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IT equipment firm Softcat breaks £1bn barrier as pandemic boosts trade

Sales at IT equipment firm Softcat rose from £992m to almost £1.1bn in the year to July 31

IT equipment firm Softcat reported annual revenues of more than £1billion for the first time as the pandemic sparked a rush to new technology.

Sales rose from £992million to almost £1.1billion in the year to July 31, as public authorities spent money kitting out staff to work from home and improving their computer systems.

Sales to its sectors customers grew by 12 per cent, representing just over one quarter of the company’s income.

That lifted profits from £85million to £94million and prompted a final dividend of 16.6p per share, and a 7.6p special dividend. 

The company’s boss, Graeme Watt, also said it had hired about 200 more staff, taking its total headcount to 1,530, and expects to add another 150.

But shares still fell by 7.5 per cent, or 93p, to 1148p as it warned demand from business customers such as retailers, leisure firms and travel companies had reined in spending.

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