City briefs: Softcat and Home REIT
IT infrastructure technology and services provider Softcat has reported a strong performance in a trading update for the first quarter ended 31 October 2020.
The firm, which has offices in Leeds, Manchester, Birmingham and London, delivered year-on-year growth in revenue, gross profit and operating profit while also achieving its recruitment targets.
Cash generation has remained in line with normal trends. Softcat’s Board also notes further positive momentum heading into the second quarter.
Graeme Watt, the company’s chief executive officer, said: “We’ve performed well during the first quarter and saw good results from both corporate and public sector segments but are mindful that there is still a long way to go.
“We remain focused on the wellbeing of our people and supporting our customers.”
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A business which funds the acquisition and creation of properties dedicated to providing accommodation for the homeless, has acquired five separate portfolios of properties across England, including homes in Yorkshire.
The Board of Home REIT plc says it has bought the portfolios for an aggregate purchase price of £41.6m (including acquisition costs).
Jamie Beale, Partner at Alvarium Home REIT Advisors Limited, said: “Since listing on 12 October 2020, we are delighted to have now purchased over £50m of high-quality accommodation which will provide homes to approximately 800 vulnerable, homeless people across 141 properties.
“The properties will address a critical need within local communities to provide housing solutions at low sustainable rents to registered charities who are proven to make a difference to the people they house, care for and support.”
Each of the properties is let at a low and sustainable rental level, on new, unbroken 25-year full repairing and insuring leases to six different specialist registered homeless charities and one housing association, providing them with long term security of tenure.
Two of the five portfolios purchased include homes in Yorkshire, with other properties acquired scattered across the Midlands, North West, London and the North East.
