REG - Softcat PLC - Half-year Report
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RNS Number : 0468X Softcat PLC 18 March 2026
SOFTCAT plc
('Softcat', the 'Group')
Half year results for the six months to 31 January 2026
Exceptional first half performance resulting in full year guidance upgrade
Softcat plc (LSE: SCT.L), a leading UK provider of IT infrastructure products
and services, today announces its half year results for the six months to 31
January 2026 ('the period'). These results reflect another period of
successful execution and strategic progress, delivering exceptional growth in
gross profit and underlying operating profit alongside robust cash generation
and investments to drive future growth. This first half performance was driven
by broad-based growth and enables us to upgrade underlying operating profit
guidance for the full year.
Financial Summary Six months ended
31 January 31 January
2026 2025 Change
£m £m
Gross invoiced incomea 2,008.6 1,507.1 33.3%
Gross profit 269.9 220.2 22.6%
Underlying operating profita 93.8 73.7 27.3%
Underlying cash conversion (%)a 147.6% 110.9% 36.7ppts
Underlying basic earnings per share (p) a 36.1p 28.7p 25.8%
Interim dividend (p) 9.9p 8.9p 11.2%
Statutory measures
Revenue b 837.5 545.6 53.5%
Operating profit 85.2 73.7 15.6%
Basic earnings per share (p) 32.8p 28.7p 14.3%
Highlights for the six months to 31 January 2026
● Gross invoiced income growth of 33.3% reflects strong, broad-based performance
and the contribution from larger solutions projects, together with a pull
forward of some customer orders due to memory shortages.
● Strong double-digit gross profit growth of 22.6%, delivered by good progress
across all technologies and customer groups, with exceptional performance from
the corporate segment.
● The performance was underpinned by our investments over the last few years in
headcount, capabilities, systems and data, and we continue to further
modernise our operations, with a current focus on data and digital projects,
new sales and HR systems, and investment in our people and office network.
● Outstanding underlying operating profita growth of 27.3% reflects the gross
profit over-delivery coupled with further investment into the business.
● Statutory operating profit of £85.2m, up 15.6% vs. PY, including £8.5m of
non-underlying costs recognised during the period, mainly relating to systems
investment.
● Underlying cash conversiona of 147.6%, with closing net cash and cash
equivalents of £206.0m (H1 FY2025: £141.0m).
● Interim ordinary dividend of 9.9p, up 11.2% in line with progressive policy,
alongside a £45m share buyback programme, which completed in February.
● Outlook: We now expect high single-digit growth in underlying operating profit
in FY2026, up from low single-digit previously.
Graham Charlton, Softcat CEO, commented,
"Softcat delivered terrific progress in the first half, with growth in gross
profit and underlying operating profit well ahead of expectations alongside
excellent cash generation. This reflects the benefits of ongoing investment in
our offering over the past few years, as well as sharp execution during the
current period, and the benefits we are seeing on customer demand for AI
enabled infrastructure and our own operational transformation. The trusted
advice and exceptional customer service we provide, underpinned by the
broadest and deepest technical skills and capabilities in our market, have
never been more relevant and I'm delighted with the momentum we're carrying
into the second half.
AI is reshaping customer priorities at pace, and organisations of all sizes
are now prioritising the building of the data, infrastructure and security
foundations needed to deploy it effectively and at scale. Given the breadth of
our offering, these trends play directly to our strengths, with AI increasing
customer demand across storage and compute, through the network and onto
devices, as well as creating the need for greater security and governance. We
are further benefitting from the acquisition of Oakland which has improved our
capability in data, automation and AI consulting, enabling us to engage
earlier in customers' transformation journeys.
The strength of our performance enables us to invest in our own systems, data
and digital platforms. This is a journey we began several years ago to
transform our operations, putting us in prime position as advances in data
analytics and AI open up significant business model transformation
opportunities.
