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Softcat delivers strong H1

Softcat has delivered a solid set of numbers in the first set of interim H1 results since it went public

Those investors that backed Softcat when it went public last November will no doubt be very pleased with the numbers that the reseller has issued for its first half.

Even before the announcement of the H1 interim results this morning the firm had seen its share price continually rising above the initial valuation.

Shares in the firm started trading last November on the Stock Exchange with the company valued at £472.3m and the value has kept rising from the original valuation at around 285p per share to 308p this morning.

The arrows for H1 were all pointing in the right direction with revenue climbing by 10.4% to £293.6m and operating profit up by 12.9% to £19.5m.

During the six months to 31 January the firm also improved customer numbers by 6.7%, compared to a year earlier, and inceased its own headcount from 316 to 397 and opened an operation in Glasgow.

As well as cutting the ribbon on a new office North of the border the firm has also expanded the floor space at its head office in Marlow.

The firm also remains in a strong position financially with no debts and a cash balance of £54.9m. The first dividend will be paid out at the end of April.

“We are very pleased to report strong results for our first half year as a public company.  The first half included the significant event of our IPO at the end of November but despite all the work and distraction involved with that, I am delighted that the Company has continued to make good progress and deliver growth," said Martin Hellawell, Softcat's CEO.

"The second half has started well and we remain confident in meeting the Board’s profit expectations for the full year," he added.

Hallawell thanked the staff for the work that had been put in to ensure that its first half yearly set of results since going public were ones that delivered for the company and its shareholders.

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