible assets | 16 | ( | ( |
Proceeds from disposal of property, plant and equipment | |||
Net cash flow from investing activities | ( | ( |
Note
| 2024 | 2023 | ||
| £m | £m | ||
| Financing activities | |||
Interest paid | 11 | ( | ( |
Interest paid on lease liabilities | 11 | ( | ( |
Purchase of non-controlling interest | 18c | ( | |
Dividends paid to equity shareholders of the Parent | 14 | ( | ( |
Share buyback programme | 29 | ( | |
Expenses relating to share buyback programme | 29 | ( | |
Proceeds from exercise of share options | |||
Purchase of own shares | ( | ( | |
Repayment of borrowings | 31 | ( | ( |
Payment of capital element of lease liabilities | 23b | ( | ( |
Drawdown of borrowings | 31 | ||
Net cash flow from financing activities | ( | ( | |
Increase in cash and cash equivalents | |||
Effect of exchange rates on cash and cash equivalents | ( | ( | |
Cash and cash equivalents at the beginning of the year | 21 | ||
Cash and cash equivalents at the year end | 21 |
* The gain related to acquisition of a subsidiary was £2 . 8 m in 2023 and was reported within ‘net cash flow from trade and other payables
(including contract liabilities)’. The prior year comparative has not been reclassified as it is immaterial and not significant to the
understanding of the Consolidated Cash Flow Statement.
The accompanying notes on pages 163 to 217 form an integral part of these consolidated financial statements.
Consolidated Cash Flow Statement
For the year ended 31 December 2024
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Consolidated Cash Flow Statement
2 Summary of material accounting policies
The accounting policies adopted are consistent with those of the previous financial year, as applied in the
2023 Annual Report and Accounts.
Notes to the Consolidated Financial Statements
For the year ended 31 December 2024
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 163
Notes to the Consolidated Financial Statements
2 Summary of material accounting policies continued
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Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 165
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
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Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 167
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
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Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 169
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
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Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 171
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
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Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
2 Summary of material accounting policies continued
3 Critical accounting estimates and judgements
The preparation of the Consolidated Financial Statements requires Management to exercise judgement in
applying the Group’s accounting policies. It also requires the use of estimates and assumptions that affect
the reported amounts of assets, liabilities, income and expenses.
Due to the inherent uncertainty in making these critical judgements and estimates, actual outcomes could
be different.
During the year, Management reassessed the critical accounting estimates and judgements for the Group.
This process included reviewing the last reporting period’s disclosures, the key judgements required on the
implementation of forthcoming standards and the current period’s challenging accounting issues. Where
Management deemed there is a change for an area of accounting to be considered a critical estimate or
judgement, an explanation for this decision is provided in note 3.3.
3.1 Critical estimates
Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the
year in which the estimates are revised and in any future years affected. There are no areas involving
significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within
the next financial year.
3.2 Critical judgements
Judgements made by Management in the process of applying the Group’s accounting policies, which have the
most significant effect on the amounts recognised in the Consolidated Financial Statements, are as follows:
3.2.1 Bill and hold
The Group generates some of its revenue through its bill and hold arrangements with its customers. These arise
when the customer is invoiced but the product is not shipped to the customer until a later date, in accordance
with the customer’s request in a written agreement. In order to determine the appropriate timing of revenue
recognition, it is assessed whether control has transferred to the customer.
A bill and hold arrangement is only put in place when a customer lacks the physical space to store the product
or the product previously ordered is not yet needed in accordance with the customer’s schedule and the
customer wants to guarantee supply of the product. In order to determine whether an arrangement is bill and
hold and control has been transferred to the customer, a customer request must have been approved and all
of the below criteria must have been met:
a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested
the arrangement);
b) the product must be identified separately as belonging to the customer;
c) the product currently must be ready for physical transfer to the customer; and
d) the Group cannot have the ability to use the product or to direct it to another customer.
Judgement is required to determine if all of the criteria (a) to (d) have been met, to recognise a bill and hold sale.
This is determined by segregation and readiness of inventory and the review and approval of all customer
requests, in order to assess whether the accounting policy had been correctly applied to recognise a bill and
hold sale.
A total of £435.5m of product sold was held by the Group for bill and hold transactions where the Group retained
the physical custody of the inventory as at 31 December 2024 (2023: £407.6m).
3.3 Change in critical estimates and critical judgements
The critical accounting estimates and judgements reported in the Group’s 2023 Annual Report and Accounts
are unchanged.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 173
Notes to the Consolidated Financial Statements continued
4 Segment information
The Segment information is reported to the Board and the Chief Executive Officer. The Chief Executive Officer
is the Group’s Chief Operating Decision Maker (CODM).
As disclosed in the 2023 Annual Report and Accounts, the Group had six operating and four reportable Segments:
UK, Germany, France, North America, which were also the reportable Segments, along with the International
Segment and Central Corporate Costs. During the first half of the year, Management reviewed the way it reported
Segmental performance to the Board and the CODM. In accordance with IFRS 8, changes to the operating
segments were made to better reflect recent changes in management responsibility and how the Board and
CODM will review information about the Group. These operating Segment changes are explained below:
• The entities within Belgium, the Netherlands and Switzerland have been transferred from the
previously reported International Segment and into the France Segment which has been renamed
‘Western Europe’. This change removes these entities that actively sell to local customers
(selling entities) from the International Segment, placing them in a segment that is a purely
selling entity segment.
The previously reported International Segment aggregated selling entities with a number of purely
operational support entities that provide Services to the Group’s global customers. The change makes
a clearer distinction between the countries in which we sell to customers and the other countries in
which we operate directly to support those customers. The change anticipates further alignment of
operations between teams within Belgium, the Netherlands and France.
As a result, we now have four operating Segments describing the countries in which we actively sell
i.e. our markets: the United Kingdom, Germany, Western Europe (France, Belgium, the Netherlands and
Switzerland) and North America (the US and Canada). These are also our reportable Segments.
• The revised International operating Segment now consolidates the other countries in which we
operate in support of our global customers.
• Finally, we have retained the Central Corporate Cost Segment, which continues to be disclosed in
a separate column.
In addition to the above Segmental changes, the Group also performed an analysis of business activities included
within the Services business. As a result of this analysis, from 1 January 2024 the Group has reallocated
revenue of certain business activities from Managed Services to Professional Services. This reflects better
where the customer relationship and operational responsibility lies and where the benefits should accrue.
This change has no impact on the reported Group or total Services revenue. We have also revised comparative
periods following the same analysis and reallocation criteria. This has resulted in 2023 Professional Services
revenue increasing, and Managed Services decreasing, by £32.4m, primarily in the Germany Segment.
The above changes in reporting of segments and business activities within the Services business have no
impact on reported Group results. To enable comparisons with prior-period performance, comparative
information for the year ended 31 December 2023 has been restated in accordance with the revised Segmental
and business reporting structure.
The Group has the same operating Segments and reporting Segments. The new Segmental reporting structure
is the basis on which internal reports are now provided to the Chief Executive Officer, as the CODM, for assessing
performance and determining the allocation of resources within the Group, in accordance with IFRS 8.25.
Segmental performance is measured based on external revenues, gross profit, adjusted operating profit and
adjusted profit before tax. As noted on page 035, Central Corporate Costs continue to be disclosed as a
separate column within the Segmental note.
As disclosed in note 2, the Group has included in the segment information below, additional expense lines of
‘cost of sales’, ‘costs of inventories recognised as an expense’ and ‘staff costs’. This has no impact on the
financial results or position of the Segments or the Group.
Computacenter plc Annual Report and Accounts 2024174
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
4 Segment information continued
Segmental performance for the years ended 31 December 2024 and 31 December 2023 was as follows:
Year ended 31 December 2024
| Central | |||||||
| Western | North | Corporate | |||||
| UK | Germany | Europe | America* | International | Costs | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
| Revenue | |||||||
| Technology Sourcing revenue | |||||||
Gross invoiced income | 1,758.6 | 1,909.4 | 971.7 | 3,632.8 | 5.6 | – | 8,278.1 |
Adjustment to gross invoiced income for income recognised as agent | (1,053.3) | (674.8) | (381.0) | (842.2) | (0.4) | – | (2,951.7) |
Total Technology Sourcing revenue | 705.3 | 1,234.6 | 590.7 | 2,790.6 | 5.2 | – | 5,326.4 |
| Services revenue | |||||||
Professional Services | 158.2 | 407.5 | 62.2 | 150.4 | – | – | 778.3 |
Managed Services | 294.6 | 344.6 | 166.4 | 30.4 | 24.1 | – | 860.1 |
Total Services revenue | 452.8 | 752.1 | 228.6 | 180.8 | 24.1 | – | 1,638.4 |
Total revenue | 1,158.1 | 1,986.7 | 819.3 | 2,971.4 | 29.3 | – | 6,964.8 |
| Results | |||||||
Cost of sales | (927.3) | (1,620.5) | (700.8) | (2,690.7) | 9.5 | – | (5,929.8) |
Gross profit | 230.8 | 366.2 | 118.5 | 280.7 | 38.8 | – | 1,035.0 |
Adjusted administrative expenses | (190.1) | (209.3) | (104.8) | (208.4) | (24.8) | (50.9) | (788.3) |
Adjusted operating profit/(loss) | 40.7 | 156.9 | 13.7 | 72.3 | 14.0 | (50.9) | 246.7 |
Adjusted net interest | (0.7) | 7.4 | – | 1.5 | (0.9) | – | 7.3 |
Adjusted profit/(loss) before tax | 40.0 | 164.3 | 13.7 | 73.8 | 13.1 | (50.9) | 254.0 |
| Exceptional items: | |||||||
– unwinding of discount relating to acquisition of a subsidiary | (0.6) | ||||||
– gain relating to acquisition of a subsidiary | 1.8 | ||||||
– other income relating to acquisition of a subsidiary | – | ||||||
Total exceptional items | 1.2 | ||||||
Amortisation of acquired intangibles | (10.6) | ||||||
Profit before tax | 244.6 |
* Included within the North America Segment total revenue of £2,971.4m is an amount of £2,901.7m of revenue for the US.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 175
Notes to the Consolidated Financial Statements continued
4 Segment information continued
The reconciliation of adjusted operating profit to operating profit as disclosed in the Consolidated Income Statement is as follows:
Year ended 31 December 2024
| Total | |
| £m | |
Adjusted operating profit | 246.7 |
Amortisation of acquired intangibles | (10.6) |
Exceptional items | 1.8 |
Operating profit | 237.9 |
Year ended 31 December 2024
| Central | |||||||
| Western | North | Corporate | |||||
| UK | Germany | Europe | America* | International | Costs | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
| Other Segment information | |||||||
Property, plant and equipment | 29.7 | 38.8 | 8.3 | 7.7 | 6.2 | – | 90.7 |
Right-of-use assets | 12.6 | 47.6 | 21.0 | 15.5 | 22.3 | – | 119.0 |
Intangible assets | 68.4 | 16.3 | 13.4 | 217.7 | 1.7 | – | 317.5 |
| Capital expenditure: | |||||||
Property, plant and equipment | 4.3 | 7.2 | 2.9 | 1.5 | 3.1 | – | 19.0 |
Right-of-use assets | 9.4 | 24.7 | 9.3 | 1.9 | 16.2 | – | 61.5 |
Software | 11.1 | 0.3 | 0.5 | 0.3 | 0.3 | – | 12.5 |
Costs of inventories recognised as an expense | 604.8 | 1,032.9 | 504.0 | 2,444.9 | 6.3 | – | 4,592.9 |
Staff costs | 356.8 | 482.8 | 187.0 | 264.9 | 83.6 | – | 1,375.1 |
Depreciation of property, plant and equipment | 6.4 | 7.0 | 2.2 | 3.7 | 2.2 | – | 21.5 |
Depreciation of right-of-use assets | 5.5 | 19.0 | 6.4 | 5.4 | 4.7 | – | 41.0 |
Amortisation of software | 6.0 | 0.3 | 0.3 | 1.3 | 0.3 | – | 8.2 |
Share-based payments recognised in equity | 3.6 | 1.8 | 0.1 | 0.5 | 0.1 | 1.0 | 7.1 |
* Included within the North America Segment Intangible assets of £217.7m is an amount of £215.0m of intangible assets for the US.
Computacenter plc Annual Report and Accounts 2024176
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Notes to the Consolidated Financial Statements continued
4 Segment information continued
Year ended 31 December 2023
| Western | Central | ||||||
| Europe | North | International | Corporate | ||||
| UK | Germany | (restated) | America* | (restated) | Costs | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
| Revenue | |||||||
| Technology Sourcing revenue | |||||||
Gross invoiced income | 1,938.1 | 2,111.5 | 929.7 | 3,454.4 | 11.2 | – | 8,444.9 |
Adjustment to gross invoiced income for income recognised as agent | (1,166.3) | (849.7) | (290.0) | (851.8) | (0.8) | – | (3,158.6) |
Total Technology Sourcing revenue | 771.8 | 1,261.8 | 639.7 | 2,602.6 | 10.4 | – | 5,286.3 |
| Services revenue | |||||||
Professional Services (restated) | 132.5 | 394.4 | 65.6 | 118.7 | – | – | 711.2 |
Managed Services (restated) | 309.4 | 371.3 | 196.0 | 27.4 | 21.2 | – | 925.3 |
Total Services revenue | 441.9 | 765.7 | 261.6 | 146.1 | 21.2 | – | 1,636.5 |
Total revenue | 1,213.7 | 2,027.5 | 901.3 | 2,748.7 | 31.6 | – | 6,922.8 |
| Results | |||||||
Cost of sales | (962.9) | (1,653.0) | (782.6) | (2,481.2) | 0.9 | – | (5,878.8) |
Gross profit | 250.8 | 374.5 | 118.7 | 267.5 | 32.5 | – | 1,044.0 |
Adjusted administrative expenses | (192.0) | (211.5) | (103.8) | (202.5) | (18.9) | (43.8) | (772.5) |
Adjusted operating profit/(loss) | 58.8 | 163.0 | 14.9 | 65.0 | 13.6 | (43.8) | 271.5 |
Adjusted net interest | 5.5 | 1.0 | (1.0) | 1.7 | (0.7) | – | 6.5 |
Adjusted profit/(loss) before tax | 64.3 | 164.0 | 13.9 | 66.7 | 12.9 | (43.8) | 278.0 |
| Exceptional items: | |||||||
– unwinding of discount relating to acquisition of a subsidiary | (3.2) | ||||||
– gain relating to acquisition of a subsidiary | 2.8 | ||||||
– other income relating to acquisition of a subsidiary | 5.3 | ||||||
Total exceptional items | 4.9 | ||||||
Amortisation of acquired intangibles | (10.8) | ||||||
Profit before tax | 272.1 |
* Included within the North America Segment total revenue of £2,748.7m is an amount of £2,703.4m of revenue for the US.