The market is still only in the early stages of the AI adoption cycle,
creating significant long-term opportunities for Softcat. With a compelling
proposition aligned to the technologies that matter to our customers, and with
the skills and capabilities demanded by our vendors, we remain in the very
best position to deliver sustainable growth and further market share gains."
Outlook
Underlying operating profit growth in the first six months of the financial
year is ahead of the Board's expectations, reflecting strong underlying
business performance augmented by pull forward of some customer orders due to
memory shortages.
While we enter the next half of our financial year with good momentum, we face
a tougher comparative due to the contribution from larger solutions projects
in the second half of FY2025. In addition, the net impact of ongoing memory
shortages in this next period remains uncertain.
As a result, our expectations are now for high single-digit growth in
underlying operating profit in FY2026, up from low single-digit previously.
(a) See page 12 for full definitions and further reconciliations of
Alternative Performance Measures (APMs).
(b) Revenue is reported under IFRS 15, the international accounting standard
for revenue. IFRS 15 requires judgements be made to determine whether Softcat
acts as principal or agent in certain trading transactions. These judgements,
coupled with slight variations of business model and contractual arrangements
between IT Solutions Providers, means the impact of IFRS 15 across the peer
group is not uniform. Income prior to the IFRS 15 adjustment is referred to as
gross invoiced income, which is an APM.
Analyst and investor call
The management team will host an investor and analyst conference call at
9.30am UK time, on Wednesday, 18 March 2026. To join the conference call,
please use the following webcast link:
https://brrmedia.news/SCT_HY26 (https://brrmedia.news/SCT_HY26)
Please register approximately 10 minutes prior to the start of the call.
For further information, please contact:
Softcat
plc:
+44 (0)1628 403 403
Graham Charlton, Chief Executive Officer
Katy Mecklenburgh, Chief Financial Officer
Michael Watts, Head of Investor Relations
FTI Consulting
LLP:
+44 (0)20 3727 1000
Ed Bridges
Matt Dixon
Forward-looking statements
This announcement includes statements that are, or may be deemed to be,
'forward-looking statements.' By their nature, such statements involve risk
and uncertainty since they relate to future events and circumstances. Actual
results may, and often do, differ materially from any forward-looking
statements.
Any forward-looking statements in this announcement reflect management's view
with respect to future events as at the date of this announcement. Save as
required by law or by the UK Listing Rules of the Financial Conduct Authority,
the Group undertakes no obligation to publicly revise any forward-looking
statements in this announcement following any change in its expectations or to
reflect subsequent events or circumstances following the date of this
announcement.
Chief Executive Officer's Review
Performance and market conditions
Our strong performance in the period is significantly ahead of our
expectations at the beginning of the year. Softcat's continued success
reflects the strength of our special culture and depth of our customer
relationships supported by the investments we have made in the business over
the last few years, developing broad capabilities across the full stack of
modern infrastructure. We remain focused on further enhancing our portfolio,
within a tight strategic framework to seize upon the full opportunity that the
age of AI offers us.
Our market has stabilised over the past 12 months as interest rates and
inflation have moderated and pent-up IT investment has slowly started to be
released. While customers remain judicious with their spending, AI readiness
and the industry-wide supply challenges for memory and related hardware
products are stimulating demand. Uncertainty about how the component
shortages will impact lead times and pricing over the next 12-18 months
persists, but we remain best-placed to support customers with valuable
technical advice, breadth of vendor reach and flexible financial solutions.
During the period customer numbers grew 3.5%, reflecting an acceleration
across all segments. We also increased gross profit per customer by 19.0% from
progress across all of our different technology towers.
AI use cases are developing at pace and are creating exciting innovations
within the application layer of technology. This in turn is placing ever
greater demands on the infrastructure layer where our offering is focused.
Data centres, whether they sit on premises or in the cloud, now need greater
and more versatile compute power than ever before, lower latency storage, more
sophisticated and secure networking and connectivity, more powerful devices,
and data architecture and governance fit for purpose and protected against a
greater range of attack methods. Softcat is at the epicentre of this expanding
opportunity and our trusted adviser status with both customers and vendors
will be central to the market share gains we will continue to make in the
coming years.
