IT infrastructure products and services provider Softcat Plc (SCT.L) reported H1 revenue of £467.2 million, down 8.8%, compared to the prior year's £512.4 million.
Operating profit for the period rose 5.8% to £66.7 million from £63.1 million last year, and gross profit increased 11% to £196.5 million from £177.1 million in the prior year period. The company stated that the operating profit growth of 5.8% was ahead of its expectations and set a new record for first-half operating profit.
Profit attributable to owners of the company amounted to £51.0 million, higher than the previous year's profit of £49.8 million. On a per share basis, earnings improved 2% to 25.5p from 25.0p reported a year ago.
The company's Board declared an interim dividend of 8.5p per share, amounting to £17.0 million. The interim dividend will be payable on 22 May 2024 to shareholders on the register at the close of business on 12 April 2024.
The company continues to expect to deliver on its full-year guidance of double-digit gross profit and high-single-digit operating profit growth. Further, Softcat said it still sees significant and expanding opportunities in its market and will maintain its investment approach to building the team, infrastructure, and tools to capitalise on this exciting and long-term growth potential.
by RTTNews Staff Writer
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