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Computacenter plc Annual Report and Accounts 2024 177
Notes to the Consolidated Financial Statements continued
4 Segment information continued
The reconciliation of adjusted operating profit to operating profit as disclosed in the Consolidated Income Statement is as follows:
Year ended 31 December 2023
| Total | |
| £m | |
Adjusted operating profit | 271.5 |
Amortisation of acquired intangibles | (10.8) |
Exceptional items | 8.1 |
Operating profit | 268.8 |
Year ended 31 December 2023
| Western | Central | ||||||
| Europe | North | International | Corporate | ||||
| UK | Germany | (restated) | America* | (restated) | Costs | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
| Other Segment information | |||||||
Property, plant and equipment | 31.7 | 40.7 | 8.1 | 9.9 | 5.7 | – | 96.1 |
Right-of-use assets | 9.0 | 45.4 | 20.3 | 18.8 | 11.0 | – | 104.5 |
Intangible assets | 54.8 | 17.1 | 22.6 | 225.8 | 2.1 | – | 322.4 |
| Capital expenditure: | |||||||
Property, plant and equipment | 5.7 | 7.8 | 2.3 | 2.4 | 3.7 | – | 21.9 |
Right-of-use assets | 3.5 | 13.2 | 9.6 | 2.8 | 4.7 | – | 33.8 |
Software | 12.0 | 0.3 | 0.2 | 0.2 | 0.5 | – | 13.2 |
Costs of inventories recognised as an expense | 661.1 | 1,053.1 | 579.4 | 2,272.2 | 12.8 | – | 4,578.6 |
Staff costs | 346.5 | 482.5 | 186.2 | 237.4 | 84.9 | – | 1,337.5 |
Depreciation of property, plant and equipment | 6.2 | 6.9 | 2.2 | 3.6 | 1.5 | – | 20.4 |
Depreciation of right-of-use assets | 4.6 | 20.5 | 6.9 | 5.4 | 4.0 | – | 41.4 |
Amortisation of software | 5.7 | 0.4 | 0.2 | 1.4 | 0.4 | – | 8.1 |
Share-based payments recognised in equity | 2.7 | 1.8 | 0.1 | 0.3 | – | 2.8 | 7.7 |
* Included within the North America Segment Intangible assets of £225.8m is an amount of £218.4m of intangible assets for the US.
Computacenter plc Annual Report and Accounts 2024178
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Notes to the Consolidated Financial Statements continued
4 Segment information continued
Charges for the amortisation of acquired intangibles (where initial recognition was an exceptional item or a fair
value adjustment on acquisition) are excluded from the calculation of adjusted operating profit. This is because
these charges are based on judgements about their value and economic life, are the result of the application of
acquisition accounting rather than core operations, and whilst revenue recognised in the Consolidated Income
Statement does benefit from the underlying asset that has been acquired, the amortisation costs bear no
relation to the Group’s underlying ongoing operational performance. In addition, amortisation of acquired
intangibles is not included in the analysis of Segment performance used by the CODM.
| 2024 | 2023 | |
| £m | £m | |
| Revenue by type | ||
Gross invoiced income | 8,278.1 | 8,444.9 |
Adjustment to gross invoiced income for income recognised as agent | (2,951.7) | (3,158.6) |
Technology Sourcing revenue * | 5,326.4 | 5,286.3 |
| Services revenue | ||
Professional Services | 778.3 | 711.2 |
Managed Services | 860.1 | 925.3 |
Total Services revenue | 1,638.4 | 1,636.5 |
Total revenue | 6,964.8 | 6,922.8 |
| 31 December | 31 December | ||
| 2024 | 2023 | ||
| £m | £m | ||
Trade receivables | 20 | 1,620.2 | 1,471.8 |
Contract assets, which are included in prepayments | 9.4 | 19.6 | |
Contract assets, which are included in accrued income | 137.5 | 151.9 | |
Contract liabilities, which are included in deferred income | 285.7 | 234.6 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 179
Notes to the Consolidated Financial Statements continued
5 Revenue continued
| Less than | One to | Two to | Three to | Four years | ||
| one year | two years | three years | four years | and beyond | Total | |
| £m | £m | £m | £m | £m | £m | |
As at 31 December 2024 | 750.0 | 554.0 | 351.0 | 215.0 | 224.0 | 2,094.0 |
As at 31 December 2023 | 747.4 | 528.4 | 370.3 | 194.6 | 152.0 | 1,992.7 |
| 2024 | 2023 | ||
| £m | £m | ||
Costs of inventories recognised as an expense | 4,592.9 | 4,578.6 | |
Staff costs | 9 | 1,375.1 | 1,337.5 |
Share-based payments recognised in equity | 9 | 7.1 | 7.7 |
Contractor costs | 492.1 | 449.9 | |
Warehouse and transport costs | 45.4 | 57.4 | |
Depreciation of property, plant and equipment | 15 | 21.5 | 20.4 |
Depreciation of right-of-use assets | 15 | 41.0 | 41.4 |
Amortisation of software | 16 | 8.2 | 8.1 |
Amortisation of acquired intangible assets | 16 | 10.6 | 10.8 |
Severance costs | 10.0 | 3.2 | |
Gain on net foreign currency differences | (3.0) | (1.7) | |
Other administrative expenses | 127.8 | 148.8 | |
6,728.7 | 6,662.1 |
Computacenter plc Annual Report and Accounts 2024180
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Notes to the Consolidated Financial Statements continued
6 Group operating profit continued
| 2024 | 2023 | |
| £m | £m | |
| Representing costs by function: | ||
Cost of sales | 5,929.8 | 5,878.8 |
Administrative expenses | 798.9 | 783.3 |
6,728.7 | 6,662.1 |
| 2024 | 2023 | |
| £m | £m | |
| Auditor’s remuneration: | ||
– Audit of the Financial Statements | 0.9 | 1.1 |
– Audit of subsidiaries | 1.8 | 2.1 |
Audit fees | 2.7 | 3.2 |
Audit-related assurance services for the review of the Interim Report and Accounts | 0.2 | 0.2 |
Fees for non-audit services | 0.2 | 0.2 |
2.9 | 3.4 |
| 2024 | 2023 | |
| £m | £m | |
| Operating profit | ||
Other income related to acquisition of a subsidiary | – | 5.3 |
Gain related to acquisition of a subsidiary | 1.8 | 2.8 |
Exceptional operating profit | 1.8 | 8.1 |
Interest cost relating to acquisition of a subsidiary | (0.6) | (3.2) |
Profit on exceptional items before and after tax | 1.2 | 4.9 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 181
Notes to the Consolidated Financial Statements continued
9 Employee costs
The table below shows the average monthly number of employees (including Executive Directors) by Segment
during the year:
| Average number of full-time | ||||
| Average number of employees | equivalents | |||
| 2023 | 2023 | |||
| 2024 | (restated) | 2024 | (restated) | |
| No. | No. | No. | No. | |
UK | 4,446 | 4,487 | 4,403 | 4,418 |
Germany | 7,061 | 7,086 | 6,703 | 6,725 |
Western Europe * | 2,642 | 2,828 | 2,597 | 2,675 |
North America | 1,877 | 1,704 | 1,742 | 1,701 |
International * | 4,288 | 4,203 | 4,126 | 4,057 |
20,308 | 19,571 | 19,576 |
* Employee numbers for 2023 have been restated following segmental changes, refer to note 4.
Their aggregate remuneration comprised:
| 2023 | ||
| 2024 | (restated) | |
| £m | £m | |
Wages and salaries * | 1,189.9 | 1,150.3 |
Social security costs * | 156.3 | 158.8 |
Contributions to defined contribution plans * | 26.5 | 26.2 |
Expenses relating to retirement benefit obligation (note 33) | 2.5 | 2.2 |
Staff costs | 1,375.1 | 1,337.5 |
Share-based payments recognised in equity | 7.1 | 7.7 |
1,382.2 | 1,345.2 |
* During the year, the Group carried out an exercise to summarise material expense items by nature. Following this exercise, the Group
has rectified certain inconsistencies in presentation by foreign subsidiaries and aligned them to the UK. As a result, the comparative
amounts have increased by £63.4m.
Share-based payments arise from transactions accounted for as equity-settled, share-based
payment transactions.
| 2024 | 2023 | |
| £m | £m | |
Bank interest received | 11.7 | 10.7 |
Interest receivable as a lessor | 2.8 | 0.7 |
Other interest received | – | 2.4 |
14.5 | 13.8 |
| 2024 | 2023 | |
| £m | £m | |
Interest paid on bank loans and overdraft | 0.1 | 0.3 |
Interest paid on credit facilities | 0.4 | 0.4 |
Interest paid on lease liabilities | 5.8 | 4.7 |
Finance charges paid on customer-specific financing | – | 0.3 |
Other interest paid | 0.9 | 1.6 |
Exceptional interest cost relating to acquisition of a subsidiary (note 8) | 0.6 | 3.2 |
7.8 | 10.5 |
Computacenter plc Annual Report and Accounts 2024182
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Notes to the Consolidated Financial Statements continued
| 2024 | 2023 | |
| £m | £m | |
| Current income tax | ||
| On profits for the year: | ||
– UK corporation tax | 3.4 | 13.6 |
– Foreign tax | 68.9 | 64.0 |
Adjustments in respect of prior years | (1.6) | 2.1 |
Total current income tax expense | 70.7 | 79.7 |
| Deferred income tax | ||
– origination and reversal of temporary differences | 0.7 | 0.3 |
– change in tax rates | 0.7 | (0.5) |
– adjustments in respect of prior years | 0.6 | (6.8) |
Total deferred income tax expense/(benefit) | 2.0 | (7.0) |
Tax charge in the Consolidated Income Statement | 72.7 | 72.7 |
| 2024 | 2023 | |
| £m | £m | |
Profit before income tax | 244.6 | 272.1 |
At the UK standard rate of corporation tax of 25% (2023: 23.5%) | 61.2 | 63.9 |
Expenses not deductible for tax purposes | 4.6 | 2.8 |
Non-deductible element of share-based payment charge | 0.4 | (0.1) |
Adjustments in respect of prior years | (1.0) | (4.7) |
Effect of tax rate differences in foreign jurisdictions | 6.4 | 12.0 |
Change in tax rate | 0.7 | (0.5) |
Other differences | (0.1) | (0.1) |
Overseas tax not based on earnings | 1.5 | 1.5 |
Current year losses for which no deferred tax asset can be recognised | 0.9 | – |
Previously unrecognised tax losses used to reduce current tax expense | (1.0) | (0.9) |
Tax effect of income not taxable in determining taxable profit | (0.9) | (1.2) |
At effective income tax rate of 29.7% (2023: 26.7%) | 72.7 | 72.7 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 183
Notes to the Consolidated Financial Statements continued
12 Income tax continued
| Consolidated Statement of | ||||||
Consolidated Balance Sheet | Consolidated Income Statement | Comprehensive Income | ||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| £m | £m | £m | £m | £m | £m | |
| Deferred income tax assets/(liabilities) | ||||||
Property, plant and equipment | (5.2) | (3.1) | (2.1) | (2.1) | – | – |
Right-of-use assets | (28.6) | (26.6) | (16.6) | 4.2 | – | – |
Intangible assets | (18.7) | (19.9) | 1.6 | 8.0 | – | – |
Inventories | 2.7 | 2.5 | 0.2 | (2.0) | – | – |
Derivative financial instruments | 0.1 | 0.1 | – | – | (0.1) | (0.9) |
Lease liabilities | 30.9 | 27.9 | 17.4 | (4.1) | – | – |
Share-based payments | 5.2 | 8.0 | (2.4) | 0.4 | – | – |
Tax losses carried forward | 5.3 | 3.7 | 1.7 | – | – | – |
Other temporary differences | 3.9 | 5.6 | (1.8) | 2.6 | – | – |
Deferred income tax (expense)/benefit | (2.0) | 7.0 | (0.1) | (0.9) | ||
Net deferred income tax assets/(liabilities) | (4.4) | (1.8) | ||||
| Disclosed on the Consolidated Balance Sheet | ||||||
Deferred income tax assets | 6.3 | 11.6 | ||||
Deferred income tax liabilities | (10.7) | (13.4) | ||||
Net deferred income tax assets/(liabilities) | (4.4) | (1.8) |
Computacenter plc Annual Report and Accounts 2024184
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Notes to the Consolidated Financial Statements continued
13 Earnings per share
Earnings per share amounts are calculated by dividing profit attributable to ordinary equity holders by the
weighted average number of ordinary shares outstanding during the year (excluding own shares held).
To calculate diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted
to assume conversion of all dilutive potential shares. Share options granted to employees where the exercise
price is less than the average market price of the Company’s ordinary shares during the year are considered
to be dilutive potential shares.
| 2024 | 2023 | |
| £m | £m | |
Profit attributable to equity holders of the Parent | 170.8 | 197.6 |
| 2024 | 2023 | |
| m | m | |
Basic weighted average number of shares (excluding own shares held) | 110.6 | 112.9 |
| Effect of dilution: | ||
Share options | 1.1 | 1.2 |
Diluted weighted average number of shares | 111.7 | 114.1 |
| 2024 | 2023 | |
| p | p | |
Basic earnings per share | 154.4 | 175.0 |
Diluted earnings per share | 152.9 | 173.2 |
14 Dividends paid and proposed
| 2024 | 2024 | 2023 | 2023 | |
| p/share | £m | p/share | £m | |
Amounts recognised as distributions to owners in the financial year | ||||
| Equity dividends on ordinary shares: | ||||
Paid prior financial year dividend | 47.4 | 53.5 | 45.8 | 51.9 |
Paid interim dividend | 23.3 | 25.4 | 22.6 | 25.4 |
78.9 | 77.3 | |||
Proposed (not recognised as a liability as at 31 December) | ||||
| Equity dividends on ordinary shares: | ||||
Proposed final dividend at financial year end | 50.4 | 54.1 |
12 Income tax continued
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 185
Notes to the Consolidated Financial Statements continued
15 Property, plant and equipment
| Property, plant | ||||||
| Fixtures, | and equipment | |||||
| Freehold | fittings, | excluding | ||||
| land and | Short leasehold | equipment | right-of-use | Right-of- | ||
| buildings | improvements | and vehicles | assets | use assets | Total | |
| £m | £m | £m | £m | £m | £m | |
| Cost | ||||||
At 1 January 2023 | 86.1 | 48.5 | 133.8 | 268.4 | 222.2 | 490.6 |
Additions | 0.1 | 4.6 | 17.2 | 21.9 | 33.8 | 55.7 |
Disposals | – | (1.8) | (14.7) | (16.5) | (30.2) | (46.7) |
Transfers | – | 2.4 | (5.5) | (3.1) | – | (3.1) |
Reclassification | (2.7) | 2.7 | 0.1 | 0.1 | – | 0.1 |
Foreign currency adjustment | (0.4) | (1.0) | (2.5) | (3.9) | (5.6) | (9.5) |
At 31 December 2023 | 83.1 | 55.4 | 128.4 | 266.9 | 220.2 | 487.1 |
Additions | 0.8 | 2.4 | 15.8 | 19.0 | 61.5 | 80.5 |
Disposals | – | (1.7) | (10.2) | (11.9) | (32.0) | (43.9) |
Transfers | – | (0.3) | 0.3 | – | – | – |
Foreign currency adjustment | (0.9) | (1.7) | (3.7) | (6.3) | (6.5) | (12.8) |
At 31 December 2024 | 83.0 | 54.1 | 130.6 | 267.7 | 243.2 | 510.9 |
Computacenter plc Annual Report and Accounts 2024186
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Notes to the Consolidated Financial Statements continued
15 Property, plant and equipment continued
| Property, plant | ||||||
| Fixtures, | and equipment | |||||
| Freehold | fittings, | excluding | ||||
| land and | Short leasehold | equipment | right-of-use | Right-of- | ||
| buildings | improvements | and vehicles | assets | use assets | Total | |
| £m | £m | £m | £m | £m | £m | |
| Accumulated depreciation and impairment | ||||||
At 1 January 2023 | 48.7 | 27.8 | 97.8 | 174.3 | 102.8 | 277.1 |
Provided during the year | 2.0 | 4.4 | 14.0 | 20.4 | 41.4 | 61.8 |
Disposals | – | (1.8) | (14.5) | (16.3) | (26.4) | (42.7) |
Transfers | – | 2.4 | (5.2) | (2.8) | – | (2.8) |
Reclassification | (2.6) | 2.6 | (2.7) | (2.7) | – | (2.7) |
Foreign currency adjustment | – | (0.5) | (1.6) | (2.1) | (2.1) | (4.2) |
At 31 December 2023 | 48.1 | 34.9 | 87.8 | 170.8 | 115.7 | 286.5 |
Provided during the year | 2.0 | 4.8 | 14.7 | 21.5 | 41.0 | 62.5 |
Disposals | – | (1.7) | (9.6) | (11.3) | (29.0) | (40.3) |
Transfers | – | (0.2) | 0.2 | – | – | – |
Foreign currency adjustment | (0.2) | (1.4) | (2.4) | (4.0) | (3.5) | (7.5) |
At 31 December 2024 | 49.9 | 36.4 | 90.7 | 177.0 | 124.2 | 301.2 |
| Net book value | ||||||
At 31 December 2024 | 33.1 | 17.7 | 39.9 | 90.7 | 119.0 | 209.7 |
At 31 December 2023 | 35.0 | 20.5 | 40.6 | 96.1 | 104.5 | 200.6 |
At 1 January 2023 | 37.4 | 20.7 | 36.0 | 94.1 | 119.4 | 213.5 |
The Group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods
of two to 10 years, but might have extension options. Lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions. The lease agreements do not impose any covenants,
but leased assets cannot be used as security for borrowing purposes.
