Softcat Improves Profit Forecast for Fiscal 2019 on ‘Strong’ Growth Across Business Segments

Softcat (SCT.L), a British IT infrastructure product and services provider, on Monday forecast that full-year results will be “slightly ahead” of expectations as the group has continued to perform “well” during the fiscal third quarter.

The debt-free company, which grew its interim dividend for the fiscal first half by more than a third, has delivered “strong” year-on-year growth across “all income and profit measures,” it said in a trading statement for the three months that ended April 30.

“Performance drivers remained broad-based, with different technology areas and customer segments all showing growth,” Softcat, who has a network of offices in cities such as Bristol, London, Manchester and Leeds, as well as a presence in Dublin, Ireland, said in the statement.

Softcat, whose operating profit in the fiscal first half increased by more than 40% as revenue jumped by more than a fifth, added that the progress toward opening a new office in Birmingham was “well advanced” and likely to take place early in the next financial year.

At the time of announcing its fiscal first-half results in March, Chief Executive Graeme Watt had said the board expected a full-year outcome “marginally” ahead of previous expectations.