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Softcat PLC on Tuesday said that it continued to see significant opportunities such as generative AI that it was focused on its long-term growth potential as it reported a profit increase. The Marlow, Buckinghamshire-based IT infrastructure and services provider said pretax profit edged up 8.1% to £68.2 million in the six months to January 31, from £63.1 million a year prior. Chief Executive Officer Graham Charlton said: ‘The breadth, depth and progressive nature of our offering, delivered via our exceptional people and their relentless dedication to customer service, remains a compelling proposition. We continue to execute against our key objectives to win new customers and sell more to existing customers.’ Revenue declined 8.8% to £467.2 million from £512.4 million. Notably, cost of sales decreased 19% to £270.6 million from £335.4 million. The income tax expense increased 29% to £17.2 million from £13.3 million. Administrative costs increased 14% to £129.8 million from £114.0 million. The company declared an interim dividend of 8.5 pence per share, up 6.3% from 8.0p a year prior. Softcat highlighted: ‘During the period, there was growing interest from customers in engaging with generativeAI and the possibilities it offers, over time, to transform their operations. We have been able to offer advice and support via workshops, webinars, podcasts and onetoone meetings, and these interactions mean we are wellplaced to help our customers assess their readiness for adoption as use cases and products start to come to market.’ Looking ahead, Softcat said: ‘We continue to see significant and expanding opportunities in our market and will maintain our investment approach to building the team, infrastructure and tools to capitalise on this exciting and longterm growth potential.’ Softcat shares rose 5.9% to 1,573.00 pence each on Tuesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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