Depreciation for property, plant and equipment is recorded within cost of sales or administrative expenses
on the Consolidated Income Statement. The expense is recorded within cost of sales if the underlying assets
directly contribute to the revenue-generating activities of the Group.
As at 31 December 2024, the net book value of recognised right-of-use assets relating to land and buildings was
£88.5m (2023: £75.7m) and plant and equipment £30.5m (2023: £28.8m). The depreciation charge for the year
relating to those assets was £24.1m (2023: £24.2m) and £16.9m (2023: £17.2m), respectively.
Expense relating to short-term and low-value leases that are not included above was £1.4m (2023: £1.0m).
This is recorded within cost of sales or administrative expenses on the Consolidated Income Statement,
depending on the usage of the lease assets within the respective business function.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 187
Notes to the Consolidated Financial Statements continued
| Acquired intangible assets | |||||
| Customer | Others | ||||
| Goodwill | Software | relationships | (restated) | Total | |
| £m | £m | £m | £m | £m | |
| Cost | |||||
At 1 January 2023 (reported) | 189.6 | 119.5 | 167.1 | 24.6 | 500.8 |
Derecognition (note 16.1) | – | – | – | (24.6) | (24.6) |
At 1 January 2023 (restated) | 189.6 | 119.5 | 167.1 | – | 476.2 |
Relating to acquisition of subsidiaries | 1.9 | – | – | – | 1.9 |
Additions | – | 13.2 | – | – | 13.2 |
Disposals | – | (8.0) | – | – | (8.0) |
Transfers | – | 0.5 | – | – | 0.5 |
Reclassification | – | (4.3) | – | – | (4.3) |
Foreign currency adjustment | (6.4) | (0.5) | (8.7) | – | (15.6) |
At 31 December 2023 | 185.1 | 120.4 | 158.4 | – | 463.9 |
Additions | – | 12.5 | – | – | 12.5 |
Disposals | – | (23.3) | – | – | (23.3) |
Foreign currency adjustment | (0.7) | 0.2 | 2.3 | – | 1.8 |
At 31 December 2024 | 184.4 | 109.8 | 160.7 | – | 454.9 |
Computacenter plc Annual Report and Accounts 2024188
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
16 Intangible assets continued
| Acquired intangible assets | |||||
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 189
Notes to the Consolidated Financial Statements continued
| UK | Western Europe* | Germany | US** | Canada | Emerge | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
1 January 2023 | 36.4 | 11.7 | 16.8 | 106.3 | 5.6 | 2.1 | 178.9 |
Relating to acquisition of subsidiaries | 1.9 | – | – | – | – | – | 1.9 |
Foreign currency adjustment | – | 0.3 | (0.3) | (5.7) | (0.4) | (0.1) | (6.2) |
31 December 2023 | 38.3 | 12.0 | 16.5 | 100.6 | 5.2 | 2.0 | 174.6 |
Foreign currency adjustment | – | (0.7) | (0.7) | 1.3 | 0.1 | (0.1) | (0.1) |
31 December 2024 | 38.3 | 11.3 | 15.8 | 101.9 | 5.3 | 1.9 | 174.5 |
Market growth rate | 2.2% | 1.7% | 2.0% | 1.9% | 1.8% | 2.2% | |
Discount rate (pre tax) | 10.8% | 15.0% | 12.6% | 13.6% | 13.0% | 9.7% | |
Discount rate (post tax) | 10.1% | 10.1% | 8.5% | 9.8% | 10.0% | 7.9% |
Computacenter plc Annual Report and Accounts 2024190
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Notes to the Consolidated Financial Statements continued
17 Impairment testing of goodwill, other intangible assets and other non-current assets
continued
18 Investments
| 2024 | 2023 | |
| £m | £m | |
| Cost | ||
At 1 January and 31 December | 0.1 | 0.1 |
| Impairment | ||
At 1 January and 31 December | – | – |
Carrying value | 0.1 | 0.1 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 191
Notes to the Consolidated Financial Statements continued
18 Investments continued
| Proportion of voting rights | ||||
| Country of | and shares held | |||
Name | incorporation | Nature of business | 2024 | 2023 |
Computacenter Pty Ltd. | Australia 1 | IT infrastructure services | 100% i | 100% i |
| Computacenter Services | Australia 2 | IT infrastructure services | 100% i | 100% i |
| Australia Pty Ltd. | ||||
Computacenter NV/SA | Belgium 3 | IT infrastructure services | 100% iii | 100% iii |
Computacenter Brasil Importacao, Comercio e Servicos Ltda | Brazil 4 | IT infrastructure service | 100% i | 100% i |
Computacenter Canada Inc. | Canada 5 | IT infrastructure services | 100% i | 100% i |
| Computacenter Pivot Hong Kong | China 6 | IT infrastructure services | 100% i | 100% i |
| Limited | ||||
| Computacenter Services | China 7 | IT infrastructure services | 100% i | 100% i |
| Hong Kong Limited | ||||
Computacenter (UK) Limited | England 8 | IT infrastructure services | 100% | 100% |
R.D. Trading Limited | England 9 | IT infrastructure services | 100% i | 100% i |
Computacenter France SAS | France 10 | IT infrastructure services | 100% | 100% |
Computacenter AG & Co oHG | Germany 11 | IT infrastructure services | 100% iv | 100% iv |
Computacenter Aktiengesellschaft | Germany 12 | IT infrastructure services | 100% | 100% |
Computacenter Management GmbH | Germany 12 | IT infrastructure services | 100% | 100% |
| Computacenter Managed | Germany 12 | IT infrastructure services | 100% | 100% |
| Services GmbH | ||||
Computacenter Germany AG & Co oHG Germany 13 | IT infrastructure services | 100% iv | 100% iv | |
Computacenter Holding GmbH | Germany 13 | IT infrastructure services | 100% | 100% |
Alfatron GmbH Elektronik – Vertrieb | Germany 13 | IT infrastructure services | 100% iv | 100% iv |
| C’NARIO Informationsprodukte | Germany 13 | IT infrastructure services | 100% iv | 100% iv |
| Vertriebs-GmbH | ||||
E’ZWO Computer vertriebs | Germany 13 | IT infrastructure services | 99.09% iv | 99.09% iv |
ITL logistics GmbH | Germany 14 | IT infrastructure services | 100% i | 100% i |
Computacenter Ireland Limited | Ireland 15 | IT infrastructure services | 100% i | 100% |
i | ||||
Computacenter plc Annual Report and Accounts 2024192
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Notes to the Consolidated Financial Statements continued
| Proportion of voting rights | ||||
| Country of | and shares held | |||
incorporation | Nature of business | |||
18 Investments continued
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 193
Notes to the Consolidated Financial Statements continued
18 Investments continued
Computacenter plc Annual Report and Accounts 2024194
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
18 Investments continued
| 2024 | 2023 | |
| $m | $m | |
Current assets | 218.5 | 149.7 |
Non-current assets | 20.3 | 30.7 |
Current liabilities | 217.5 | 156.1 |
Non-current liabilities | (0.3) | 5.7 |
Revenue | 864.5 | 807.8 |
Total comprehensive income | 2.5 | 3.8 |
% interest held | 46.4% | 46.4% |
19 Inventories
| 2024 | 2023 | |
| £m | £m | |
Inventories for re-sale, gross | 325.5 | 236.8 |
Provisions | (18.3) | (20.8) |
307.2 | 216.0 |
During the year, inventories recognised as an expense as part of cost of sales amounted to £4,592.9m
(2023: £4,578.6m).
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 195
Notes to the Consolidated Financial Statements continued
20 Trade and other receivables
| 2024 | 2023 | |
| £m | £m | |
Trade receivables, gross | 1,628.2 | 1,480.1 |
Allowance for expected credit losses | (8.0) | (8.3) |
Trade receivables | 1,620.2 | 1,471.8 |
Net investment in finance leases (note 25) | 9.9 | 5.8 |
Tax receivables (VAT, GST, franchise taxes, and sales and use taxes) | 1.0 | 2.3 |
Other receivables | 25.7 | 18.2 |
1,656.8 | 1,498.1 |
Trade receivables are non-interest bearing and are generally on 30- to 60-day credit terms. Note 27 sets out the
Group’s strategy towards credit risk.
Other receivables generally arise from transactions outside the usual operating activities of the Group.
Following a customer’s request, the Group will, from time-to-time, sell receivables on a non-recourse basis to a
finance institution, with the cost borne by the customer. As at 31 December 2024 trade receivables with a gross
value of £44.6m (2023: £33.8m) were derecognised from the Balance Sheet after receipt of cash from the
finance institution. Had the sale not occurred, this balance would otherwise have been presented within trade
receivables under our normal payment terms.
Additionally, through a limited invoice financing programme (factoring), the Group sells trade receivables on
a non-recourse basis to manage its working capital during the year. Receivables derecognised that would
otherwise have been presented in trade receivables as at 31 December 2024, if the factoring activity had not
occurred, were £2.5m (2023: nil).
Trade receivables sold, including factoring, are derecognised as per the Group’s policy disclosed in note 2.11.1.
The movements in the allowance for expected credit losses were as follows:
| 2024 | 2023 | |
| £m | £m | |
At 1 January | 8.3 | 6.7 |
Charge for the year | 8.4 | 9.3 |
Utilised | (0.2) | (0.4) |
Unused amounts reversed | (8.3) | (7.2) |
Foreign currency adjustment | (0.2) | (0.1) |
At 31 December | 8.0 | 8.3 |
| Past due but not impaired | |||||||
| Neither past due | |||||||
| Total | nor impaired | <30 days | 30–60 days | 60–90 days | 90–120 days | >120 days | |
| £m | £m | £m | £m | £m | £m | £m | |
| 2024 | |||||||
Expected loss rate | 0.5% | 0.3% | 0.5% | 0.7% | 2.0% | 4.3% | 14.4% |
Trade receivables, gross | 1,628.2 | 1,384.0 | 163.9 | 46.1 | 15.3 | 9.2 | 9.7 |
Allowance for expected credit losses | 8.0 | 4.8 | 0.8 | 0.3 | 0.3 | 0.4 | 1.4 |
| 2023 | |||||||
Expected loss rate | 0.6% | 0.2% | 0.4% | 0.7% | 3.2% | 3.2% | 10.1% |
Trade receivables, gross | 1,480.1 | 1,099.2 | 256.3 | 59.3 | 22.2 | 12.5 | 30.6 |
Allowance for expected credit losses | 8.3 | 2.7 | 1.0 | 0.4 | 0.7 | 0.4 | 3.1 |
Computacenter plc Annual Report and Accounts 2024196
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Notes to the Consolidated Financial Statements continued
| 2024 | 2023 | |
| £m | £m | |
Cash and short-term deposits | 489.6 | 471.2 |
Bank overdraft | – | – |
Cash and cash equivalents in the Consolidated Cash Flow Statement | 489.6 | 471.2 |
22 Trade and other payables
| 2023 | ||
| 2024 | (restated)* | |
| £m | £m | |
Trade payables * | 1,643.3 | 1,226.1 |
Accruals * | 216.9 | 237.7 |
Social security and other taxes | 141.1 | 137.1 |
Other payables | 53.0 | 53.4 |
Contingent consideration (note 27) | – | 20.2 |
2,054.3 | 1,674.5 |
* Trade payables of £39.6m were previously included within ‘Accruals’ due to misaligned aggregation of certain balances between
entities. This has been rectified by reclassifying these balances to ‘Trade Payables’ to better reflect their nature and for consistent
presentation.
Trade payables are non-interest bearing and are normally settled on net monthly terms.
The Group regularly participates in industry standard vendor rebate plans, primarily relating to volume
discounts on purchases, often paid retrospectively. Rebates are factored into the calculation of the purchase
cost of inventory valuations. Owing to the nature of these rebate plans, the calculation of rebates is not subject
to significant estimation uncertainty, nor is their recognition a matter of significant judgement.
Supply chain arrangements
The Group has a strong covenant and enjoys a favourable credit rating from technology vendors and other
suppliers. Some suppliers provide standard credit directly on their own credit risk, whereas other suppliers
elect to sell the debt to banks, which offer to purchase the receivables and manage collection. The standard
credit terms offered by suppliers are typically between 30 and 60 days, whether provided directly or when sold
to a third party. In the latter case, the cost of the free-trade credit period is paid by the relevant supplier, as part
of the overall package of terms provided by suppliers to Computacenter and our competitors.
Where suppliers have sold their debts due from the Group, these industry-standard supply chain arrangements
(SCAs) form part of doing business as a customer of those suppliers. Usually, the Group is an accredited reseller
through the suppliers’ customer programme and as such required to trade through the SCAs. The vendor
accreditation comes with other commercial benefits, but the payment arrangement is not something the
Group could or would contract out of. It is a standard arrangement across all customers of such vendors or
suppliers that have reached a similar tier of their accreditation programme. We have not explicitly sought out
the SCAs nor require them to do business, however, these are a part of transacting with the supplier.
