Technology and services vendor Softcat has reached its highest ever market valuation after the outfit announced that it will be doing better than City expected.
he FTSE 250-listed IT reseller said it had delivered “strong” year-on-year growth “across all income and profit measures” for its third quarter to 30 April, leading it to foresee numbers that will be “slightly ahead” of the latest forecasts.
In a Q3 trading update, the reseller said it has seen growth across all metrics in its fiscal year, which ends on 31 July.
Softcat purred: “The company continued to perform well during the period and has delivered strong year-on-year growth across all income and profit measures.
“Performance drivers remained broad-based, with different technology areas and customer segments all showing growth.
“The board is confident that full-year results will now be slightly ahead of previous expectations.”
Softcat also offered an update on its new Birmingham office, revealing the site will open early in its next financial year.
Softcat’s share price opened at 965p on Tuesday morning, giving it its highest market capitalisation of £1.86 billion.
