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Softcat says revenue, profits higher in first quarter

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Softcat PLC (LON:SCT) said it has delivered higher results for the first quarter of its financial year, covering the three months to October 31.

The provider of IT infrastructure technology and services said revenue, gross profit and operating profit rose year-on-year and it also achieved its recruitment targets.

READ: Softcat announces special dividend on top of previously announced distribution

Cash generation has remained in line with normal trends while there is further positive momentum heading into the second quarter.

Last month, the firm said it expects corporate customers to remain tight with their spending over the coming months, though it will continue following its strategy of organic investment in new capabilities.  

“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,” said chief executive Graeme Watt in a statement.

“December is one of the biggest months for bookings; still to come, it is far too early for full-year upgrades,” analysts at Peel Hunt noted.

“That said risk is now clearly to the upside, with current traction ahead of where Softcat thought it would be for the first half. A recent pull-back in shares presents a great entry-point.”

Shares rose 6% to 1,178.67p early on Monday.

–Adds analyst comment, shares–

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