The channel player revealed the state of its finances for the year ended 31 December 2011 in a trading update that showed that its home market continues to be sluggish, but there are reasons for optimism in other parts of the business.
The full results come out in March but the firm stated that it expects pre-tax profits to be in-line with expectations and total group revenue increased by 7% in the year.
The UK reported a 6% reduction in revenue for the fourth quarter year-on-year and for the whole 12 months supply chain revenues were down by 18% and services dropping by 2%. But new contracts, coming online in the first half of the year were highlighted as a way of improving the situation in fiscal 2012.
Elsewhere things were more positive with the performance of the German operation growing by 22% and France also delivering a 34% climb in revenue compared to a year before.
Concluding the statement the channel player remained upbeat about the prospects this year would bring.
"Despite the challenging customer capital expenditure environment in the UK, the Group has achieved another year of good progress," it stated.
"This performance, couple with the managed services new business success, bodes well for continued growth. While it is clearly far too early to make any further predictions about 2012, we enter the year in a positive mood," it added.