Profits rise at listed IT infrastructure provider
IT infrastructure technology and services business, Softcat, saw its revenues rise more than 33% to £770.9m from £577m in the six months to 31 January 2022.
In the same period the company, which has offices in Leeds, Manchester, Birmingham and London, made a pre-tax profit of £64.2m (2021: £56.9m).
Average headcount was up 10% on the prior period, with recruitment across all areas of the business continuing into the second half.
Graeme Watt, Softcat CEO, said: “The company continued to perform well across all areas of the business in the first half.
“Our key external challenges continued to be the impact of the pandemic as well as supply chain constraints.
“Component shortages have not worsened but nor have they improved so our order backlog is building somewhat. However, the situation remains manageable and to put things into perspective, only a portion of our hardware portfolio is impacted.
“Average headcount increased by 10% on the prior year as we continued to invest across all functions. We have now grown the workforce by 20% since the start of the pandemic.”
In its Outlook statement, the firm notes its operating profit in the first six months of the financial year has been ahead of the Board’s initial expectations.
It adds: “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.”