The Group exercises judgement on how to account for and present SCAs, based on the specific terms and
conditions of each arrangement, and has determined that the Group’s participation mainly comprises receipt
of notifications and facilitation of payments, with no material benefit accruing to the Group in terms of
payment to the suppliers and overall working capital management. Therefore, the Group has assessed that as
the SCAs do not have a material effect on the Group’s payment terms and liquidity risk, enhanced disclosures
under IFRS 7 are not required.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 197
Notes to the Consolidated Financial Statements continued
| 2024 | 2023 | |
| £m | £m | |
| Current | ||
Bank loans | 2.0 | 2.1 |
Other loans | 2.1 | 2.7 |
4.1 | 4.8 | |
| Non-current | ||
Bank loans | 3.3 | 5.6 |
Other loans | – | 1.8 |
3.3 | 7.4 | |
7.4 | 12.2 |
| 2024 | 2023 | |
| £m | £m | |
At 1 January | 115.4 | 127.1 |
Additions during the year | 61.5 | 33.8 |
Gross payment of lease liabilities | (47.4) | (46.1) |
Interest relating to lease liabilities | 5.8 | 4.7 |
Early terminations during the year | (2.4) | (0.4) |
Exchange adjustment | (3.4) | (3.7) |
At 31 December | 129.5 | 115.4 |
Current | 36.3 | 37.3 |
Non-current | 93.2 | 78.1 |
129.5 | 115.4 |
Computacenter plc Annual Report and Accounts 2024198
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Notes to the Consolidated Financial Statements continued
| 2024 | 2023 | |
| £m | £m | |
| Financial instruments at fair value through profit and loss | ||
Foreign exchange forward contracts | 5.2 | (3.6) |
5.2 | (3.6) | |
| Financial instruments at fair value through other comprehensive income | ||
| Cash flow hedges | ||
Foreign exchange forward contracts | (0.4) | (0.2) |
4.8 | (3.8) | |
Current assets | 8.2 | 2.5 |
Current liabilities | (3.4) | (6.3) |
4.8 | (3.8) |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 199
Notes to the Consolidated Financial Statements continued
| Nominal value of | |||||
| contracts | |||||
Buy currency | Sell currency | (m) | Maturity dates | Contract rates | |
UK | Sterling | Euros | 189.4 | Jan 25 – Apr 25 | 1.204 – 1.209 |
Sterling | Australian dollars | 0.5 | Jan 25 | 2.019 – 2.023 | |
Sterling | Hong Kong dollars | 1.3 | Feb 25 | 9.714 | |
Sterling | Japanese yen | 2.6 | Jan 25 – Mar 25 | 195.043 – 196.400 | |
Sterling | Polish zloty | 0.3 | May 25 – May 26 | 5.170 – 5.230 | |
Sterling | Swiss francs | 3.5 | Feb 25 – Jun 25 | 1.113 – 1.128 | |
Sterling | South African rand | 3.7 | Jan 25 – Jun 27 | 23.687 – 25.617 | |
Euros | Sterling | 5.9 | Jan 25 | 0.831 – 0.840 | |
US dollars | Sterling | 155.1 | Jan 25 – Jan 28 | 0.764 – 0.830 | |
Hungarian forint | Sterling | 5,037.9 | Feb 25 – Jan 27 | 0.002 | |
Mexican peso | Sterling | 54.9 | Jan 25 – Jan 28 | 0.036 – 0.042 | |
Polish zloty | Sterling | 9.0 | Jan 25 – Nov 26 | 0.191 – 0.197 | |
| Singaporean | |||||
dollars | Sterling | 0.6 | Jan 25 | 0.586 | |
| South African | |||||
rand | Sterling | 245.6 | Jan 25 –Oct 27 | 0.033 – 0.045 | |
Germany | Euros | Sterling | 0.2 | Jan 25 | 0.825 |
Euros | US dollars | 100.0 | Jan 25 –Sep 26 | 1.045 – 1.135 | |
| Singaporean | |||||
| Euros | dollars | 2.1 | Mar 25 | 1.415 | |
Euros | South African rand | 0.4 | Jan 25 –Oct 25 | 19.194 | |
US dollars | Euros | 96.8 | Jan 25 –May 25 | 0.908 – 0.957 | |
Hungarian forint | Euros | 150.0 | Jan 26 | 0.003 | |
Polish zloty | Euros | 13.8 | Jan 25 –Jan 26 | 0.228 – 0.234 | |
Romanian leu | Euros | 3.1 | Jan 25 –Feb 25 | 0.199 |
| Nominal value of | ||||||
| contracts | ||||||
Buy currency | Sell currency | (m) | Maturity dates | Contract rates | ||
France | Euros | Hungarian forint | 10.0 | Jan 25 –Dec 26 396.630 – 434.384 | ||
Euros | Mexican peso | 0.6 | Feb 25 –Jan 26 | 21.458 – 22.903 | ||
Euros | South African rand | 0.1 | Jan 25 | 19.415 | ||
Sterling | Euros | 0.4 | Jan 25 | 1.211 | ||
US dollars | Euros | 16.8 | Jan 25 –Mar 25 | 0.912 – 0.964 | ||
Belgium | Euros | South African rand | 1.3 | Jan 25 –Dec 26 | 20.273 – 24.669 | |
US dollars | Euros | 4.0 | Jan 25 –Feb 25 | 0.962 – 0.946 | ||
US | US dollars | Mexican peso | 14.1 | Jan 25 –Jan 28 | 19.170 – 22.025 | |
US dollars | South African rand | 3.1 | Jan 25 –May 26 | 17.735 – 22.297 | ||
India | Indian rupees | Sterling | 4,730.2 | Jan 25 –Jan 28 | 0.009 – 0.010 | |
Indian rupees | Euros | 2,927.8 | Jan 25 –Jan 28 | 0.010 – 0.011 | ||
Indian rupees | US dollars | 146.8 | Jan 25 –Jan 27 | 0.011 – 0.012 | ||
24 Derivative financial instruments continued
Computacenter plc Annual Report and Accounts 2024200
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
24 Derivative financial instruments continued
| Nominal value of | ||||||
| contracts | ||||||
Buy currency | Sell currency | (m) | Maturity dates | Contract rates | ||
UK | Sterling | US dollars | 22.9 | Jan 24 – Mar 24 | 1.216 – 1.271 | |
Sterling | Hungarian forint | 0.7 | Jan 24 – Feb 24 442.563 – 443.943 | |||
Sterling | Swiss francs | 1.9 | Jun 24 | 1.053 | ||
Sterling | Swedish krona | 0.4 | Feb 24 | 13.004 | ||
Sterling | South African rand | 5.4 | Jan 24 – Aug 25 | 23.205 – 24.926 | ||
Sterling | Japanese yen | 0.6 | Jun 24 | 175.155 | ||
Sterling | Hong Kong dollars | 0.8 | Feb 24 – Mar 24 | 9.952 – 9.960 | ||
Sterling | Romanian leu | 0.7 | Jan 24 – Feb 24 | 5.736 – 5.739 | ||
Euros | Sterling | 6.2 | Jan 24 – Apr 24 | 0.859 – 0.901 | ||
US dollars | Sterling | 96.5 | Jan 24 – Mar 27 | 0.780 – 0.785 | ||
Hungarian forint | Sterling | 2,239.0 | Jan 24 – Dec 24 | 0.002 | ||
South African rand | Sterling | 382.8 | Jan 24 – Oct 27 | 0.033 – 0.047 | ||
Japanese yen | Sterling | 1,527.4 | Mar 24 | 0.006 | ||
Romanian leu | Sterling | 2.0 | Mar 24 | 0.173 – 0.174 | ||
Germany | Euros | US dollars | 103.9 | Jan 24 – Jun 24 | 1.061 – 1.115 | |
Euros | Hungarian forint | 0.6 | May 24 – Jun 24 | 461.994 –464.114 | ||
Euros | Singaporean dollars | 2.3 | Mar 24 | 1.464 | ||
Euros | South African rand | 0.7 | Jan 24 – Oct 25 | 19.194 | ||
US dollars | Euros | 41.8 | Jan 24 – Mar 24 | 0.930 – 0.947 | ||
Hungarian forint | Euros | 600.0 | Jan 24 – Apr 24 | 0.002 | ||
Romanian leu | Euros | 2.5 | Jan 23 – Feb 24 | 4.988 – 4.989 | ||
| Nominal value of | |||||
| contracts | |||||
Buy currency | Sell currency | (m) | Maturity dates | Contract rates | |
France | Euros | Hungarian forint | 1.3 | Jan 24 – Jun 24 | 383.061 –460.777 |
Euros | Mexican peso | 0.1 | Jan 24 | 18.894 | |
Euros | Polish zloty | 1.5 | Jan 24 – Mar 24 | 4.348 – 4.366 | |
Euros | Thai baht | 0.1 | Jan 24 | 38.072 | |
Euros | South African rand | 0.9 | Jan 24 – Jun 24 | 18.530 – 21.987 | |
Sterling | Euros | 0.1 | Jan 24 | 1.168 | |
US dollars | Euros | 9.3 | Jan 24 – Apr 24 | 0.902 – 0.929 | |
Belgium | Euros | South African rand | 2.0 | Jan 24 – Dec 26 | 19.351 – 24.669 |
US dollars | Euros | 1.8 | Jan 24 – Mar 24 | 0.909 – 0.935 | |
US | US dollars | Euros | 2.3 | Jan 24 | 0.909 |
US dollars | South African rand | 5.4 | Jan 24 – May 26 | 16.398 – 22.297 | |
US dollars | Japanese yen | 9.3 | Jan 24 – Apr 24 | 0.902 – 0.929 | |
India | Indian rupees | Sterling | 3,112.0 | Jan 24 – Dec 26 | 0.009 – 0.010 |
Indian rupees | Euros | 1,732.1 | Jan 24 – Mar 24 | 0.010 – 0.011 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 201
Notes to the Consolidated Financial Statements continued
25 Trade and other receivables (non-current)
| 2024 | 2023 | |
| £m | £m | |
Net investment in finance leases | 32.4 | 21.1 |
Other receivables | 0.3 | – |
32.7 | 21.1 |
Leases as a lessor
Net investment in finance leases
The Group leases items of IT equipment which have been classified as finance leases. In certain customer
contracts, there are two situations which lead to a net lease receivable being recognised on the Group’s
Consolidated Balance Sheet.
• Longer-term leasing situations where assets have been deployed to the customer’s premises and funded
through the Group’s balance sheet. These finance lease receivables are accounted for under the Dealer/
Manufacturer lessor provisions of IFRS 16.
• Leasing situations where assets have been deployed to the customer’s premises, but the requisite
paperwork and other steps required to sell the assets and the related net lease receivables to a financing
company have not yet been completed. Once the assignment to the financing company has been completed,
the net lease receivable and associated finance liability to the financing company are derecognised under
the provisions of IFRS 9. Prior to assignment, these are still finance lease receivables on the Group’s
Consolidated Balance Sheet.
Whilst there is a natural delay in terms of the administrative processing, which leads to a gap in the assignment
of the lease, this is temporary as the intended outcome is for these assets to be sold in the immediate future.
However, as there is no legally binding contract that insists, without recourse, that the financing company must
accept funding requests following deployment, leases not yet assigned at the reporting date are retained on
the Group’s Consolidated Balance Sheet as lease receivables. As the net lease receivables associated with
these contracts are expected to have a different pattern of cash flows based on outcome which is intended
but not contractually secure prior to the assignment, we describe these as ‘transitory net lease receivables’.
As at 31 December 2024, net investment in finance leases is included within:
| 2024 | 2023 | |
| £m | £m | |
Trade and other receivables (current) | 9.9 | 5.8 |
Trade and other receivables (non-current) | 32.4 | 21.1 |
42.3 | 26.9 |
During 2024, the Group recognised interest income on lease receivables of £2.8m (2023: £0.7m).
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease
payments to be received after the reporting date.
| 2024 | 2023 | |
| £m | £m | |
Less than one year | 12.3 | 7.7 |
One to two years | 12.7 | 7.7 |
Two to three years | 11.3 | 7.6 |
Three to four years | 8.7 | 5.3 |
Four to five years | 2.2 | 1.5 |
More than five years | 1.7 | 1.0 |
Total undiscounted lease receivable | 48.9 | 30.8 |
Less: unearned finance income | (6.6) | (3.9) |
Net investment in finance leases | 42.3 | 26.9 |
Operating lease receivables
The Group entered into commercial leases with customers on certain items of machinery and software.
These leases have remaining terms of between one and five years.
