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IT provider Softcat soars in full year results amid strong demand

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IT infrastructure and services provider Softcat reports record full-year results to 31 July 2021 amid strong public sector demand and corporate recovery.

Gross profit, a key measure of income for Softcat, rose 17.2 per cent to £276.4m. The gross profit margin came in at 23.9 per cent versus 21.9 per cent in 2020.

Pre-tax profit rose to £119m from £93.6m on revenue of £1.16bn, up 7.4 per cent on the previous year.

Operating profit grew 27.4 per cent to £119.4m and the company declared a final dividend of 14.4p a share, up from 11.2p, and a special dividend of 20.5p, compared to 7.6p a year earlier.

Some of their partners include the likes of Acer, Blackberry and Microsoft, and the Softcat team is confident that they can continue their strong growth looking forward.

In particular, they praise their large value mid-market deals in the first half of last year for fuelling this growth.

Graeme Watt, Softcat CEO, commented: “I am pleased to report on a record set of results in our 2021 financial year. Public sector demand remained strong throughout the period and we saw further recovery in the corporate sector with an acceleration in customer growth and order volumes as the year progressed.”

He continues, “We made excellent progress selling deeper into existing customers and saw gross profit per customer improve by 14.6 per cent, while also increasing the size of the customer base by 2.3 per cent.”