In addition to this, we are also investing in the transformation of our own
operating model, implementing the systems, data and tools to make us more
effective and efficient than ever before. We've been laying the foundation for
this evolution for several years and are now making strides in customer and
employee experience as a result, positively affecting our results in the
period.
Customer technology priorities and industry trends
We continue to see demand from customers across the entire breadth of our
technology proposition. AI is a direct stimulus to all five of our technology
towers, creating new opportunities and challenges for many organisations. This
plays directly to Softcat's core strengths as a trusted partner with priority
access to all leading vendor innovations, able to help customers implement,
refine and integrate technology solutions to deliver measurable outcomes. We
are seeing the emphasis shifting from experimentation to enablement, as
customers seek to balance innovation and control with automation and human
insight.
Customers are continually seeking to maximise the impact of existing
technology investments, with increasing complexity resulting in greater focus
on integration, governance, security and architectural support, while also
harnessing the benefits of AI and automation across hybrid estates. Our annual
customer experience survey shows that organisations continue to cite robust
data security and the safe adoption of AI among their top priorities. The
transition to AI-enabled productivity, through tools such as Microsoft
Copilot, and the upgrade of end-user devices are also areas of focus, all of
which are already sources of growth for Softcat today.
Cybersecurity continues to evolve rapidly, driven by both AI technologies and
the resulting proliferation of increasingly large and more complex hybrid
cloud environments. Organisations are investing in comprehensive data
strategies and consistent security measures across cloud and on-premises
environments to mitigate risk and enable innovation. Incident detection and
response capabilities are increasingly critical, reflecting the heightened
threat environment and the need for operational resilience.
The value we provide ranges from product procurement to deep technical support
to the design and integration of complex solutions, with the ability to handle
complicated multi-vendor logistics, offer customer financing and provide
ongoing support services. We are a key partner for both established and
emerging vendors, and as the scale and complexity of infrastructure continues
to grow, manufacturers are relying on channel partners more than ever to
support their customers.
Strategic developments
The underlying principles of our strategic framework remain unchanged. Our
people and culture continue to be the first source of our competitive
advantage, delivering the best customer service in the industry, fostering
trust and loyalty with our customers. This drives our superior performance,
enabling further investment in our proposition, enhancing the value we deliver
to customers, and over the years has created what is now the broadest and
deepest technical offering in the market - the second source of our advantage.
By continuing to nurture our culture we will perpetuate this positive cycle of
performance and reinvestment, and realise our longer-term ambitions through a
focus across four key engines of growth:
● Sales and customer excellence - ensuring that our sales and support teams
continue to lead the industry, through training and operational agility,
supplemented by the data and insights surfaced from our new systems and data
architecture. This will further sharpen the differentiation we can apply to
customer segments, offer more tailored digital interactions, and leverage
automation and process efficiency.
● The broadest offering - our technology proposition, which comprises five key
'towers', helps customers and our own people navigate the unique breadth and
richness of our offering. It also clearly articulates the full range of our
portfolio, spanning the entirety of modern infrastructure, to customers and
vendors. We have clear development plans in place for each tower, comprising
technical skills, services offerings (which in each tower span the full range
of advisory, architecture, implementation, management and support services)
and adding differentiation by customer segment and vertical. We retain the
option to accelerate our proposition development through highly selective and
targeted acquisitions, adding either technical and/or service capabilities and
capacity, as well as potentially greater international reach.
● Operational excellence - we will continue to modernise our business
operations, becoming increasingly automated, smarter, and easier to interact
with. This will improve our scalability and effectiveness, as well as
enhancing customer and employee experiences. Following several years of
foundational investment in our own internal processes and technology, across
finance, data, and other core systems, we are now entering the next phase of
optimisation of these core platforms to benefit from embedded automation and
AI tools. Over the coming years, this will transform what we can deliver for
customers and how we collaborate with vendors and parters.
