Submitted by Islam Soliman on March 28, 2023
Shareholders of Softcat can breathe a sigh of relief after the IT services firm reported encouraging half-year numbers.
Softcat said its gross profit beat expectations, increasing 17.9% to £177.1m, despite a 'challenging set of comparative numbers’.
The group's revenue experienced a slight dip due to a 27.2% reduction in hardware GII, resulting in an 11.3% drop to £512.4m.
Graeme Watt, Softcat CEO, commented on the progress made in the period, noting the uptick in customer base (3.3%) and headcount (21.1%), both of which were the highest in three years.
“We have reported strong cash conversion in the period, continue to be debt free, and are pleased to be declaring an interim dividend of 8.0p, up 9.6% on the prior year. All this has been achieved in an uncertain environment,” he added.
Softcat expects its full-year outturn to be ‘slightly ahead’ of expectations despite economic uncertainty.