Softcat edges higher as it lifts full-year guidance after strong first half

Trading for the six months to January 31 was better than management had expected, with adjusted operating profits up 19% year-on-year

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It’s been a bloodbath among the blue chips so far on Tuesday, but not for Softcat

Softcat PLC (LON:SCT) was one of the few risers on the FTSE 350 on Tuesday as the IT infrastructure provider lifted its full-year guidance on the back of a “strong” first half.

Amid the blue-chip bloodbath, the billion-pound firm revealed that trading in the six months to January 31 had been ahead of management’s expectations.

READ: FTSE 100 plunges 250 points at the open

Adjusted operating profits rose 19%, “reflecting consistent performance across the period and further successful execution of the strategy”.

Softcat conceded that, given the nature of its operations, its forward visibility is relatively low.

“However, the strong H1 performance will clearly support the full year outturn and as a result the board expects to slightly exceed previous expectations,” it added.

Shares rose 3.4% to 535.6p early on Tuesday.

Quick facts: Softcat

Price: £9.49

Market: LSE
Market Cap: £1.88 billion

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