Computacenter lost almost a fifth of its market value after the FTSE 250 company reported a drop in revenues.

Third-quarter sales shrank by three per cent to £900m, excluding revenues from acquisitions completed in September and October, the IT consultancy said.

Shares fell as much as 20 per cent after the market opened, however they narrowed the loss to 17.5 per cent by pixel time.

The company said: “Our expectation for the fourth quarter is for improved growth before acquisitions but not to the levels seen in the first half of the year.”

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