ii view: Computacenter shares soar amid tech boom

First-half trading update to 30 June

• Now expects first-half adjusted pre-tax profit to be approximately double that of last year's £81.5 million
• Now expects full-year adjusted pre-tax profit to be comfortably ahead of current City forecasts

ii round-up:

Tech hardware supplier and IT consultant Computacenter (LSE:CCC) today flagged a better-than-expected second-quarter trading performance given ongoing high demand from giant tech companies and hyperscale customers.

Adjusted pre-tax profit for the six months to June is now expected to be about double that of last year's £81.5 million. As such, profit on the same basis for the full year is now expected to comfortably exceed current City forecasts of around £313 million. That compares with last year’s £272 million.

Shares in the recently promoted FTSE 100 company rose 11% in UK trading having come into this latest news up around 40% so far in 2026. FTSE 250 tech firm Kainos Group (LSE:KNOS) has fallen by around quarter year-to-date as fears regarding the potential impact of AI on software companies have hit. The FTSE 100 and FTSE 250 are up 5% and 3% respectively in 2026.

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As well as being one of the world's six largest resellers of tech equipment, Computacenter also advises organisations on IT strategy, implements the appropriate technology and manages customer infrastructure for them.

The Hatfield, Hertfordshire headquartered company’s committed product order backlog as of late June stood well ahead of the late December position of £7.1 billion.

Alongside strong product volume growth from North American hyperscale customers, further AI-related projects also helped push excellent tech-product sourcing growth for its UK business.

Germany also saw good growth in tech product sourcing, although with consultancy or professional services still subdued.

Broker Jefferies reiterated its ‘buy’ stance on the shares post the update, raising its price target to £53 from £50.

Computacenter’s first-half results are scheduled for 8 September.

ii view:

Began in 1981, Computacenter today employs more than 21,000 people worldwide. Technology sourcing accounted for most revenues over the company’s last financial year at just over fourth-fifths, with service revenues the balance.

North America generated most sales in 2025 at 53%, followed by Germany at 23%, the UK 15% and Western Europe most of the 9% balance. Group customers do or have included Microsoft, IBM, Dell Technologies, Cisco, and Transport for London.

For investors, management outlook comments referencing tougher second-half comparatives are not to be ignored. Some pulling forward of future demand may be the case given shortages of hardware components such as microchips. A forecast price/earnings (PE) ratio above the three- and 10-year averages may suggest the shares are not obviously cheap, while corporate investment in technology is cyclical and subject to ups and downs.

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On the upside, AI requirements, IT efficiency, digitalisation and cyber security all remain key focuses for companies, organisations, and governments globally. Net funds held of £426 million as of late December point to a robust balance sheet. Customer sector and geographical diversification exist, while shareholder returns total over £1 billion since coming to the stock market, with the shares now sat on a forecast dividend yield of close to 2%.

On balance, and while risks remain, vast sums of money being spent by tech titans such as Amazon, Meta and Alphabet on AI investments look to offer grounds for continued investor optimism.    

Positives:

• Product and customer sector diversity
• Exposure to potential AI requirements

Negatives:

• IT sales are often volatile
• Currency moves can impact

The average rating of stock market analysts:

Buy