Marlow-based Reseller Softcat posted profits “ahead of expectations” and steep revenue growth across all business segments.
For the six months until 31 January 2022, gross invoiced income grew by 33 percent to £1.16 billion, while revenue under IFRS 15 grew by 33.6 percent to £770.9 million.
Operating profit increased by 12.4 percent to £64.1 million over the six-month period, while gross profit grew 11.7 per ent to £150.2 million. Average gross profit per customer grew by 12.4 percent to £30,200 with Softcat claiming that it continued to grow its customer base.
Softcat claims that it made “good progress” across all customer segments and across software, hardware and services.
This was against a backdrop of ongoing supply chain challenges which Softcat claims nether improved or got worse during the six months.
Softcat added that it expects its “relatively modest” backlog of hardware orders to “gradually unwind” during its next financial year.
Operating profit came in “ahead of expectations” in part due to the spread of the Omicron variant producing cost constraints for the business.
The firm added that travel and events spending returned to normal levels as Covid restrictions began to ease, but this happened at a slower pace than initially expected.
CEO Graeme Watt who apparently was not sitting at a bar said: “Notwithstanding the very high bar we set during last year’s exceptional first-half performance, these results preserve a run that now extends to 66 consecutive quarters of year-on-year growth in gross invoiced income and profit.”
