Softcat has released its financial results for the year, breaking the £500m barrier for the first time.
Results for the year ending 31 July 2014 showed a turnover of £504.8m, a 28% increase from the year before. Operating profit increased by 30% to £35.5m and EBITDA stood at £37.3m.
“We were delighted to break through the £500m barrier,” commented Martin Hellawell, Softcat CEO. “These exceptional growth rates have been achieved against a backdrop of a market estimated at single digit annual percentage growth. We have taken significant market share to achieve these results.”
The results represent the 36th consecutive quarter that the reseller has posted year-on-year growth. It also has a strong balance sheet and no debt; a fact which appears to be feeding its success. As highly leveraged competitors fall to the wayside, Softcat says its strong balance sheet is winning business, especially when it comes to long-term contracts for mission critical services.
Hellawell paid tribute to Softcat’s staff and partners, thanking them for what he called ‘an amazing year’.
“The talent, commitment, camaraderie as well as the blood, sweat and tears of the fabulous Softcat staff made that possible. We owe them a huge debt of gratitude. We were also greatly helped by our extraordinary customers and partners who challenge us and help us develop our business every single day.”