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Softcat Share Price Soars on Strong Trading Activity

Practice Stock Trading
Updated: 16 November 2020

Shares of Softcat PLC (LON: SCT) soared more than 7.5% today in London after the IT firm delivered strong results for the quarter to October 31.

According to the trading statement released this morning, Softcat said revenue, gross profit and operating profit all increased on a year-on-year basis.

The company has also achieved its recruitment targets while cash generation has remained in line with expectations.

“We've performed well during the first quarter and saw good results from both corporate and public sector segments but are mindful that there is still a long way to go,” said chief executive Graeme Watt in a statement.

Last month, Softcat said it will pay its shareholders a special dividend of 7.6p in addition to ordinary dividend for the full-year. The company is in a strong financial position after witnessing its full-year revenue advancing 9% to £1 billion for a year ending July 31.

Softcat share price gains on strong trading activity November 2020

Softcat share price trades over 7.5% higher to swing into the positive territory for November.

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