● Our special culture - culture and authenticity of employee engagement remain
the single most important driver of Softcat's success. We devote an enormous
amount of time and energy to preserving and developing this ethos. The
executive leadership and local office management teams set the tone for our
values and behaviours, based on genuine care for people, a shared purpose and
celebration of success as a team. We have also significantly invested in our
physical office estate, as part of a company-wide programme of major moves and
renovations, strengthening employee, customer, vendor, and partner utilisation
and collaboration.
Investment for future growth
During the period, we have made further progress on planned investments in our
internal systems, data and processes. We are doing this both through the
adoption of AI-functionality as it becomes available within third-party
systems and through cultivating a culture of internal innovation to create
proprietary tools, such as an intuitive assistant to help our salespeople more
effectively navigate the otherwise overwhelming breadth of Softcat's
proposition ("CatNav"). We have also continued to develop our online IT
procurement platform (eCAT), introducing our own direct integrations with
vendor systems to enhance the user experience.
We are executing in line with our plan to implement the new sales and HR
systems. The design and build phase of the sales system project is now
complete and user acceptance testing is under way. Our new HR system is due to
be rolled out to all users shortly. These new systems will complement the
existing foundational applications we've implemented across the business in
recent years, allowing us to begin adopting AI-enabled and automated
operations at scale across the business.
Our Group-wide programme of office upgrades continued during the first half,
enabling improved collaboration between our people, vendors and customers.
Following the move to three new offices during FY25 (in Birmingham, London and
Bristol), we relocated our Manchester office in August 2025 and moved to a
more central location in Dublin in December, almost doubling the size of our
Irish presence. The interim refresh of our Marlow headquarters was also
completed in March, while further upgrades and refurbishments are planned for
our remaining UK regional offices.
Our people
Softcat's unique culture continues to be the driving force behind our success.
Our evolved strategic framework has this competitive advantage at its heart
and preserves our commitment to supporting highly engaged employees to deliver
exceptional customer service, while recognising the need to adapt in a world
of AI transformation. Our long track record of success has been forged on
repeated reinvention as we've scaled in size and reach, and we remain
confident that the strength of our culture will endure.
We have now formalised the creation of local office leadership teams and
empowered them to make more autonomous decisions to drive the employee
experience at the local level. We will ensure that our culture remains
transparent, is centred around reward and recognition and promotes a
continuous flow of informal and formal feedback that can be acted on
appropriately. In our annual employee engagement survey, undertaken in October
2025, we achieved an employee net promoter score of 56 (FY2025: 55), which
remains at a market-leading level.
Average headcount grew by 10.5% year-on-year to 2,863 in the first half,
including Oakland. We continued to focus our investment in people across our
technical, specialist and sales support functions, while also growing our
internal IT and back-office functions, as we enhance our capabilities to go
deeper with existing customers.
During the period, Softcat was recognised as one of Glassdoor's 'Best Places
to Work in the UK 2026', which covers UK companies with more than 1,000
employees. We were placed at number 19 and delighted to be recognised based on
our employees' honest and independent feedback. This recognition shows the
value of investing in our people and ensures that we remain a place where our
employees feel supported, included and proud to belong.
Sustainability
Sustainability continues to play a pivotal role in the success of Softcat. We
know that when we put our people and planet first, we help our customers
succeed, which drives us to operate more sustainably. We have continued to
make progress on our sustainability journey, working towards achieving our
ambitious but challenging '10 in 10' carbon reduction plan. We are looking
forward to developing more detailed plans to transition to net zero, which
will require further actions from us and the delivery of our vendors' net zero
plans. We have also embedded circularity at every stage of our customer
offering. In addition, both our relocated and refurbished offices have been
designed to be sustainable where possible and meet some of the industry's
leading certification standards.
