23rd Oct 2019 07:59
(Alliance News) - Softcat PLC on Wednesday expressed a confident outlook for its recently-started financial year after annual earnings surged.
In addition, the IT infrastructure products and services provider said it appointed Karen Slatford as an independent non-executive director from December 5. She currently serves as senior independent non-executive director at Micro Focus International PLC, a board she joined in 2010.
Slatford also serves as chair of Draper Esprit, an AIM-listed venture fund, and is senior independent non-executive director of accesso Technology Group PLC, a ticketing software firm.
"Karen knows both the UK and global technology sector inside-out and has a tremendous amount of experience in public company governance, which we welcome," said Martin Hellawell, non-executive chair.
Turning to the results, the FTSE 250-listed company reported revenue growth of 24% in the financial year ended July 31, to GBP991.8 million from GBP797.2 million the year before. Pretax profit rose by 25% to GBP84.8 million from GBP68.1 million, thanks to an increase in both customer numbers and average gross profit per customer.
"The basis of that success continues to be the attitude and skills of our people, and especially the way in which they collaborate and work closely together," explained Chief Executive Graeme Watt.
Average Softcat headcount grew by 15% during the year, reflecting ongoing investment across all areas of the business, the company said, in particular in its services, technical and specialist capabilities.
"The opportunity for Softcat is growing and this underpins our willingness to invest in skills and expertise for the long term," added Watt.
Softcat declared a final payout of 10.4 pence a share, up 18% on the prior year. The company said it will also pay a special dividend of 16.0p a share, up 6.0% from 15.1p paid a year prior.
Looking ahead, the company said it is "in great health" and strategically well-positioned. Softcat said it remains confident in its ability to gain market share and targets further growth during 2020.
Trading in the first eleven weeks of the new financial year has been on track, Softcat added.
By Evelina Grecenko; [email protected]
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