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Softcat delivers strong first year numbers

The first ever set of public full year numbers from Softcat show the channel player in rude health

Those investors that backed Softcat on its flotation will be all smiles with the channel player reporting strong results and a £28m special dividend .

The firm has released its first set of full yearly numbers showing a 12.8% increase in revenues to £672.3m and gross profit coming in at 17.5% up on last year at £120.7 for the 12 months ended 31 July. That gross profit number was helped by a one-off procurement saving of £3.4m.

Softcat also reported an increase in customer numbers in the year, up by 7.5% and it increased the headcount at the firm by 21% to support its growth ambitions.

Softcat finished the year with a net cash position of £62.4m and announced its plans to pay out a special dividend to shareholders.

The first year as a public company has been a good one for Softcat, despite some of the headwinds in the economy caused by exchange rates and Brexit.

The channel player went public in November last year and the share price has consistently outperformed the initial valuation.

Martin Hellawell, Softcat CEO, said that the last financial year had seen it open an office in Glasgow, add 133 to the workforce and pick up a clutch of best partner awards from leading vendors.

“We are pleased to report continued strong organic growth at Softcat with 12.8% revenue growth, 17.5% growth in gross profit and 15.2% growth in adjusted operating profit, achieved against a backdrop of very modest growth in the UK economy which has equally been reflected in the IT market," he said.
"We have continued to win large numbers of new customers and earn increased spend from our existing customers.  This has been achieved by our relentless focus on customer service, which is in turn driven by an excellent and engaged team of people at Softcat," he added.


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