Computacenter Profits Warning
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Computacenter has issued a full-year profits warning for 2005. The company's shares plunged 11% on the news. The announcement is only a month after the 2004 results were released. Details are that profits would be "substantially below last year" unless market conditions changed. In 2004, it reported profit of $67.3m on $2.45bn. Chief Executive, Mike Norris, writing in a letter to investors blamed a shift to low margin products. Group sales are down 10% on last year. "This has had a material impact on achieved margins in the first quarter," he added. Norris forecast, "We are projecting product revenues for the balance of the year to be broadly similar to last year and margins to be lower for the rest of the year."
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