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Sales down, but profit up at Softcat

Sales down, but profit up at Softcat

For the full year, Softcat’s revenue dipped, but gross profits were up. This morning, the reseller said profit increased 14.2% annually to £374m, and revenue fell below the £1 billion mark by 8.6% to £985.3m.

The operating profit went up 3.5% to £141m. The total number of customers broke through the 10,000 mark (up 2%), and the gross profit per customer increased 12%.

Services revenue grew 43% to £186m, with a large chunk of it generated through partners, including cloud services via Amazon Web Services and Microsoft Azure.

The company headcount jumped 20% to 2,300.

Softcat said the second half of the year saw customers “noticeably slowing their rate of investment”, and that “some larger, more complex deals had been delayed” or were “subject to more stringent procurement processes”.

The company however sees double-digit gross profit growth again in FY24.