Softcat reports financials for the first time
Revenue up in Q1
Reseller Softcat has reported its results to the London Stock Exchange (LSE) for the first time, just weeks after floating.
Softcat priced shares at 240 pence and joined the LSE on 18 November. In its first days on the stock market, share value rose as high as 295 pence and last night, it closed at just under 282 pence.
This morning, the company published its first-ever trading update, detailing performance for its first quarter, which ended 31 October.
During that time, sales at the Marlow-headquartered company rose 14 per cent annually to £141m thanks to both a spike in customer numbers and revenue per customer.
It did not disclose its profit figures but said gross profit margin was "broadly in line" with the 2015 financial year, adding that the business mix between solutions and customer segments remained "stable".
During its Q1, Softcat welcomed 74 new account managers to the team, meaning it had to take more floor space in its Marlow headquarters.
As the firm previously told CRN earlier in the year, plans for a Glasgow office are well underway. The company already has regional outposts in London, Manchester, Bristol and Leeds. An agreement in principle has been reached on what will be its first Scottish base, which it hopes to open by its third quarter.
"This new location will provide access to further graduate talent, deliver career progression opportunities for the start-up team, and enable significant leverage for local relationships with both customers and vendors," said the company in the trading statement.
The company described its start to the year as "solid" and said it is confident it will achieve its performance objectives this fiscal year.
Softcat's chief executive Martin Hellawell said: "The company's performance over the first quarter provides a firm foundation on which to begin life as a public company. The team has worked incredibly hard against the backdrop of the completion of our IPO and I would like to thank them for continuing to focus on the business despite this significant additional undertaking. I would like to welcome our new investors to Softcat, and thank the shareholders who have supported the company and its growth to this point."