Softcat bounce: Tech company’s shares up 8 per cent as full-year profits look likely to beat expectations

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Datacentre and security company Softcat looks to beat expectations on profits (Source: Getty)

UK provider of IT infrastructure Softcat said today it is likely to report operating profit ahead of expectations in its full-year results.

Shares spiked following the news and were up 8.3 per cent at the time of writing.

In a trading update ahead of its year end on 31 July, Softcat said the company had continued to perform “exceptionally well”, following a strong third quarter.

Read more: Softcat prices IPO at 240p

“Market conditions have been very favourable and growth against prior year has accelerated,” it said.

It said it now expects full-year 2018 adjusted operating profit will be “materially ahead” of its previous expectations.

Preliminary results are scheduled for release on 17 October.

Read more: Tech firm Softcat eyes a London listing

Buckinghamshire-headquartered Softcat floated in London in late 2015 with a value of £472.3m.

It provides datacentre, networking and security systems alongside the services needed to design and support them either locally or in the cloud.

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