Buckinghamshire's Softcat report strong demand despite economic uncertainty

By Stephen Emerson

23 November 2022

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Softcat says its first quarter was in line with market expectations

IT infrastructure technology and services firm Softcat says demand remains strong despite the recent economic downturn.

The Marlow-based firm published a trading up for the first quarter of its financial year which ended October 31 and reported demand remained strong while customer behavior across all parts of its business remain unchanged from the previous year.

The UK economy is set to be the worst performer in the G20 bar Russia over the next two years, the Organisation for Economic Co-operation and Development (OECD) said on Tuesday.

The OECD said in its latest economic forecasts that UK gross domestic product would fall 0.4 per cent in 2023 and rise by 0.2 per cent in 2024.

A statement from the company said Softcat's performance was in line with expectations and outlook.

Graeme Watt, Softcat Chief Executive Officer, said: "The team has again delivered strong results during the first three months of the new financial year across all customer segments and areas of technology. While the wider economic environment remains uncertain, we continue to see robust demand which highlights the critical role that IT infrastructure plays in modern organisations, whether public or private. The effort and attitude of our people continues to set us apart and I'd like to thank them, our customers, and our partners for their ongoing support."

Softcat has reported an almost 40 per cent growth in revenue in October for its full year results.

Revenue rose from £938.4million to £1077.92 between 2021 to 2022 an upturn of 37.5 per cent with gross profit at £327.2million.

Caption: Softcat says its first quarter was in line with market expectations. Credit: Softcat

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.