Revenues rise to £992m at listed software firm
IT infrastructure provider Softcat, which has an office in Leeds, has published its preliminary results for the 12 months to 31 July 2019, reporting strong organic growth, profitability and cash generation.
The business has recorded a £24.4% rise in revenue, increasing from £797m in 2018 to £992m this year. Operating profit is up from £68m to £84.5m over the same period, with average headcount up 15% and net cash at year end of £79.3m (2018: £72.8m).
And the company saw increases in both customer numbers and average gross profit per customer.
Graeme Watt, Softcat CEO, said: “The basis of that success continues to be the attitude and skills of our people, and especially the way in which they collaborate and work closely together.
“Their efforts resulted in revenue and operating profit growth of 24%. Gross profit per customer increased by 17% and we were delighted to trade with 400 more customers than in the previous year.
“Whilst our key aims of winning new customers and selling more to existing customers remain unchanged, we are doing much to further expand our addressable market and as a result the company enters the new financial year in a strong position and with good momentum.
“We think the structural drivers for growth in our industry will continue despite current political and economic uncertainty. The Board also remains confident in the company’s ability to gain market share and targets further growth during 2020.”
