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Scotland next for growing Softcat

The channel player's Q1 update to the market includes details of plans to open a Glasgow office by spring next year

It has only been a couple of weeks since Softcat went public but the channel player's first update to the market has been issued giving potential investors an insight into the health of the firm.

Those that haven't bought shares yet might well be considering it after going through the first quarter numbers, for the three months that ended 31 October.

Year on year revenue improved by 14% to £141m and the firm was able to get more customers on board as well as reaping greater rewards from existing relationships.

The period also saw it continue to expand its operations with 74 new account managers in Q1 along with expansion of the floor space at the firm's Marlow head office.

Softcat, which has expanded regionally to the likes of Bristol and Leeds in the last couple of years, has also indicated plans to grow the business North of the border with an intention  to open an office in Glasgow.

The firm is close to finalising the lease on an office and has identified a starter team of existing account managers who would be sent to get the operation going. The ribbon should be cut around Q3 of the firm's fiscal year.

One of the responsibilities of a public company is to provide guidance and Softcat is bullish about the prospects for the rest of its financial year, with improvements to revenue and gross profit set to continue.

“The Company’s performance over the first quarter provides a firm foundation on which to begin life as a public company.  The team has worked incredibly hard against the backdrop of the completion of our IPO and I would like to thank them for continuing to focus on the business despite this significant additional undertaking," said Martin Hellawell, CEO of Softcat.

"I would like to welcome our new investors to Softcat, and thank the shareholders who have supported the company and its growth to this point," he added.

The backing of the investment community has been one of the main positives that Hellawell has identified as emerging during the IPO process.

Speaking to MicroScope last week, he said that not only had it been good to make links with investors but some had developed into relationships that had proved to be valuable to the business.

Since the launch Softcat shares have risen above the initial value of 242p and have hovered around the 280p mark.

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