Computacenter (LON:CCC) shares are surging again after the IT services and technology sourcing group raised its 2026 adjusted pre-tax profit forecast for the fourth time this year.
The latest upgrade is particularly significant because Computacenter now expects adjusted pre-tax profit of at least £425m, well above the £387.1m analyst consensus immediately before the announcement. Shares surged more than 9% on Monday.
Computacenter investor relations
| Computacenter (LON:CCC) | Price: £50.30 (+9%) | Market cap: £5.32bn |
The numbers investors are focusing on
| Metric | Latest position |
| 2026 adjusted PBT guidance | ≥£425m |
| Previous market consensus | £387.1m |
| H1 2026 revenue | £6.85bn |
| H1 revenue growth | +71.6% |
| H1 adjusted PBT | £152.4m |
| H1 adjusted PBT growth | +87.0% |
| Order backlog | £12.6bn |
| Monday share-price move | +9% |
The scale of the upgrades explains much of the enthusiasm. At the start of the year, the market expected considerably less from Computacenter. By September, consensus for 2026 adjusted PBT had risen to £340.9m and management was already forecasting at least £380m. The latest £425m-plus guidance therefore represents another substantial step-up.
1. AI data centres are becoming a major growth engine
The biggest change in the investment story is that Computacenter is increasingly being viewed not simply as an IT reseller, but as an AI infrastructure beneficiary.
Management says demand from AI data-centre customers in both North America and the UK remains strong. That is important because Computacenter sits further down the AI supply chain than chipmakers such as Nvidia: it supplies and implements the technology infrastructure that businesses and hyperscalers need to deploy.
That gives investors exposure to the enormous AI capital-spending cycle without requiring Computacenter itself to develop an AI model or semiconductor.
The company has previously highlighted particularly strong North American hyperscale volumes and UK technology-sourcing activity, including AI-related projects.
2. The order book is providing visibility
Perhaps the most reassuring number in today’s announcement is the £12.6bn order backlog.
That is significant because investors are increasingly questioning whether the enormous amounts being spent on AI infrastructure will ultimately generate attractive returns. Computacenter’s position is different: it benefits from the initial infrastructure spending itself.
A large committed order book gives management considerably greater visibility over future revenues than a conventional IT reseller would normally enjoy.
This is also why the latest upgrade matters beyond 2026. If AI infrastructure investment remains strong, the backlog creates a platform from which Computacenter can continue to grow.
3. The H1 performance showed operating leverage
Computacenter’s H1 results provided evidence that the revenue growth is translating into earnings.
Revenue increased 71.6% to £6.85bn, while adjusted pre-tax profit jumped 87% to £152.4m. Adjusted diluted EPS increased 94.1% to 101.9p.
| H1 2026 | YoY change |
| Revenue | +71.6% |
| Gross profit | +30.5% |
| Adjusted operating profit | +86.5% |
| Adjusted PBT | +87.0% |
| Adjusted diluted EPS | +94.1% |
The important point is that profit is growing faster than revenue.
That suggests the mix of business is improving and that Computacenter is getting better operational leverage from its infrastructure and services activities.
4. North America is increasingly important
The North American business has become one of the key reasons investors are willing to put a higher valuation on Computacenter.
The company has been benefiting from hyperscaler demand and the enormous expansion of data-centre infrastructure in the US.
This matters for UK investors because it gives Computacenter exposure to a much larger technology spending market than the UK alone.
The H1 results specifically identified strong Technology Sourcing performance in North America and the UK as a major driver of growth. ‘
5. Analysts have been forced to chase the shares
The sequence of upgrades has also changed analyst sentiment.
Berenberg upgraded Computacenter to Buy in July and raised its target price from £34.50 to £53.00, arguing that stronger-than-expected first-half performance left the group well positioned to beat expectations.
Other analyst estimates have subsequently moved considerably higher. One compilation of analyst forecasts recently showed a predominantly positive stance, with an average target around £62.06 and eight Buy ratings versus three Holds.
That creates an important dynamic: the share price is rising because earnings estimates are rising, rather than simply because investors have decided to pay a higher multiple for unchanged profits.
That is a healthier form of re-rating.
What management is telling investors
The key message from CEO Mike Norris and the management team has been that the company’s unusually strong performance is being driven by sustained technology-infrastructure demand rather than a one-off improvement.
Earlier this year, management said stronger-than-expected North American hyperscale volumes and UK Technology Sourcing, including AI projects, were behind the improvement in expectations.
The September outlook was similarly bullish, with Computacenter saying it expected full-year results to be ‘comfortably ahead of market expectations.’
The latest guidance upgrade suggests that confidence has not been misplaced.
The bull case vs bear case
| Bull case | Bear case |
| AI data-centre spending remains strong | AI infrastructure spending eventually slows |
| £12.6bn backlog provides revenue visibility | Large orders can create concentration risk |
| North America offers substantial growth | US hyperscale customers have significant bargaining power |
| Profit growing faster than revenue | IT hardware remains relatively low margin |
| Repeated upgrades could drive further earnings upgrades | Shares have already rerated sharply |
| Services provide recurring revenue potential | AI spending could ultimately prove cyclical |
What does it mean for UK retail investors?
The attraction of Computacenter is that it offers a different way to play the AI boom.
Rather than betting directly on whether Nvidia’s GPUs, Microsoft’s AI services or individual AI models will dominate, investors are effectively betting that businesses and hyperscalers will continue spending heavily on servers, networking, data centres and technology services.
That distinction is increasingly valuable.
How to invest in AI stocks: A UK beginner’s guide 2026
The latest upgrade also provides evidence that AI spending is reaching companies beyond the obvious mega-cap technology names. Computacenter’s results suggest that some of the infrastructure investment is filtering through to the wider technology supply chain.
However, investors should not ignore valuation. The shares have already experienced a major rerating, while expectations have risen rapidly. The question is no longer whether Computacenter is benefiting from AI — it clearly is. The question is how long the exceptional growth can continue and how much of it is already reflected in the share price.
Sharesify investor verdict
Computacenter has evolved into one of the more interesting UK-listed indirect plays on the AI infrastructure boom.
The combination of a £12.6bn backlog, rapid earnings growth, strong North American demand and repeated upgrades makes the investment case considerably stronger than it was at the beginning of 2026.
The main risk is now expectations. After several guidance upgrades, investors will increasingly demand evidence that AI-driven demand can remain strong enough to justify the company’s higher valuation.
For growth investors, the latest upgrade strengthens the bull case. For new investors, however, the key question is whether to chase the momentum or wait for a pullback.
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