Future amounts receivable by the Group under the non-cancellable operating leases as at 31 December are
as follows:
| 2024 | 2023 | |
| £m | £m | |
Within one year | 0.9 | 0.1 |
After one year | 1.7 | 0.2 |
Computacenter plc Annual Report and Accounts 2024202
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Notes to the Consolidated Financial Statements continued
| Customer | ||||
| contract | Property | Other | Total | |
| provisions | provisions | provisions | provisions | |
| £m | £m | £m | £m | |
At 1 January 2023 | 4.2 | 5.7 | 0.9 | 10.8 |
Reclassification | – | – | 1.4 | 1.4 |
Amount unused reversed | (1.3) | – | (0.7) | (2.0) |
Arising during the year | 0.2 | 0.6 | 1.1 | 1.9 |
Utilisation | (1.5) | (0.3) | (1.0) | (2.8) |
Exchange adjustment | (0.1) | (0.1) | – | (0.2) |
At 31 December 2023 | 1.5 | 5.9 | 1.7 | 9.1 |
Amount unused reversed | (1.2) | – | (0.3) | (1.5) |
Arising during the year | 4.9 | 0.2 | 0.7 | 5.8 |
Utilisation | (0.2) | – | (0.4) | (0.6) |
Exchange adjustment | (0.1) | – | – | (0.1) |
At 31 December 2024 | 4.9 | 6.1 | 1.7 | 12.7 |
Current 2024 | 3.8 | 1.0 | 0.1 | 4.9 |
Non-current 2024 | 1.1 | 5.1 | 1.6 | 7.8 |
4.9 | 6.1 | 1.7 | 12.7 | |
Current 2023 | 1.2 | 0.9 | 0.1 | 2.2 |
Non-current 2023 | 0.3 | 5.0 | 1.6 | 6.9 |
1.5 | 5.9 | 1.7 | 9.1 |
| 2024 | 2023 | ||
| £m | £m | ||
| Financial assets at amortised cost: | |||
Trade receivables | 20 | 1,620.2 | 1,471.8 |
Other receivables * | 21.6 | 14.7 | |
Net investment in finance leases | 25 | 42.3 | 26.9 |
Cash and short-term deposits | 21 | 489.6 | 471.2 |
Financial assets at fair value through other comprehensive income (FVOCI): | |||
Derivative financial instruments – cash flow hedges | 2.3 | 2.3 | |
| Financial assets at fair value through profit or loss (FVPL): | |||
Derivative financial instruments – held for trading | 5.9 | 0.2 | |
2,181.9 | 1,987.1 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 203
Notes to the Consolidated Financial Statements continued
27 Financial instruments continued
| 2024 | 2023 | ||
| £m | £m | ||
| Financial liabilities at amortised cost: | |||
Trade and other payables * | 22 | 1,913.2 | 1,517.2 |
Borrowings | 23a | 7.4 | 12.2 |
Lease liabilities | 23b | 129.5 | 115.4 |
Financial liabilities at fair value through other comprehensive income (FVOCI): | |||
Derivative financial instruments – cash flow hedges | 2.7 | 2.5 | |
| Financial liabilities at fair value through profit or loss (FVPL): | |||
Derivative financial instruments – held for trading | 0.7 | 3.8 | |
Contingent consideration | 22 | – | 20.2 |
2,053.5 | 1,671.3 |
| Effect on profit | ||
| Change in | before tax | |
| basis points | £m | |
| 2024 | ||
Sterling | +100 | 0.2 |
Euro | +100 | 1.8 |
US dollars | +100 | 0.7 |
| 2023 | ||
Sterling | +100 | 0.6 |
Euro | +100 | 0.5 |
US dollars | +100 | 1.2 |
Computacenter plc Annual Report and Accounts 2024204
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
27 Financial instruments continued
| 31 December 2024 | 31 December 2023 | |||
| (m) | (m) | |||
$ | € | $ | € | |
Trade and other receivables | 743.9 | 898.5 | 523.3 | 865.7 |
Trade and other payables | (822.2) | (1,048.5) | (535.0) | (846.4) |
Forecast future cash flow (net) | 199.2 | (12.0) | (110.9) | (129.3) |
120.9 | (162.0) | (122.6) | (110.0) | |
Forward exchange contracts | (120.9) | 162.0 | 122.6 | 110.0 |
Net exposure | – | – | – | – |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 205
Notes to the Consolidated Financial Statements continued
27 Financial instruments continued
| On demand | <3 months | 3–12 months | 1–2 years | 2–5 years | >5 years | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
| Year ended 31 December 2024 | |||||||
Borrowings | – | 1.2 | 2.9 | 2.0 | 1.4 | – | 7.5 |
Lease liabilities | – | 10.5 | 31.6 | 34.4 | 56.3 | 15.2 | 148.0 |
Derivative financial instruments | – | 0.8 | 1.3 | 0.9 | 0.4 | – | 3.4 |
Trade and other payables | – | 1,913.2 | – | – | – | – | 1,913.2 |
– | 1,925.7 | 35.8 | 37.3 | 58.1 | 15.2 | 2,072.1 |
| On demand | <3 months | 3–12 months | 1–2 years | 2–5 years | >5 years | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
| Year ended 31 December 2023 | |||||||
Borrowings | – | 1.2 | 3.6 | 6.1 | 1.4 | – | 12.3 |
Lease liabilities | – | 10.3 | 30.9 | 28.7 | 44.6 | 11.9 | 126.4 |
Derivative financial instruments | – | 3.8 | 1.0 | 1.0 | 0.5 | – | 6.3 |
Contingent consideration | – | 10.2 | 10.8 | – | – | – | 21.0 |
Trade and other payables | – | 1,674.5 | – | – | – | – | 1,674.5 |
– | 1,700.0 | 46.3 | 35.8 | 46.5 | 11.9 | 1,840.5 |
Computacenter plc Annual Report and Accounts 2024206
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
27 Financial instruments continued
| £m | |
At 1 January 2023 | 38.9 |
Paid during the year | (17.4) |
Gain related to acquisition of a subsidiary (note 8) | (2.8) |
Exceptional interest cost – unwind of discount (note 8) | 3.2 |
Foreign currency adjustment | (1.7) |
At 31 December 2023 | 20.2 |
Paid during the year | (18.7) |
Gain related to acquisition of a subsidiary (note 8) | (2.2) |
Exceptional interest cost – unwind of discount (note 8) | 0.6 |
Foreign currency adjustment | 0.1 |
At 31 December 2024 | – |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 207
Notes to the Consolidated Financial Statements continued
28 Capital management continued
| 7⁵⁄₉p | 0.01p | ||
| ordinary | deferred | ||
| shares | shares | Total | |
| No. ’000 | No. ‘000 | £m | |
At 1 January 2023 | 122,688 | – | 9.3 |
| Deferred shares issued during the year for the capitalisation | |||
of reserves | – | 10,895,383.8 | 109.0 |
Deferred shares capital reduction | – | (10,895,383.8) | (109.0) |
At 31 December 2023 | 122,688 | – | 9.3 |
Cancellation of shares – Share buyback programme | (5,000) | – | (0.4) |
At 31 December 2024 | 117,688 | – | 8.9 |
Computacenter plc Annual Report and Accounts 2024208
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
29 Issued capital and reserves continued
| 2024 | 2023 | |
| £m | £m | |
ProSys Information Systems, Inc (ProSys) | 8.8 | 7.7 |
8.8 | 7.7 |
30 Share-based payments
Computacenter Performance Share Plan (PSP)
Under the Computacenter PSP, shares granted will be subject to certain performance conditions as described in
the Annual Report on Remuneration. As at 31 December 2024, the number of shares outstanding was as follows:
| 2024 | 2023 | |||
| Share price at | Number | Number | ||
Date of grant | Maturity date | date of grant | outstanding | outstanding |
20/03/2014 | 20/03/2017 | 682.5p | – | 6,557 |
26/03/2015 | 26/03/2018 | 720.0p | 9,667 | 11,729 |
22/03/2016 | 22/03/2019 | 845.0p | 11,930 | 19,396 |
22/03/2017 | 22/03/2020 | 736.5p | 11,304 | 18,939 |
21/03/2018 | 21/03/2021 | 1182.67p | 17,388 | 25,378 |
21/03/2019 | 21/03/2022 | 1192.00p | 53,323 | 219,372 |
23/03/2020 | 21/03/2023 | 993.00p | 114,082 | 152,999 |
23/03/2020 | 31/03/2023 | 993.00p | 173,892 | 173,892 |
22/03/2021 | 21/03/2024 | 2175.00p | 139,151 | 307,924 |
10/06/2021 | 21/03/2024 | 2671.00p | – | 7,384 |
21/03/2022 | 21/03/2025 | 2911.00p | 222,722 | 234,456 |
21/03/2022 | 21/03/2024 | 2911.00p | – | 10,880 |
06/04/2023 | 23/03/2026 | 2151.00p | 343,202 | 364,221 |
06/04/2023 | 30/03/2024 | 2151.00p | – | 4,587 |
06/04/2023 | 30/03/2025 | 2151.00p | 4,588 | 4,588 |
05/06/2023 | 01/07/2025 | 2379.00p | 5,695 | 5,695 |
05/06/2023 | 05/06/2025 | 2379.00p | 13,527 | 13,527 |
05/06/2023 | 23/06/2026 | 2318.00p | – | 33,973 |
14/09/2023 | 23/03/2026 | 2449.00p | 9,830 | 9,830 |
02/10/2023 | 23/03/2026 | 2530.00p | 5,040 | 5,040 |
26/03/2024 | 26/03/2025 | 2691.00p | 12,097 | – |
26/03/2024 | 26/03/2026 | 2691.00p | 12,098 | – |
26/03/2024 | 26/03/2027 | 2691.00p | 313,057 | – |
1,472,593 | 1,630,367 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 209
Notes to the Consolidated Financial Statements continued
30 Share-based payments continued
The following table illustrates the number of share options for the PSP Scheme:
| 2024 | 2023 | |
| Number | Number | |
| PSP Scheme | ||
Outstanding at the beginning of the year | 1,630,367 | 1,811,131 |
Granted during the year | 377,887 | 449,268 |
Forfeited during the year | (121,992) | (82,388) |
Exercised during the year * | (413,669) | (547,644) |
Outstanding at the end of the year | 1,472,593 | 1,630,367 |
Exercisable at the end of the year | 530,737 | 628,262 |
* The weighted average share price at the date of exercise for the options exercised was £26.93 (2023: £22.00).
The weighted average remaining contractual life for the options outstanding as at 31 December 2024 was
1.2 years (2023: 1.3 years).
Computacenter Sharesave Scheme (SAYE)
The Group operates a Sharesave Scheme which is available to all employees and full-time Executive Directors
of the Group and its subsidiaries who have worked for a qualifying period. All options granted under this
scheme are satisfied at exercise by way of a transfer of shares from the Computacenter Qualifying Employee
Share Trust. During the year, 716,429 options were granted (2023: 669,433) with a fair value of £4,246,949
(2023: £5,772,514).
Under the scheme the following options have been granted and are outstanding at the year end:
| 2024 | 2023 | |||
| Share | Number | Number | ||
Date of grant | Exercisable between | price | outstanding | outstanding |
October 2018 | 01/12/2023 – 31/05/2024 | 1,054.00p | 569 | 134,500 |
October 2019 | 01/12/2022 – 31/05/2023 | 1,138.00p | – | 63 |
October 2019 | 01/12/2024 – 31/05/2025 | 1,011.00p | 196,273 | 534,105 |
October 2020 | 01/12/2023 – 31/05/2024 | 2,092.00p | 241 | 51,323 |
October 2020 | 01/12/2025 – 31/05/2026 | 1,860.00p | 425,469 | 442,049 |
October 2021 | 01/12/2024 – 31/05/2025 | 2,571.00p | 121,800 | 131,064 |
October 2021 | 01/12/2026 – 31/05/2027 | 2,286.00p | 346,208 | 373,568 |
October 2021 | 01/12/2021 – 25/01/2024 | 2,468.00p | – | 20,690 |
December 2022 | 01/12/2022 – 01/06/2026 | 1,77200p | 228,192 | 248,384 |
December 2022 | 01/12/2022 – 01/06/2028 | 1,575.00p | 629,455 | 656,243 |
December 2022 | 01/12/2022 – 07/05/2025 | 1,665.00p | 22,545 | 44,600 |
December 2023 | 01/12/2023 – 01/06/2027 | 2,148.00p | 213,935 | 233,032 |
December 2023 | 01/12/2023 – 07/05/2029 | 2,021.00p | 378,992 | 400,858 |
December 2023 | 01/12/2023 – 07/05/2025 | 2,218.00p | 31,163 | 33,980 |
December 2024 | 01/12/2024 – 01/06/2028 | 2,098.00p | 151,250 | – |
December 2024 | 01/12/2024 – 01/06/2030 | 1,975.00p | 300,408 | – |
December 2024 | 01/12/2024 – 01/12/2027 | 2,098.00p | 64,227 | – |
December 2024 | 01/12/2024 – 01/12/2029 | 1,975.00p | 156,458 | – |
December 2024 | 01/12/2024 – 06/11/2026 | 1,839.00p | 39,086 | – |
3,306,271 | 3,304,459 |
Computacenter plc Annual Report and Accounts 2024210
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
30 Share-based payments continued
The following table illustrates the number (No.) and weighted average exercise price (WAEP) of share options for the Sharesave Scheme:
| 2024 | 2024 | 2023 | 2023 | |
| Number | WAEP | Number | WAEP | |
| Sharesave Scheme | ||||
Outstanding at the beginning of the year | 3,304,459 | £17.51 | 3,615,052 | £15.70 |
Granted during the year | 716,429 | £20.05 | 669,433 | £20.75 |
Forfeited during the year | (155,340) | £19.83 | (186,598) | £19.24 |
Exercised during the year * | (559,277) | £11.91 | (793,428) | £11.60 |
Outstanding at the end of the year | 3,306,271 | £18.90 | 3,304,459 | £17.51 |
Exercisable at the end of the year | 216,598 | £16.40 | 200,980 | £14.66 |
* The weighted average share price at the date of exercise for the options exercised was £24.21 (2023: £24.96).
The weighted average remaining contractual life for the options outstanding as at 31 December 2024 was 2.3 years (2023: 2.4 years).
The fair value of the PSP, Deferred Bonus Plan (DBP) and SAYE plans are estimated as at the date of grant using the Black-Scholes valuation model. The following tables give the assumptions made during the years ended
31 December 2024 and 31 December 2023:
2024
Nature of the arrangement
| PSP | PSP | PSP | PSP | PSP | PSP | PSP | |
| scheme | scheme | scheme | scheme | scheme | scheme | scheme | |
Date of grant | 26/03/2024 | 26/03/2024 | 26/03/2024 | 26/03/2024 | 26/03/2024 | 26/03/2024 | 26/03/2024 |
Number of instruments granted | 139,431 | 8,821 | 12,043 | 11,371 | 71,757 | 79,892 | 30,377 |
Exercise price | nil | nil | nil | nil | nil | nil | nil |
Share price at date of grant | £26.91 | £26.91 | £26.91 | £26.91 | £26.91 | £26.91 | £26.91 |
Contractual life (years) | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| See page 133 | See page 133 | See page 133 | See page 133 | See page 133 | |||
| of the Annual | of the Annual | of the Annual | of the Annual | of the Annual | |||
| Report on | Three-year | Report on | Report on | Report on | Report on | See note 1 | |
| Vesting conditions | Remuneration | service period | Remuneration | Remuneration | Remuneration | Remuneration | below |
Expected volatility | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Expected option life at grant date (years) | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
Risk-free interest rate | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Dividend yield | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
Fair value per granted instrument determined at grant date | £24.72 | £24.72 | £24.72 | £24.72 | £24.72 | £24.72 | £24.72 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 211
Notes to the Consolidated Financial Statements continued
30 Share-based payments continued
2024
Nature of the arrangement
| DBP | DBP | SAYE | SAYE | SAYE | |
| scheme | scheme | scheme | scheme | scheme | |
Date of grant | 26/03/2024 | 26/03/2024 | 01/12/2024 | 01/12/2024 | 01/12/2024 |
Number of instruments granted | 12,097 | 12,098 | 39,086 | 218,040 | 459,303 |
Exercise price | nil | nil | £18.39 | £20.98 | £19.75 |
Share price at date of grant | £26.91 | £26.91 | £21.64 | £21.64 | £21.64 |
Contractual life (years) | 1 | 2 | 2 | 3 | 5 |
| See page 133 of | See page 133 | Two-year | Three-year | Five-year | |
| the Annual | of the Annual | service period | service period | service period | |
| Report on | Report on | and savings | and savings | and savings | |
| Vesting conditions | Remuneration | Remuneration | requirement | requirement | requirement |
Expected volatility | n/a | n/a | 25.80% | 28.00% | 33.80% |
Expected option life at grant date (years) | 1 | 2 | 2 | 3 | 5 |
Risk-free interest rate | n/a | n/a | 0.41% | 0.41% | 0.41% |
Dividend yield | 2.9% | 2.9% | 3.63% | 3.63% | 3.63% |
Fair value per granted instrument determined at grant date | £26.16 | £25.43 | £4.70 | £4.29 | £6.81 |
2023
Nature of the arrangement
| PSP | PSP | PSP | PSP | PSP | PSP | PSP | PSP | |
| scheme | scheme | scheme | scheme | scheme | scheme | scheme | scheme | |
Date of grant | 06/04/2023 | 06/04/2023 | 06/04/2023 | 05/06/2023 | 05/06/2023 | 14/09/2023 | 02/10/2023 | 14/09/2023 |
Number of instruments granted | 193,453 | 169,047 | 9,528 | 33,973 | 13,527 | 7,146 | 5,040 | 2,684 |
Exercise price | nil | nil | nil | nil | nil | nil | nil | nil |
Share price at date of grant | £21.51 | £21.51 | £21.51 | £23.18 | £23.79 | £24.49 | £25.30 | £24.49 |
Contractual life (years) | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 3 |
| See page 152 | See page 152 | See page 152 | See page 152 | See page 152 | ||||
| of the Annual | of the Annual | of the Annual | of the Annual | of the Annual | ||||
| Report on | Report on | Report on | Report on | Report on | ||||
| Remuneration | Remuneration | Remuneration | Remuneration | Remuneration | ||||
| in the 2023 | in the 2023 | in the 2023 | in the 2023 | in the 2023 | ||||
| See note 1 | Annual Report | Three-year | Annual Report | Annual Report | Annual Report | Annual Report | See note 1 | |
| Vesting conditions | below | and Accounts | service period | and Accounts | and Accounts | and Accounts | and Accounts | below |
Expected volatility | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Expected option life at grant date (years) | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 3 |
Risk-free interest rate | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Dividend yield | 3.7% | 3.7% | 3.7% | 3.5% | 3.4% | 3.3% | 3.2% | 3.3% |
Fair value per granted instrument determined at grant date | £19.27 | £19.27 | £19.27 | £20.92 | £22.26 | £22.23 | £23.03 | £22.23 |
Computacenter plc Annual Report and Accounts 2024212
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
30 Share-based payments continued
2023
Nature of the arrangement
| DBP | DBP | DBP | SAYE | SAYE | SAYE | |
| scheme | scheme | scheme | scheme | scheme | scheme | |
Date of grant | 06/04/2023 | 06/04/2023 | 05/06/2023 | 01/12/2023 | 01/12/2023 | 01/12/2023 |
Number of instruments granted | 4,587 | 4,588 | 5,695 | 34,474 | 233,476 | 401,483 |
Exercise price | nil | nil | nil | £22.18 | £21.48 | £20.21 |
Share price at date of grant | £21.51 | £21.51 | £23.79 | £25.94 | £25.94 | £25.94 |
Contractual life (years) | 1 | 2 | 2 | 2 | 3 | 5 |
| See page 152 | See page 152 | See page 152 | ||||
| of the Annual | of the Annual | of the Annual | ||||
| Report on | Report on | Report on | ||||
| Remuneration | Remuneration | Remuneration | Two-year | Three-year | Five-year | |
| in the 2023 | in the 2023 | in the 2023 | service period | service period | service period | |
| Annual Report | Annual Report | Annual Report | and savings | and savings | and savings | |
| Vesting conditions | and Accounts | and Accounts | and Accounts | requirement | requirement | requirement |
Expected volatility | n/a | n/a | n/a | 30.70% | 29.00% | 36.60% |
Expected option life at grant date (years) | 1 | 2 | 2 | 2 | 3 | 5 |
Risk-free interest rate | n/a | n/a | n/a | 0.72% | 0.72% | 0.72% |
Dividend yield | 3.7% | 3.7% | 3.4% | 3.11% | 3.11% | 3.11% |
Fair value per granted instrument determined at grant date | £20.73 | £19.99 | £22.26 | £6.07 | £6.89 | £9.85 |
Note
1. Issued under the terms of the Computacenter Performance Share Plan 2005, as amended at the AGMs held on 19 May 2015 and 18 May 2018. One-quarter of the shares will vest if the compound annual EPS growth over the performance period equals 5% per annum. One-half of the shares
will vest if the compound annual EPS growth over the performance period equals 7.5% and the shares will vest in full if the compound annual EPS growth over the performance period equals 10%. If the compound annual EPS growth over the performance period is between 5% and 10%,
shares awarded will vest on a straight-line basis. The performance period usually covers a period of three years from 1 January of the year the award is granted.
