Softcat H1 profits beat expectations
By Iain Gilbert
Date: Tuesday 22 Mar 2022
(Sharecast News) - Computer support and services provider Softcat said on Tuesday that its full-year outturn was now expected to be ahead of previous estimates after interim profits grew ahead of expectations in the six months ended 31 January.
Softcat stated first-half gross profits were up 11.7% at £150.2m, while operating profits were 12.4% higher at £64.1m. Earnings per share were up 12.4% at 26.2p each.
Interim revenues grew 22.6% to £770.9m and gross invoiced income shot up 33% to £1.15bn.
The FTSE 250-listed company highlighted that it had delivered "strong growth" across all key income and profit measures, despite "very strong comparatives" for the prior period.
Softcat added that the drivers of its income growth had been "broad-based", with "good progress" made in all customer segments and across each of software, hardware and services despite ongoing supply chain challenges.
Looking forward, Softcat said: "Operating profit in the first six months of the financial year has been ahead of the board's initial expectations. While the current geopolitical and macroeconomic volatility make it more difficult to forecast performance, because of the outperformance in the first half the board now believes that the outturn for the full-year will be ahead of previous estimates."
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