Softcat celebrates strong interims as customer numbers jump
Softcat
1,632.00p
16:45 16/05/24
IT infrastructure provider Softcat said interim pre-tax profits rose to £20.9m from £15.4m on the back of a 28.9% jump in revenues to £378.5m thanks to double-digit growth in software, hardware and services.
FTSE 250
20,822.84
17:14 16/05/24
FTSE 350
4,642.54
17:15 16/05/24
FTSE All-Share
4,594.70
16:50 16/05/24
Software & Computer Services
2,460.15
17:15 16/05/24
Gross profits were up 14% to £61.3m. The interim dividend was lifted 70% to 2.9p a share as the company said it was confident of meeting expectations for the full year.
Customer numbers rose 8.7%, the fastest rate of customer growth since the first half of 2014, reflecting the investment in the sales force over the past 18 months.
“The acceleration in underlying growth reflects continued execution against our strategy of growing the customer base and selling more products and services to existing customers,” Softcat said.
“In addition, the company responded quickly to the opportunity to secure pricing for customers ahead of January increases caused by the fall in the value of sterling.”