Computacenter
Website:
Computacenter
Index:
FTSE 250
EPIC: CCC
Supersector:
Technology
Sector:
Software and Computer Services
Subsector:
Computer Services
Market Cap:
£4.73B
Payout Frequency: Semi-Annual
Computacenter Dividend Analysis and Summary
Key Dividend Details
- Dividend type: Final
- Final dividend: 51.0p per share (FY24: 47.4p)
- Total FY25 dividend: 74.6p per share (+5.5% YoY)
- Ex-dividend date: 04/06/2026
- Record date: 05/06/2026
- Payment date: 03/07/2026 (subject to AGM approval on 19/05/2026)
- Policy: interim c. one-third of prior year’s total; target cover 2.0–2.5x adjusted diluted EPS
- FY25 adjusted diluted EPS: 175.1p ? dividend cover ~2.35x; payout ratio ~42.6%
Dividend Sustainability and Growth
- Cyclically sensible payout: Cover of ~2.35x sits mid-range of the 2.0–2.5x policy, supporting the +5.5% FY25 dividend uplift.
- Cash support: FY25 free cash flow of £206.9m versus dividends paid of £74.6m (~2.8x FCF cover); adjusted net funds of £606.0m underline balance sheet strength.
- Parent distributable reserves: Rebuilt from £27.6m (31 Dec 2025) to £274.0m (28 Feb 2026) via a £260.8m upstream dividend after a group reorganisation—removing a key technical constraint on future distributions.
- Earnings visibility: Record product order backlog of £7.1bn and ongoing North America momentum support medium-term cash generation, albeit with lower gross margins from high-volume Technology Sourcing.
Capital Allocation and Structural Factors
- M&A: Acquisition of AgreeYa (completed Jan 2026) for up to $120m, funded from cash—expands Professional Services; near-term cash call manageable relative to liquidity.
- Investment: 2026 capex guided to ~£85m (ERP design and new Atlanta Integration Center). Still compatible with dividend policy given net funds and FCF.
- Shareholder returns track record: Over £1bn distributed since 2013; 2024 buyback of ~£200m (none in 2025) shows flexibility alongside ordinary dividends.
- Policy reaffirmed: Guidance for 2026 dividend cover remains 2.0–2.5x adjusted diluted EPS, indicating continued discipline.
Risks and Flags to Dividend Stability
- Technical/legal constraint now addressed: Previously low parent-company distributable reserves (£27.6m) could have limited payouts; post-reorganisation reserves of £274.0m provide ample headroom.
- Margin mix pressure: Group gross margin fell 242bps due to North America hyperscale volume. Sustained margin compression could temper dividend growth if not offset by scale and Services mix.
- Operational exposures: Increased provisions on a small number of contracts (£14.8m customer contract provisions) and impairment in France (£20.2m exceptional) highlight execution risk.
- Cyclical and supply risks: Management notes hardware component shortages and macro uncertainty; concentration risk from large North American customers may add volatility.
- Higher tax and investment needs: Adjusted ETR 30.8% and elevated capex could modestly tighten FCF, though current coverage remains strong.
Read more
Computacenter Annual Dividend Yield - 1.64%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 05/06/2025 |
04/07/2025 |
Final |
47.40p |
GBX |
| 25/09/2025 |
24/10/2025 |
Interim |
23.60p |
GBX |
Total (Annual Dividends Per Share):
71.00p
Dividend Yield =
Annual Dividends Per Share (71.00p)
÷ Share Price (4340p)
= 1.64%
Computacenter Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 04/06/2026 |
03/07/2026 |
Final |
51.0000p |
GBX |
| 25/09/2025 |
24/10/2025 |
Interim |
23.60p |
GBX |
| 05/06/2025 |
04/07/2025 |
Final |
47.40p |
GBX |
| 26/09/2024 |
25/10/2024 |
Interim |
23.30p |
GBX |
| 06/06/2024 |
05/07/2024 |
Final |
47.40p |
GBX |
| 28/09/2023 |
27/10/2023 |
Interim |
22.60p |
GBX |
| 15/06/2023 |
14/07/2023 |
Final |
45.80p |
GBX |
| 29/09/2022 |
28/10/2022 |
Interim |
22.10p |
GBX |
| 09/06/2022 |
08/07/2022 |
Final |
49.40p |
GBX |
| 23/09/2021 |
22/10/2021 |
Interim |
16.90p |
GBX |
| 03/06/2021 |
02/07/2021 |
Final |
38.40p |
GBX |
| 24/09/2020 |
23/10/2020 |
Interim |
12.30p |
GBX |
| 28/05/2020 |
26/06/2020 |
Final |
26.90p |
GBX |
| 12/09/2019 |
11/10/2019 |
Interim |
10.10p |
GBX |
| 30/05/2019 |
28/06/2019 |
Final |
21.60p |
GBX |
| 13/09/2018 |
12/10/2018 |
Interim |
8.70p |
GBX |
| 31/05/2018 |
29/06/2018 |
Final |
18.70p |
GBX |
| 14/09/2017 |
13/10/2017 |
Interim |
7.40p |
GBX |
| 11/05/2017 |
09/06/2017 |
Final |
15.00p |
GBX |
| 15/09/2016 |
14/10/2016 |
Interim |
7.20p |
GBX |
| 23/03/2016 |
05/04/2016 |
Final |
15.00p |
GBX |
| 17/09/2015 |
16/10/2015 |
Interim |
6.40p |
GBX |
| 21/05/2015 |
19/06/2015 |
Final |
13.10p |
GBX |
| 17/09/2014 |
17/10/2014 |
Interim |
5.90p |
GBX |
| 21/05/2014 |
20/06/2014 |
Final |
12.30p |
GBX |
| 18/09/2013 |
18/10/2013 |
Interim |
5.20p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
23.300 |
47.400 |
GBX |
70.700 |
3.360 |
| 2023 |
22.600 |
45.800 |
GBX |
68.400 |
-4.330 |
| 2022 |
22.100 |
49.400 |
GBX |
71.500 |
29.290 |
| 2021 |
16.900 |
38.400 |
GBX |
55.300 |
41.070 |
| 2020 |
12.300 |
26.900 |
GBX |
39.200 |
23.650 |
| 2019 |
10.100 |
21.600 |
GBX |
31.700 |
15.690 |
| 2018 |
8.700 |
18.700 |
GBX |
27.400 |
22.320 |
| 2017 |
7.400 |
15.000 |
GBX |
22.400 |
211.110 |
| 2016 |
7.200 |
|
GBX |
7.200 |
-79.130 |
| 2015 |
6.400 |
28.100 |
GBX |
34.500 |
89.560 |
| 2014 |
5.900 |
12.300 |
GBX |
18.200 |
250.000 |
| 2013 |
5.200 |
|
GBX |
5.200 |
|
Computacenter Dividend Calculator
Computacenter Dividend Growth
| Dividend Growth (1Y) |
5.52%
|
| Dividend CAGR (5Y) |
8.03%
|
| Years of Growth |
2
|
| Payout Ratio |
48.54%
|
| Buyback Yield |
5.46%
|
| Shareholder Yield |
7.18%
|
| P/E Ratio (TTM) | 29.83 |
|---|
| Forward P/E | 21.62 |
|---|
| P/FCF | 16.76 |
|---|
| Earnings Yield | 3.37% |
|---|
| FCF Yield | 5.97% |
|---|
| ROE | 18.3% |
|---|
| ROCE | 23.96% |
|---|
| Profit Margin | 1.67% |
|---|
| Operating Margin | 2.88% |
|---|
| Gross Margin | 12.44% |
|---|