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the recent historical volatility is indicative
of future trends, which may not necessarily be the actual outcome. No other features of the options granted were incorporated into the measurement of fair value.
31 Analysis of changes in net funds
| At 1 January | Cash flows | Non-cash | Exchange | At 31 December | |
| 2024 | in year | flow | differences | 2024 | |
| £m | £m | £m | £m | £m | |
Cash and short-term deposits | 471.2 | 29.5 | – | (11.1) | 489.6 |
Cash and cash equivalents | 471.2 | 29.5 | – | (11.1) | 489.6 |
Bank loans | (12.2) | 4.5 | – | 0.3 | (7.4) |
Adjusted net funds (excluding lease liabilities) | 459.0 | 34.0 | – | (10.8) | 482.2 |
Lease liabilities | (115.4) | 47.4 | (64.9) | 3.4 | (129.5) |
Net funds | 343.6 | 81.4 | (64.9) | (7.4) | 352.7 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 213
Notes to the Consolidated Financial Statements continued
31 Analysis of changes in net funds continued
The financing cash flows included in the table above are detailed as follows:
| Customer- | Liabilities from | |||||
| Revolving credit | specific | Lease | financing | |||
| Bank loans | facilities | financing | Others | liabilities | activities | |
| £m | £m | £m | £m | £m | £m | |
Balance at 1 January 2024 | (12.2) | – | – | – | (115.4) | (127.6) |
| Changes from financing cash flows: | ||||||
Interest paid | 0.1 | 0.4 | – | 0.8 | – | 1.3 |
Interest paid on lease liabilities | – | – | – | – | 5.8 | 5.8 |
Repayment of borrowings | 4.5 | 40.0 | – | – | – | 44.5 |
Payment of capital element of lease liabilities | – | – | – | – | 41.6 | 41.6 |
Drawdown of borrowings | – | (40.0) | – | – | – | (40.0) |
Total changes from financing cash flows | 4.6 | 0.4 | – | 0.8 | 47.4 | 53.2 |
The effect of changes in foreign exchange rates | 0.3 | – | – | – | 3.4 | 3.7 |
| Other changes: | ||||||
New leases | – | – | – | – | (61.5) | (61.5) |
Early termination of leases | – | – | – | – | 2.4 | 2.4 |
Interest expense | (0.1) | (0.4) | – | (0.8) | (5.8) | (7.1) |
Total other changes | (0.1) | (0.4) | – | (0.8) | (64.9) | (66.2) |
Balance at 31 December 2024 | (7.4) | – | – | – | (129.5) | (136.9) |
| At 1 January | Cash flows | Non-cash | Exchange | At 31 December | |
| 2023 | in year | flow | differences | 2023 | |
| £m | £m | £m | £m | £m | |
Cash and short-term deposits | 264.4 | 207.6 | – | (0.8) | 471.2 |
Cash and cash equivalents | 264.4 | 207.6 | – | (0.8) | 471.2 |
Bank loans | (20.1) | 6.9 | – | 1.0 | (12.2) |
Adjusted net funds (excluding lease liabilities) | 244.3 | 214.5 | – | 0.2 | 459.0 |
Lease liabilities | (127.1) | 46.1 | (30.7) | (3.7) | (115.4) |
Net funds | 117.2 | 260.6 | (30.7) | (3.5) | 343.6 |
Computacenter plc Annual Report and Accounts 2024214
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
31 Analysis of changes in net funds continued
The financing cash flows included in the table above are detailed as follows:
| Liabilities from | ||||||
| Revolving credit | Customer- | Lease | financing | |||
| Bank loans | facilities | specific financing | Others | liabilities | activities | |
| £m | £m | £m | £m | £m | £m | |
Balance at 1 January 2023 | (20.1) | – | – | – | (127.1) | (147.2) |
| Changes from financing cash flows: | ||||||
Interest paid | 0.3 | 0.4 | 0.3 | 1.6 | – | 2.6 |
Interest paid on lease liabilities | – | – | – | – | 4.7 | 4.7 |
Repayment of borrowings | 6.9 | 62.9 | – | – | – | 69.8 |
Payment of capital element of lease liabilities | – | – | – | – | 41.4 | 41.4 |
Drawdown of borrowings | – | (62.9) | – | – | – | (62.9) |
Total changes from financing cash flows | 7.2 | 0.4 | 0.3 | 1.6 | 46.1 | 55.6 |
The effect of changes in foreign exchange rates | 1.0 | – | – | – | 3.7 | 4.7 |
| Other changes: | ||||||
New leases | – | – | – | – | (33.8) | (33.8) |
Early termination of leases | – | – | – | – | 0.4 | 0.4 |
Interest expense | (0.3) | (0.4) | (0.3) | (1.6) | (4.7) | (7.3) |
Total other changes | (0.3) | (0.4) | (0.3) | (1.6) | (38.1) | (40.7) |
Balance at 31 December 2023 | (12.2) | – | – | – | (115.4) | (127.6) |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 215
Notes to the Consolidated Financial Statements continued
33 Pensions and other post-employment benefit plans continued
| 2024 | 2023 | |
| £m | £m | |
Retirement benefit obligation | 22.3 | 26.2 |
| 2024 | 2023 | |
| £m | £m | |
Balance at 1 January | 26.2 | 23.0 |
| Included in Consolidated Income Statement | ||
Current service cost | 1.7 | 1.4 |
Interest cost | 0.8 | 0.8 |
2.5 | 2.2 | |
| Included in Consolidated Statement of Comprehensive Income | ||
| Actuarial (gain)/loss arising from: | ||
– Changes in demographic assumptions | – | (0.2) |
– Change in financial assumptions | (3.9) | 1.3 |
– Experience adjustment | (0.6) | 1.7 |
Remeasurements (gain)/loss | (4.5) | 2.8 |
Effect of movements in exchange rates | (1.2) | (0.9) |
(5.7) | 1.9 | |
Other Benefits paid | (0.7) | (0.9) |
Balance at 31 December | 22.3 | 26.2 |
| 2024 | 2023 | |
| % | % | |
Discount rate | 3.4 | 3.2 |
Future salary growth | 2.6 | 3.9 |
| Turnover rates: | ||
– Non-managers | 5.7 | 5.7 |
– Supervisors | 2.7 | 2.7 |
– Executives | 2.7 | 2.7 |
| 2024 | 2023 | |||
| £m | £m | |||
Increase (1%) | Decrease (1%) | Increase (1%) | Decrease (1%) | |
Discount rate | 2.1 | (2.5) | 2.8 | (3.3) |
Future salary growth | (2.5) | 2.2 | (3.3) | 2.9 |
Turnover rates | 2.2 | (1.5) | 2.9 | (2.0) |
Computacenter plc Annual Report and Accounts 2024216
Strategic Report Governance Financial Statements Glossary
Notes to the Consolidated Financial Statements continued
| 2024 | 2023 | |
| £m | £m | |
| Biomni Limited | ||
Sales to related parties | – | – |
Purchase from related parties | – | 0.9 |
| 2024 | 2023 | |
| £m | £m | |
Short-term employee benefits | 2.2 | 3.7 |
Social security costs | 0.7 | 0.9 |
Share-based payments | – | 1.9 |
Pension costs | 0.1 | 0.1 |
Total compensation paid to key management personnel | 3.0 | 6.6 |
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 217
Notes to the Consolidated Financial Statements continued
Note
2024
£m
2023
£m
Non-current assets
Investment property 5 8.8 9.9
Investments 6 614.2 540.7
623.0 550.6
Current assets
Debtors 0.1 0.2
Prepayments 2.3 2.4
Cash and short-term deposits 0.3 –
2.7 2.6
Total assets 625.7 553.2
Current liabilities
Trade and other payables 7 292.2 65.8
Income tax payable 0.4 –
292.6 65.8
Total liabilities 292.6 65.8
Net assets 333.1 487.4
Capital and reserves
Issued share capital 8 8.9 9.3
Share premium 4.0 4.0
Capital redemption reserve 8 0.4 –
Own shares held (246.5) (140.4)
Retained earnings 566.3 614.5
Shareholders’ equity 333.1 487.4
The profit for the year ended 31 December 2024 included within Retained earnings is £134.8m (2023: £131.2m).
The accompanying notes on pages 220 to 224 form an integral part of these financial statements.
Approved by the Board on 17 March 2025.
MJ Norris
Chief Executive Officer
Company Balance Sheet
As at 31 December 2024
Computacenter plc Annual Report and Accounts 2024218
Strategic Report Governance Financial Statements Glossary
Company Balance Sheet
Issued share
capital
£m
Share
premium
£m
Capital
redemption
reserve
£m
Merger
reserve
£m
Own shares
held
£m
Retained
earnings
£m
Shareholders’
equity
£m
At 1 January 2024 9.3 4.0 – – (140.4) 614.5 487.4
Profit for the year – – – – – 134.8 134.8
Total comprehensive income for the year – – – – – 134.8 134.8
Reclassification – – – – 8.5 (8.5) –
Transactions with owners:
– Share buyback programme (note 8) – – – – (198.7) – (198.7)
– Expenses relating to share buyback programme (note 8) – – – – – (1.5) (1.5)
– Cancellation of shares (note 8) (0.4) – 0.4 – 84.2 (84.2) –
– Exercise of options – – – – 23.0 (17.0) 6.0
– Purchase of own shares – – – – (23.1) – (23.1)
– Share options granted to employees of subsidiary companies – – – – – 7.1 7.1
– Equity dividends – – – – – (78.9) (78.9)
Total (0.4) – 0.4 – (114.6) (174.5) (289.1)
At 31 December 2024 8.9 4.0 0.4 – (246.5) 566.3 333.1
At 1 January 2023 9.3 4.0 75.0 55.9 (127.7) 438.1 454.6
Profit for the year – – – – – 131.2 131.2
Total comprehensive income for the year – – – – – 131.2 131.2
Transactions with owners:
– Exercise of options – – – – 25.3 (16.1) 9.2
– Purchase of own shares – – – – (38.0) – (38.0)
– Share options granted to employees of subsidiary companies – – – – – 7.7 7.7
– Capital reduction – – (75.0) (55.9) – 130.9 –
– Equity dividends – – – – – (77.3) (77.3)
Total – – (75.0) (55.9) (12.7) 45.2 (98.4)
At 31 December 2023 9.3 4.0 – – (140.4) 614.5 487.4
The accompanying notes on pages 220 to 224 form an integral part of these financial statements.
Company Statement of Changes in Equity
For the year ended 31 December 2024
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 219
Company Statement of Changes in Equity
1 Authorisation of Financial Statements
The Parent Company’s Financial Statements of Computacenter plc (the Company) for the year ended
31 December 2024 were authorised for issue by the Board of Directors on 17 March 2025 and the Balance Sheet
was signed on the Board’s behalf by MJ Norris. Computacenter plc is a public limited company incorporated and
domiciled in England and Wales. The Company’s ordinary shares are traded on the London Stock Exchange.
2 Summary of material accounting policies
Basis of preparation and statement of compliance with FRS 101
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced
Disclosure Framework (FRS 101). The financial statements are prepared under the historical cost convention.
No profit and loss account is presented by the Company as permitted by section 408 of the Companies Act
2006. The results of Computacenter plc are included in the Consolidated Financial Statements of
Computacenter plc which are available from Computacenter plc, Hatfield Business Park, Hatfield Avenue,
Hatfield, AL10 9TW. The accounting policies which follow set out those policies which apply in preparing the
Financial Statements for the year ended 31 December 2024. The Financial Statements are prepared in pound
sterling (£) and all values are rounded to the nearest hundred thousand, except when otherwise indicated.
In preparing these Financial Statements, the Company applies the recognition, measurement and disclosure
requirements of UK-adopted international accounting standards (adopted IFRSs), but makes amendments
where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of
the FRS 101 disclosure exemptions has been taken:
(a) the requirements of paragraphs 45(b) and 46–52 of IFRS 2 Share-based Payment;
(b) the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64 (o)(ii),
B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
(d) the requirements of IFRS 7 Financial Instruments: Disclosures;
(e) the requirements of paragraphs 91–99 of IFRS 13 Fair Value Measurement;
(f) the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
(i) paragraph 79(a)(iv) of IAS 1;
(ii) paragraph 73(e) of IAS 16 Property, Plant and Equipment;
(iii) paragraph 118(e) of IAS 38 Intangible Assets; and
(iv) paragraphs 76 and 79(d) of IAS 40 Investment Property.
(g) the requirements of paragraphs 10(d), 10(f), 16, 38A-D, 40A-D, 111 and 134–136 of IAS 1 Presentation
of Financial Statements;
Notes to the Company Financial Statements
For the year ended 31 December 2024
(h) the requirements of IAS 7 Statement of Cash Flows;
(i) the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors;
(j) the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures;
(k) the requirements in IAS 24 Related Party Disclosures to disclose related-party transactions entered into
between two or more members of a group, provided that any subsidiary which is a party to the transaction
is wholly owned by such a member; and
(l) the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment
of Assets.
As applicable, equivalent disclosures are included in the Consolidated Financial Statements of the Group in
which the entity is consolidated.
Investment property
Investment property is defined as land and/or buildings held by the Company to earn rental income or for
capital appreciation or both, rather than for sale in the ordinary course of business or for use in supply of goods
or services or for administrative purposes. The Company recognises any part of an owned (or leased under
a finance lease) property that is leased to third parties as investment property, unless it represents an
insignificant portion of the property.
Investment property is measured initially at cost including transaction costs. Subsequent to initial recognition,
the Company elected to measure investment property at cost less accumulated depreciation and
accumulated impairment losses, if any.
Freehold land is not depreciated. Depreciation is provided on freehold building using the straight-line method
over its expected useful life, 25 years.
The fair values, which reflect the market conditions at the balance sheet date, are disclosed in note 5.
Investments
Fixed-asset investments are shown at cost less provision for impairment.
Impairment of assets
The carrying values of assets are reviewed for impairment when events or changes in circumstances indicate
that the carrying value may not be recoverable.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance
sheet date. All differences are taken to the profit and loss account.
Computacenter plc Annual Report and Accounts 2024220
Strategic Report Governance Financial Statements Glossary
Notes to the Company Financial Statements
2 Summary of material accounting policies continued
Amounts owed by/to subsidiary undertakings
Intra-group receivables are recognised initially at fair value, and subsequently at amortised cost using the
effective interest rate method, less an allowance for any uncollectable amounts. The Company assesses for
doubtful debts (impairment) using the expected credit losses model, as required by IFRS 9.
