Softcat flags first-quarter growth in line with expectations

28th Nov 2023 07:18

(Sharecast News) - IT infrastructure technology and services provider Softcat said in a trading update on Tuesday that it achieved substantial year-on-year growth in first-quarter gross profit, registering double-digit figures.

The FTSE 250 company said the growth could be attributed to strong demand across a diverse range of sectors.

Its board said the performance aligned with its initial expectations and the outlook previously outlined in the firm's full-year results.

"I'm pleased to report that the team has once again delivered a strong performance in the period," said chief executive officer Graham Charlton.

"The demand patterns were consistent with what we saw in the second half of 2023 with interest in AI technology and the enabling infrastructure continuing to build across the customer base.

"This is a very exciting time for our industry and customers need more support than ever with the business challenges they are facing; the breadth of our offering enables us to fully engage with this opportunity."

Reporting by Josh White for Sharecast.com.