Softcat having a good year

Channel outfit Softcat is having rather a good 2020 and weathered the  COVID-19  storm.

The reseller delivered 20.8 percent growth in revenues to £524.1 million for the six months to 31 January. Operating profit climbed by 19.5 percent, hitting £40.5 million.

During the first half of its financial year, Softcat cut the ribbon on a new office in Birmingham, which already has a staff of 20, increasing the overall headcount by just shy of 13 percent.

The firm last updated the market in May, and has seen trading continue to remain “satisfactory” in the last three months of its fiscal year, with operating profit for the full year slightly ahead of the board’s expectations.

Softcat CEO Graeme Watt said: “Our performance during the year is a great credit to the team at Softcat, and on behalf of the board I would like to thank them for their exceptional agility. The support they have shown to each other, our customers and our partners continues to be a key feature of our business.

“Their commitment, alongside the breadth of our technology offering and customer base, provided a strong foundation for our performance in the second half. We are pleased to have been able to maintain staff levels without any actions to furlough staff in this period.”

As a result, the firm is reverting back to its dividend policy if the market remains solid, and will be rewarding investors later this year.