Softcat share price bounces back with positive Q1 update

Reseller giant posts positive revenue and operating profit for its first quarter

Softcat's share price surged seven per cent after the reseller posted a positive Q1 trading update.

The firm saw year-on-year growth in revenue, gross profit and operating profit while achieving its recruitment targets in Q1. The firm anticipates further positive momentum going into its second quarter.

The share price rise follows a dip after Softcat posted its full-year results last month. It was a record year for the reseller but its share price dropped 10 per cent after it struck a note of caution about the uncertainty of the market.

Chief exec Graeme Watt made similar comments in today's trading update for the quarter ending 31 October 2020.

"We've performed well during the first quarter and saw good results from both corporate and public sector segments but are mindful that there is still a long way to go," he stated.

"We remain focused on the wellbeing of our people and supporting our customers."