Intra-group payables are recognised initially at fair value, and subsequently at amortised cost using the
effective interest rate method.
Share-based payment transactions
The accounting policy in relation to share-based payment transactions is disclosed in full in the Consolidated
Financial Statements. In addition, the financial effect of awards by the Company of options over its equity
shares to employees of subsidiary undertakings is recognised by the Company in its individual financial
statements as an increase in its investment in subsidiaries, with a credit to equity equivalent to the IFRS 2
cost in subsidiary undertakings.
On transition to IFRS, the Group did not apply the measurement rules of IFRS 2 to equity-settled awards granted
before 7 November 2002 or granted after that date and vested before 1 January 2005. However, later
modifications of such equity instruments are measured under IFRS 2.
Taxation
Corporation tax payable is provided on taxable profits at the current tax rate. Where Group relief is surrendered
from other subsidiaries in the Group, the Company is required to pay to the surrendering company an amount
equal to the loss surrendered multiplied by the current tax rate.
Deferred tax is recognised in respect of all temporary differences that have originated, but not reversed, at the
balance sheet date where transactions or events that result in an obligation to pay more, or a right to pay less,
tax in the future have occurred at the balance sheet date.
Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in periods in
which temporary differences reverse, based on tax rates and laws enacted or substantively enacted at the
balance sheet date.
Own shares held
Shares in the Company, held by the Company, are classified in shareholders’ equity as own shares held and are
recognised at cost. Consideration received for the sale of such shares is also recognised in equity, with any
difference between the proceeds from sale and the original cost being taken to revenue reserves. No gain or
loss is recognised in the performance statements on the purchase, sale, issue or cancellation of equity shares.
Dividend distribution
Equity dividend distributions to the Company’s shareholders are recognised in the Company’s financial
statements in the period in which the dividends are approved by the Company’s shareholders.
3 Critical accounting estimates and judgements
The preparation of financial statements in conformity with FRS 101 requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying
the Company’s accounting policies.
Due to the inherent uncertainty in making these critical judgements and estimates, actual outcomes could
be different.
3.1 Critical estimates
Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the
year in which the estimates are revised and in any future years affected.
Recoverability of investments
On an annual basis the Company is required to perform a review of its investments to identify if indicators of
impairment or impairment reversal exist. If such indicators are identified, the Company compares the net
carrying value to the recoverable amounts of the relevant investments, based on a value-in-use calculation.
The value-in-use determination requires the Company to estimate the future cash flows expected to arise
from the investee, which include estimates of future performance, and a suitable discount rate applied in
order to calculate the present value.
The main assumptions used in the calculation of the recoverable amount are revenue growth and contribution
margin (resulting in annual earnings before interest and tax (EBIT)) and the discount rate.
Recoverability of investments continues to be disclosed as a critical estimate in the current year as the
estimates used in determining value-in-use are sensitive enough to affect the calculation materially.
A 5% decrease in EBIT over the first three forecasted years, followed by two extrapolated years based on the
relevant national growth rate, would reduce the impairment reversal recorded for Computacenter France SAS
(see Note 6) by £10.2m. A 1% increase in the discount rate would decrease the impairment reversal recorded by
£7.5m. A 10% decrease in working capital would decrease the impairment reversal recorded by £4.2m. No other
reasonably possible changes in the value-in-use calculations would result in a material change in the carrying
value of any other investments in subsidiary undertakings.
3.2 Critical judgements
There are no areas involving significant judgments made in applying the Company’s accounting policies that
would have a significant effect on the financial statements.
3.3 Change in critical estimates and critical judgements
The critical accounting estimates and judgements reported in the Company’s previous financial statements
are unchanged.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 221
Notes to the Company Financial Statements continued
4 Intangible assets
Intellectual
property
£m
Cost
At 1 January 2024 169.7
Disposal (169.7)
At 31 December 2024 –
Accumulated amortisation
At 1 January 2024 169.7
Disposal (169.7)
At 31 December 2024 –
Net book value
At 31 December 2024 –
At 31 December 2023 –
A licence in respect of intellectual property was purchased from a subsidiary and amortised over its useful life
of 20 years. The intangible asset was fully amortised at 1 January 2024 and has therefore been derecognised.
5 Investment properties
Freehold land
and buildings
£m
Cost
At 1 January 2024 and 31 December 2024 42.4
Accumulated depreciation
At 1 January 2024 32.5
Charge in the year 0.9
At 31 December 2024 33.5
Net book value
At 31 December 2024 8.8
At 31 December 2023 9.9
Investment property represents a building owned by the Company that is rented under a short-term rolling
arrangement to Computacenter (UK) Ltd, a wholly-owned subsidiary of the Company. Rental income during the
year was £4.2m (2023: £4.2m).
The fair value of investment property amounted to £32.8m at 31 December 2024 (2023: £32.2m). The fair values
for disclosure purposes have been determined using either the support of qualified independent external
valuers or by internal valuers with the necessary recognised and relevant professional qualification, applying
a combination of the present value of future cash flows and observable market values of comparable
properties. Management’s most recent external valuation of this property took place in February 2016. As this
property is rented to a subsidiary and is carried at depreciated cost value, an updated external valuation was
not sought at 31 December 2024.
Computacenter plc Annual Report and Accounts 2024222
Strategic Report Governance Financial Statements Glossary
Notes to the Company Financial Statements continued
6 Investments
Investments in
subsidiary
undertakings
£m
Loans to
subsidiary
undertakings
£m
Total
£m
Cost
At 1 January 2024 596.4 2.1 598.5
Additions 18.8 – 18.8
Share-based payments 5.0 – 5.0
At 31 December 2024 620.2 2.1 622.3
Amounts provided
At 1 January 2024 55.7 2.1 57.8
Reversed during the year (49.7) – (49.7)
At 31 December 2024 6.0 2.1 8.1
Net book value
At 31 December 2024 614.2 – 614.2
At 31 December 2023 540.7 – 540.7
During the year, the Company made an investment of £18.8m into Computacenter Holdings Inc., a wholly-owned
US subsidiary, by way of a capital contribution.
The carrying values of investments are reviewed annually or when events or changes in circumstances
indicate that the carrying value may not be recoverable. The Company assesses if such indicators exist at the
end of each reporting period by considering external and internal factors, including whether the carrying
amount of an investment exceeds the investee’s net assets or if a dividend exceeds the total comprehensive
income of the investee. The Company also evaluates its investments annually for any indicators of impairment
reversal.
During the year, the Company observed an improvement in the forecast working capital of Computacenter
France SAS, a wholly owned subsidiary. This enhancement has positively impacted the recoverable amount of
the investment, based on a value-in-use calculation, leading to a reversal of the previously recognised impairment
loss. However, it is important to note that the value-in-use is sensitive to future changes in working capital
requirements of the subsidiary and Computacenter Group’s informal cash pooling arrangements.
The Company has determined that an impairment reversal of £49.7m should be recognised in 2024, which has
been included within the current year’s profit of £134.8m.
The discount rate used in the estimates of value in use for Computacenter France SAS was 10.1% (previous
estimate: 12.2%).
Details of the principal investments at 31 December in which the Company holds more than 20% of the nominal
value of ordinary share capital are given in note 18 to the Consolidated Financial Statements.
7 Trade and other payables
2024
£m
2023
£m
Accruals 0.2 –
Amount owed to subsidiary undertaking 292.0 65.8
292.2 65.8
Amount owed to subsidiary undertaking is repayable on demand. The movement during the year is mainly due
to the share buyback programme and equity dividends.
8 Issued share capital and reserves
Share capital
Issued and fully paid
7⁵⁄₉p
ordinary
shares
No. ’000
0.01p
deferred
shares
No. ‘000
Total
£m
At 1 January 2023 122,688 – 9.3
Deferred shares issued during the year for the capitalisation
of reserves – 10,895,383.8 109.0
Deferred shares capital reduction – (10,895,383.8) (109.0)
At 31 December 2023 122,688 – 9.3
Cancellation of shares – share buyback programme (5,000) – (0.4)
At 31 December 2024 117,688 – 8.9
Share buyback programme
The Company announced on 26 July 2024 that it would return up to £200.0m to shareholders via a share
buyback programme (the programme) which would end on or before 30 June 2025, with its sole purpose being
to reduce the Company’s share capital.
On 26 July 2024, the Company commenced repurchases of up to 11,414,110 of its ordinary shares under the
programme. A total of 7,897,178 shares were purchased, at a volume weighted average price per share of
2,516.19p, for a total cost of £198.7m, which has been reflected as a debit to ‘Own shares held’. The Company
holds the shares repurchased pursuant to the programme as treasury shares.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 223
Notes to the Company Financial Statements continued
8 Issued share capital and reserves continued
Subsequently, 5,000,000 treasury shares were cancelled. This resulted in a decrease in share capital and an
increase in capital redemption reserve by £0.4m, which represents the nominal value of the cancelled shares.
The programme was concluded on 30 October 2024.
Expenses relating to share buyback programme
Expenses relating to the share buyback programme of £1.5m have been accounted for as a deduction from
retained earnings (equity), since they represent incremental costs directly attributable to the share buyback
programme. These include stamp duty, regulatory fees and amounts paid to legal and other professional
advisors.
Capital redemption reserve
The capital redemption reserve is used to maintain the Company’s capital following the purchase and
cancellation of its own shares.
As detailed above, the Company cancelled 5,000,000 of its shares held in treasury, resulting in a credit of £0.4m
(2023: nil). Other than the share buyback programme, the Company did not repurchase its own shares for
cancellation (2023: nil).
Merger reserve
The merger reserve of £55.9m was created on acquisition of Computacenter (UK) Limited on 14 October 1995
by Computacenter plc. Immediately following the acquisition, this merger reserve was reduced to nil in the
Group’s Consolidated Financial Statements, due to the write off of goodwill arising on the consolidation of
Computacenter (UK) Limited.
As disclosed in the 2023 Annual Report and Accounts, the issued share capital of the Company was increased
by £109.0m by the issue of deferred shares of 0.01p each (the new deferred shares). The new deferred shares
were issued through capitalisation of the merger reserves and the dividend in specie made to the Company by
Computacenter (UK) Limited in December 2020, in respect of shares in Pivot Technology Solutions, Ltd. This
reduced the Company’s merger reserve of £55.9m to nil.
The new deferred shares were then subject to a capital reduction that became effective on 21 June 2023,
following the necessary regulatory filings, which created distributable reserves within the Company for £109.0m.
9 Borrowings
Credit facility
On 9 December 2022, Computacenter Group entered into an unsecured multi-currency revolving loan facility
of £200.0m in order to rationalise its treasury operations. The facility had a term of five years plus two one-year
extension options exercisable on the first and second anniversary of the facility. The Group has exercised the
two extension options on the first and second anniversary, extending the term to seven years with a revised
expiry of 8 December 2029. The Company paid arrangement fees of £2.5m, which are included within
prepayments on the Balance Sheet and are being amortised over the term of the facility.
The balance outstanding against this facility as at 31 December 2024 was nil (2023: nil).
10 Auditor’s remuneration
All auditor’s remuneration is borne by Computacenter (UK) Ltd, a wholly-owned UK subsidiary of the Company.
The amount payable to the auditor in respect of the audit of the Company is £0.9m (2023: £1.1m).
The Company is exempt from providing details of non-audit fees as it prepares Consolidated Financial
Statements in which the details are required to be disclosed on a consolidated basis (see note 7 to the
Consolidated Financial Statements).
11 Employee costs
The average number of Directors employed during the year was 2 (2023: 2), who are remunerated through
other Group companies. The Company has no other employees.
12 Dividends paid and proposed
2024
p/share
2024
£m
2023
p/share
2023
£m
Amounts recognised as distributions to
owners in the financial year
Equity dividends on ordinary shares:
Paid prior financial year dividend 47.4 53.5 45.8 51.9
Paid interim dividend 23.3 25.4 22.6 25.4
70.7 78.9 68.4 77.3
Proposed (not recognised as a liability as at
31 December)
Equity dividends on ordinary shares:
Proposed final dividend at financial year end 40.7 43.2 47.4 54.1
13 Distributable reserves
Dividends are paid from the standalone balance sheet of the Company, and as at 31 December 2024 the
distributable reserves were approximately £319.8m (2023: £474.1m).
Computacenter plc Annual Report and Accounts 2024224
Strategic Report Governance Financial Statements Glossary
Notes to the Company Financial Statements continued
Group five-year summary results
Year ended 31 December
2020
£m
2021
£m
2022
£m
2023
£m
2024
£m
Revenue 5,441.3 5,034.5
*
6,470.5 6,922.8 6,964.8
Adjusted operating profit 206.4 262.8 269.1 271.5 246.7
Adjusted profit before tax 200.5 255.6 263.7 278.0 254.0
Profit for the year 154.2 186.5 184.2 199.4 171.9
Adjusted diluted earnings per share 126.4p 165.6p 169.7p 174.8p 159.9p
Adjusted net funds 188.6 241.4 244.3 459.0 482.2
Average number of employees 16,086 17,980 19,370 20,308 20,314
Average number of full-time equivalents 16,764 17,496 18,708 19,576 19,571
* Revenue for the year ended 31 December 2021 has been restated to reflect the change in revenue recognition policies relating to software licences and third-party services agreements resold on a standalone basis, following the finalisation of an agenda decision by the IFRS
Interpretation Committee.
