Softcat has broken through the £1 billion mark and CEO Graeme Watt said it was all due to “exceptionally good market conditions”.
Revenues shot up 30 percent to £1.082 billion in its year ended 31 July 2018 and net profit increased 37 percent to £55 million.
Watt added that Softcat’s new apprentice and graduate recruits had won hundreds of new customers during the year, and signalled Softcat maintains a “strong appetite” for recruiting new talent. It hired ten percent more staff this year and opened a new Dublin office. It took on 4.7 percent more customers too.
Softcat has now delivered 52 consecutive quarters of top and bottom-line growth, and Watt said he was “particularly pleased” that a wide spread of its vendors that were hiring.
“We grew revenue for fourteen of our top twenty vendors at over 20 per cent and our top twenty vendors made up a healthy 66 per cent of total sales. All of our regional offices delivered double-digit growth in gross profit, as did each of our customer segments. We are not overly reliant on any customer or vendor,” he said.
Watt added that the adoption of technology change continues to gather pace, as customers take the opportunity to embrace the benefits of digital transformation.
“In 2018 we saw customers from all sectors invest and this is reflected in our customer metrics. Both revenue and gross profit per customer increased significantly, as we benefited from a strong market and the increasing trust placed in us by our clients.”
