Softcat is top dog after trading update sends shares soaring

 
James Booth
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The IT provider topped the list of risers on the London Stock Exchange this morning (Source: Getty)

Softcat shares rocketed today after the IT infrastructure provider said it was materially ahead of expectations at this stage of the year.


Shares jumped 20 per cent this morning to 707p following the news.

Softcat said trading had continued to be strong since its last update on 28 November.

Ahead of its interim results on 31 January it said “we are now materially ahead of where we expected to be at this stage of the year”.

The Ftse 250 company, which is based in Marlow in Buckinghamshire, was the top riser on the London Stock Exchange this morning.


Its share price has risen by nearly 200 per cent since it listed on the stock exchange in 2015.

However, shares have slipped in the last year, hitting a peak of 888p in August before declining in recent months.

In its full-year results for the year ended 31 July 2018 Softcat boosted revenue 29.9 per cent to £1.08bn and increased gross profit 28.5 per cent to £175m.

It was the first time the company had broken the £1bn revenue barrier in its 25 year history.