Group five-year summary balance sheet
As at 31 December
2020
£m
2021
£m
2022
£m
2023
£m
2024
£m
Tangible assets 107.0 90.0 94.1 96.1 90.7
Right-of-use assets 129.6 138.1 119.4 104.5 119.0
Intangible assets 274.7 273.7 342.1 322.4 317.5
Investment in associate 0.1 0.1 0.1 0.1 0.1
Deferred tax asset 10.1 30.2 11.3 11.6 6.3
Non-current trade and other receivables – – 9.9 21.1 32.7
Non-current prepayments 23.6 16.6 19.4 10.3 7.7
Inventories 211.3 341.3 417.7 216.0 307.2
Trade and other receivables (including income tax receivables) 1,105.9 1,263.5 1,698.4 1,510.6 1,677.2
Prepayments and accrued income 228.2 251.1 259.7 291.6 309.8
Derivative financial instruments 1.6 3.6 7.5 2.5 8.2
Cash and short-term deposits 309.8 285.2 264.4 471.2 489.6
Current liabilities (1,586.2) (1,763.2) (2,210.6) (1,976.6) (2,409.7)
Non-current liabilities (184.8) (185.4) (161.4) (132.0) (137.3)
Net assets 630.9 744.8 872.0 949.4 819.0
Group five-year financial review
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 225
Group five-year financial review
Financial calendar
Event Date
AGM 15 May 2025
Ex-dividend date 5 June 2025
Dividend record date 6 June 2025
Dividend payment date 4 July 2025
Interim results announcement 9 September 2025
Board of Directors
Pauline Campbell (Non-Executive Chair)
Mike Norris (Chief Executive Officer)
Chris Jehle (Chief Financial Officer)
1
Philip Hulme (Non-Executive Director)
Kelly Kuhn (Non-Executive Director)
2
Simon McNamara (Non-Executive Director)
3
Ljiljana Mitic (Non-Executive Director)
Peter Ogden (Non-Executive Director)
Ros Rivaz (Non-Executive Director)
4
Peter Ryan (Non-Executive Director)
5
Adam Walker (Senior Independent Director)
6
René Carayol (Non-Executive Director)
1. Stepped down on 16 December 2024
2. Appointed on 30 September 2024
3. Appointed on 9 January 2025
4. Stepped down on 30 September 2024
5. Stepped down on 14 May 2024
6. Appointed on 30 August 2024
Principal bankers
Barclays Bank plc
1 Churchill Place
Canary Wharf
London
E14 5HP
United Kingdom
Tel: +44 (0) 345 7345 345
HSBC Bank plc
8 Canada Square
London
E14 5HQ
United Kingdom
Tel: +44 (0) 345 740 4404
Auditor
Grant Thornton UK LLP
30 Finsbury Square
London
EC2A 1AG
United Kingdom
Tel: +44 (0) 20 7383 5100
Company Secretary
Simon Pereira
Registered office
Hatfield Avenue
Hatfield
Hertfordshire
AL10 9TW
United Kingdom
Tel: +44 (0) 1707 631000
Stockbrokers and investment bankers
J.P. Morgan
25 Bank Street
Canary Wharf
London
E14 5JP
United Kingdom
Tel: +44 (0) 20 7742 4000
Jefferies International Limited
100 Bishopsgate
London
EC2N 4JL
United Kingdom
Tel: +44 (0) 20 7029 8000
Registrar and transfer office
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
United Kingdom
Tel: +44 (0) 371 384 2027
Solicitor
Linklaters LLP
One Silk Street
London
EC2Y 8HQ
United Kingdom
Tel: +44 (0) 20 7456 2000
Company registration number
03110569
Website
www.computacenter.com
Corporate information
Computacenter plc Annual Report and Accounts 2024226
Strategic Report Governance Financial Statements Glossary
Corporate information
Principal offices
UK and Group headquarters
Computacenter plc
Hatfield Avenue
Hatfield
Hertfordshire
AL10 9TW
United Kingdom
Tel: +44 (0) 1707 631000
Belgium
Computacenter NV/SA
Ikaroslaan 31
B-1930 Zaventem
Belgium
Tel: +32 (0) 2 704 9411
France
Computacenter France SAS
229 rue de la Belle Étoile
ZI Paris Nord II
BP 52387
95943 Roissy CDG Cedex
France
Tel: +33 (0) 1 48 17 41 00
Germany
Computacenter AG & Co. oHG
Tölzer Str. 1
81379 München
Germany
Tel: +49 (0) 2273 5970
Computacenter AG
Schildergasse 84 A 50667 Köln
Germany
Tel: +49 (0) 22142 07430
Computacenter Germany AG & Co. oHG
Werner-Eckert-Str. 16-18
81829 München
Germany
Tel: +49 (0) 8945 7120
Hungary
Computacenter Services Kft
Haller Gardens, Building D.
1st Floor Soroksári út 30-34
Budapest 1095
Hungary
Tel: +36 1 777 7488
India
Computacenter India Private Limited,
Bren Artimus, #9/8-1
Dr. M.H. Marigowda Road
Hosur Road, Adugodi
Bengaluru, 560029
India
Tel: +91 95386 11122
Japan
Computacenter Japan K.K.
Cross Office Mita 601
5-29-20 Shiba
Minato-ku Tokyo
Japan
Tel: +81 3 6809 3032
Malaysia
Computacenter Services (Malaysia) Sdn Bhd
Level 12, Tower 4, Puchong Financial Corporate Centre
Jalan Puteri 1/2, Bandar Puteri
47100 Puchong
Selangor Darul Ehsan
Malaysia
Tel: +603 7724 9626
Mexico
Computacenter México S.A. de C.V.
Av. Paseo de la Reforma, No. 412-5
Col. Juárez
Delegación Cuauhtémoc
CP 06600
México City
México
Tel: +52 (55) 6844 0700
Netherlands
Computacenter B.V.
Gondel 1
1186 MJ Amstelveen
Netherlands
Tel: +31 (0) 88 435 8000
Romania
Computacenter Services S.R.L.
Stables Office
20A Onisifor Ghibu
Record Park
Cluj-Napoca, CJ 400185
Romania
South Africa
Computacenter (Pty) Ltd
Building 1
Klein D’Aria Estate
97 Jip de Jager Drive
Bellville, 7530
Cape Town
South Africa
Tel: +27 (0) 21 957 4900
Spain
Computacenter Services (Iberia) S.L.U.
Carrer de Sancho De Avila 52-58
08018 Barcelona
Spain
Tel: +34 936 207 000
Switzerland
Computacenter AG
Riedstrasse 14
CH-8953 Dietikon
Switzerland
Tel: +41 (0) 43 322 40 80
United States of America
Computacenter United States, Inc.
1 University Avenue
Suite 102, Westwood
MA 02090
United States of America
Tel:+ 1 800-228-8324
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 227
Principal offices
Glossary
229 Alternative performance measures
231 Terminology
232 Disclaimer: Forward-looking statements
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024228
Alternative performance measures are used by the Group to understand and manage performance. These are
not defined under International Financial Reporting Standards (IFRS) or UK-adopted International Accounting
Standards (UK-IFRS) and are not intended to be a substitute for any IFRS or UK-IFRS measures of performance.
They have been included as Management considers them to be important measures, alongside the comparable
Generally Accepted Accounting Practice (GAAP) financial measures, in assessing underlying performance.
Wherever appropriate and practical, we provide reconciliations to relevant GAAP measures. The table below
sets out the basis of calculation of the alternative performance measures and the rationale for their use.
Measure Description Rationale
Adjusted net funds
and net funds
Adjusted net funds or adjusted net debt includes
cash and cash equivalents, other short- or
long-term borrowings and current asset
investments. Following the adoption of IFRS 16,
this measure excludes all lease liabilities
recognised under IFRS 16.
Net funds is adjusted net funds including all lease
liabilities recognised under IFRS 16.
The Group excludes lease
liabilities from its non-GAAP
adjusted net funds measure, to
allow an alternative view of the
Group’s overall liquidity position
excluding the effect of the lease
liabilities required to be
capitalised under the IFRS 16
accounting standard.
A table reconciling this measure,
including the impact of lease
liabilities, is provided within note
31 to the Consolidated Financial
Statements.
Measure Description Rationale
Adjusted expense
and profit
measures
Adjusted administrative expense, adjusted
operating profit or loss, adjusted profit or loss
before tax, adjusted tax, adjusted profit or loss,
adjusted earnings per share and adjusted diluted
earnings per share are, as appropriate, each stated
before: exceptional and other adjusting items,
including gains or losses on business acquisitions
and disposals, amortisation of acquired
intangibles, utilisation of deferred tax assets
(where initial recognition was as an exceptional
item or a fair value adjustment on acquisition),
and the related tax effect of these exceptional
and other adjusting items.
• Recurring items include purchase price
adjustments, including amortisation of acquired
intangible assets and adjustments made to
reduce deferred income arising on acquisitions
and acquisition-related items. Recurring items
are adjusted each period, irrespective of
materiality, to ensure consistent treatment.
• Non-recurring items are those that Management
judge to be one-off or non-operational, such as
gains and losses on the disposal of assets,
impairment charges and reversals, and
restructuring related costs.
Adjusted measures exclude
items which in Management’s
judgement need to be disclosed
separately by virtue of their size,
nature or frequency, to aid
understanding of the
performance for the year or
comparability between periods.
Adjusted measures allow
Management and investors
to compare performance
without these recurring or
non-recurring items.
Management does not consider
these items when reviewing the
underlying performance of a
Segment or the Group as a whole.
A reconciliation to adjusted
measures is provided on page
033 of the financial review, which
details the impact of exceptional
and other adjusted items when
compared to the non-GAAP
financial measures, in addition
to those reported in accordance
with IFRS. Further detail is
provided within note 4 to the
Consolidated Financial Statements.
Constant currency We evaluate the long-term performance and
trends within our strategic KPIs on a constant-
currency basis. The performance of the Group and
its overseas Segments are also shown, where
indicated, in constant currency. The constant
currency presentation, which is a non-GAAP
measure, excludes the impact of fluctuations
in foreign currency exchange rates.
We believe providing constant
currency information gives
valuable supplemental detail
regarding our results of
operations, consistent with how
we evaluate our performance.
Alternative performance measures
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 229
Alternative performance measures
Measure Description Rationale
Free cash flow Free cash flow is cash flow from operations minus
net interest received, interest and payments
related to lease liabilities, income tax paid and
gross capital expenditure.
Free cash flow measures the cash
generated by the operating
activities during the period that is
available to repay debt, undertake
acquisitions or distribute
to shareholders.
Gross invoiced
income and IFRS
revenue
Gross invoiced income is based on the value of
invoices raised to customers, net of the impact
of credit notes and excluding VAT and other sales
taxes. Gross invoiced income includes all items
recognised on an ‘agency’ basis within revenue,
on a gross income billed to customers basis,
as adjusted for deferred and accrued revenue.
A reconciliation of revenue to gross invoiced
income is provided within note 4 to the
Consolidated Financial Statements.
IFRS revenue refers to revenue recognised in
accordance with International Financial Reporting
Standards, including IFRS 15 ‘ Revenue from
Contracts with Customers’ and IFRS 16 ‘Leases’.
Gross invoiced income reflects
the cash movements to assist
Management and the users of the
Annual Report and Accounts in
understanding revenue growth
on a ‘principal’ basis and to assist
in their assessment of working
capital movements in the
Consolidated Balance Sheet and
Consolidated Cash Flow
Statement. This measure allows
an alternative view of growth in
adjusted gross profit, based on
the product mix differences and
the accounting treatment thereon.
Measure Description Rationale
Organic revenue
and profit
measures
In addition to the adjustments made for adjusted
measures, organic measures:
• exclude the contribution from discontinued
operations, disposals and assets held for sale
of standalone businesses in the current and
prior period;
• exclude the contribution from acquired
businesses until the year after the first full year
following acquisition; and
• adjust the comparative period to exclude
prior-period acquired businesses if they were
acquired part-way through the prior period.
Acquisitions and disposals where the revenue
and contribution impact would be immaterial are
not adjusted.
Organic measures allow
Management and investors to
understand the like-for-like
revenue and current-period
margin performance of the
underlying business.
There have been no material
acquisitions since 1 January
2023. Therefore, the result for the
year did not have any benefit
within revenue or adjusted profit
before tax.
The results of any acquisitions
would be excluded where
narrative discussion refers to
‘organic’ growth in future
announcements.
Product order
backlog
The total value of committed outstanding purchase
orders placed with our technology vendors against
non-cancellable sales orders received from our
customers for delivery within 12 months, on a gross
invoiced income basis.
The Technology Sourcing backlog,
alongside the Managed Services
contract base and the
Professional Services forward
order book, gives us visibility of
future revenues in these areas.
Return on capital
employed (ROCE)
ROCE is calculated as adjusted operating profit,
divided by capital employed, which is the closing
total net assets excluding adjusted net funds.
This is an indicator of the current
period financial return on the
capital invested in the Group.
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024230
Alternative performance measures
continued
Terminology
Term Meaning
Annual reporting and financial terminology
AGM Annual General Meeting
CAGR Compound Annual Growth Rate
CGU Cash-Generating Unit
DTR Disclosure Guidance and Transparency Rules
EBITDA Earnings Before Interest Taxes Depreciation and
Amortisation
EBT Employee Benefit Trust
EPS Earnings Per Share
ETR Effective Tax Rate
EU European Union
H1/H2 First half/second half of the year
IFRS International Financial Reporting Standards
KPI Key Performance Indicator
LTIP Long Term Incentive Plan
OECD Organisation for Economic Co-operation and
Development
PBT Profit Before Tax
PSP Performance Share Plan
% per cent
m millions
p pence
Term Meaning
Technology terminology
AI Artificial Intelligence
CRM Customer Relationship Management
DaaS Device as a Service
DC Data Center
ERP Enterprise Resource Planning
SaaS Software as a Service
Computacenter terminology
BITS Business IT Source Holdings, Inc.
Company Computacenter plc
Emerge Emerge 360 Japan k.k (Emerge) and subsidiaries
Group The term Group refers to Computacenter plc and its
subsidiaries
ITL ITL logistics GmbH
MS Managed Services
ONE CC Computacenter intranet site
Our Purpose Computacenter plc Purpose Statement
Pivot Pivot Technology Solutions Ltd. and subsidiaries
PS Professional Services
Public sector Central and local government
RDC R.D. Trading Ltd, our Circular Services business
Segments IAS8 Reporting Segments
Services Managed Services and Professional Services that
Computacenter delivers
TS Technology Sourcing
VAR Value-added reseller
Term Meaning
Management terminology
CEO Chief Executive Officer
CFO Chief Financial Officer
ED Executive Director
ELT Executive Leadership Team
HR Human Resources
Management The Group Executive Management Team
NED Non-Executive Director
ESG terminology
CDP Carbon Disclosure Project
D&I Diversity and Inclusion
ESG Environmental, Social and Governance
GHG Greenhouse Gas
STEM Science, technology, engineering, and mathematics
TCFD Task Force on Climate-Related Financial Disclosures
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024 231
Terminology
This Annual Report and Accounts includes statements that are, or may be deemed to be, ‘forward-looking
statements’. These forward-looking statements can be identified by the use of forward-looking terminology,
including the terms ‘anticipates’, ‘believes’, ‘estimates’, ‘expects’, ‘intends’, ‘may’, ‘plans’, ‘projects’, ‘should’ or ‘will’,
or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy,
plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that
are not historical facts. They appear in a number of places throughout this Annual Report and Accounts and
include, but are not limited to, statements regarding the Group’s intentions, beliefs or current expectations
concerning, amongst other things, results of operations, prospects, growth, strategies and expectations of
its respective businesses.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events
and circumstances. Forward-looking statements are not guarantees of future performance and the actual
results of the Group’s operations and the development of the markets and the industry in which it operates or
are likely to operate and its respective operations may differ materially from those described in, or suggested
by, the forward-looking statements contained in this Annual Report and Accounts. In addition, even if the results
of operations and the development of the markets and the industry in which the Group operates are consistent
with the forward-looking statements contained in this Annual Report and Accounts, those results or developments
may not be indicative of results or developments in subsequent periods. A number of factors could cause results
and developments to differ materially from those expressed or implied by the forward-looking statements,
including, without limitation, those risks in the risk factor section of this Annual Report and Accounts, as well
as general economic and business conditions, industry trends, competition, changes in regulation, currency
fluctuations or advancements in research and development.
Forward-looking statements speak only as of the date of this Annual Report and Accounts and may, and often do,
differ materially from actual results. Any forward-looking statements in this Annual Report and Accounts reflect
the Group’s current view with respect to future events and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to the Group’s operations, results of operations and growth strategy.
Neither Computacenter plc nor any of its subsidiaries undertakes any obligation to update the forward-looking
statements to reflect actual results or any change in events, conditions or assumptions or other factors unless
otherwise required by applicable law or regulation.
Disclaimer: forward-looking statements
Strategic Report Governance Financial Statements Glossary
Computacenter plc Annual Report and Accounts 2024232
Disclaimer: forward-looking statements
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Computacenter is a leading independent technology and services
provider, trusted by large corporate and public sector organisations.
We are a responsible business that believes in winning together for our
people and our planet. We help our customers to Source, Transform and
Manage their technology infrastructure to deliver digital transformation,
enabling people and their business. Computacenter plc is a public
company quoted on the London Stock Exchange (CCC.L) and a member
of the FTSE 250. Computacenter employs over 20,000 people worldwide.
Computacenter plc
Hatfield Avenue, Hatfield, Hertfordshire AL10 9TW, United Kingdom
Tel: +44 (0) 1707 631000
www.computacenter.com
E&OE. All trademarks acknowledged.
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