You referenced “ongoing subdued device spending” in your results. Have AI PCs been a flop?
No, they’ve not been a flop, and really [what I said on] the subdued demand was more of a first-half comment. We did see momentum build on devices second-half, and the exit rates there are quite encouraging. We are selling AI PCs, but like with the rest of AI we’re seeing customers adopt at different times. As we’ve always said, this was always going to be a long and slow burn. AI PCs are not flying off the shelves, but they are starting to.
Average headcount was 7.3% during the year. Do you expect this to change either way?
We’ve now invested a lot in property and in our own technology as well as people, so expect us to continue to build in all three areas. But I think headcount growth is going to be in the high single digits again.
Your customer count grew by 1.6% to 10,200 during the year, with gross profit per customer vaulting 16.5% to £48,500. Are you happy with that balance between winning new customers, and selling more to existing ones?
I’m delighted with that balance. Because of the nature of our business now, the number of customers and the length of relationship we have with that existing base is vast, and the growth from that will always therefore dwarf the new logos coming in. To expand the customer base in this environment by nearly 2%, I’m delighted with that, and I think it’s a terrific effort from the team. If we can keep doing that going forwards, I will be very happy.
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