Softcat shares rise as it reveals profit and revenue growth
SHARES in Softcat surged by nearly a fifth yesterday after the IT business said it was “materially ahead” of where it expected to be for this stage of the year.
Softcat offers IT infrastructure products and services, letting clients integrate technologies such as cloud computing and data analytics while helping mitigate cyber-security risks.
The FTSE 250 company has enjoyed an extended period of success after it said in a trading update that it had delivered year-on-year growth in revenue and operating profit for the three months to the end of October 2018.
In its last fiscal year, Softcat generated revenue of £1.1bn and accumulated a profit of £175.2m. It cited success with its continued investment to scale the business and the opening of its Irish office. The company first listed on the London Stock Exchange in November 2015 and has since seen its shares rise almost 200pc. They gained 105p to 694p yesterday, up 17pc, although they are still behind last August’s 888p peak.
Credit Suisse has reviewed its predictions for Softcat’s earnings per share, boosting them by 4pc for the year.