Softcat says it 'performed well' in Q1 trading update

Trading update from the reseller claims it has 'delivered year-on-year growth in revenue, gross profit and operating profit'

One of the UK's biggest IT resellers, Softcat, "performed well" during its first quarter and "delivered year-on-year growth in revenue, gross profit and operating profit", it has said in a trading update.

Cash generation also remained strong and "in line with normal trends" it said, while adding that the board is "pleased with the progress to date which has met expectations".

"The team has continued to perform well during the first quarter and we saw good growth from both mid-market and enterprise corporate customers as well as the public sector," CEO Graeme Watt said.

"Customer demand has remained high and the hardware supply situation is stable. We've a lot still to do in the next nine months but the team is delivering with confidence and is benefitting from being able to spend more time together in our offices.

"I couldn't be more delighted with their effort and attitude and would also like to thank our customers for their ongoing support."

It comes after last month's announcement that Softcat had a "record year which surpassed expectations".

Revenue for the 12 months ending 31 July 2021 stood at £1.16bn, an increase of 7.4 per cent, along with gross invoiced income of £1.94bn which was up 17.7 per cent from the prior year.