During FY2026, we will be reassessing our material targets to ensure our
sustainability actions remain in line with our stakeholders' needs and
expectations. We intend to do this by completing a double materiality
assessment in line with the Global Reporting Initiative and the European
Sustainability Reporting Standards. This assessment will explore both
financial materiality (the risks particular sustainability issues present to
our business) and impact materiality (the impact Softcat has on sustainability
issues). We expect to report back on the findings and implications in our next
Sustainability Report.
Chief Financial Officer's Review
Financial Summary H1 FY2026 H1 FY2025 Change
Gross invoiced income split
Software £1,118.4m £942.8m 18.6%
Hardware £583.6m £326.6m 78.7%
Services £306.7m £237.7m 29.0%
Total gross invoiced income(1) £2,008.6m £1,507.1m 33.3%
Revenue split
Software £133.0m £105.9m 25.6%
Hardware £581.5m £324.6m 79.1%
Services £123.0m £115.1m 6.9%
Total revenue £837.5m £545.6m 53.5%
Gross profit £269.9m £220.2m 22.6%
Gross profit margin(2) 13.4% 14.6% (1.2%) pts
Underlying operating profit(3) £93.8m £73.7m 27.3%
Underlying operating profit margin(2) 4.7% 4.9% (0.2%) pts
Non-underlying items £(8.5)m - -
Statutory operating profit £85.2m £73.7m 15.6%
Gross profit per customer(4) £52.2k £43.9k 19.0%
Customer base(4) 10.4k 10.1k 3.5%
Underlying cash conversion(5) 147.6% 110.9% 36.7% pts
1 Gross invoiced income reflects gross income billed to customers adjusted for
deferred and accrued revenue items. This is an Alternative Performance Measure
(APM). For further information on this, please refer to page 12.
2 Gross profit margin and underlying operating profit margin are both
calculated as a percentage of gross invoiced income.
3 Underlying operating profit and underlying operating profit margin are APMs.
For further information on this, please refer to page 12.
4 Gross profit per customer is defined as gross profit generated over the last
twelve-months divided by the customer base. Customer base is defined as the
number of customers who have transacted with Softcat in both of the preceding
twelve-month periods. During FY2025, we undertook an exercise to improve the
quality of our customer data, which included aligning all trading entities
with a relevant parent company where necessary, resulting in a small reduction
in the overall customer base. For comparability, the customer data and
associated average GP per customer in H1 FY2025 has also been amended in line
with the revised methodology.
5 Underlying cash conversion is defined as net cash generated from operating
activities before taxation and any acquisition related cashflows, including
deferred consideration outflows, net of capital expenditure, as a percentage
of underlying operating profit. This is also an APM. For further information
on this, please refer to page 12.
Gross profit, revenue and gross invoiced income
Our H1 FY2026 results reflect the strength of our business model and continued
excellent execution as we continue to support the technology solution needs of
a diverse range of new and existing customers through our comprehensive
breadth of expertise, product offering and services, together with exceptional
levels of customer service delivered by our highly engaged employees.
We continue to benefit from the investments, including the acquisition of
Oakland, we have made over the last years. Building out our capabilities and
improving our internal operations enables us to grow market share and deliver
long-term sustainable growth. These investments also position us well to
benefit from AI internally and with customers, as more of them seek our advice
on their AI transformation journey, which is reflected in an encouraging level
of engagement by Oakland with prospective customers.
Gross profit (GP), our primary measure of income, grew by 22.6% to £269.9m
reflecting the strength of our underlying business performance, supported by
the contribution from previously disclosed larger solutions projects, and a
pull forward of some customer orders due to memory shortages alongside
positive vendor rebate mix.
GP growth was broad-based across the entire breadth of our customer segments
and technology portfolio. Growth in our corporate sector was particularly
strong in the period, led by enterprise and mid-market which grew strong
double-digit and supported by public sector which grew high single-digit. By
technology area, GP growth continued to be driven by security, reflecting
increasing customer focus on cyber investments, alongside growth in data
centres and networking, where demand was broad-based and supported by the
larger solutions projects. Workplace GP growth was more modest reflecting
continued improvement in demand for client devices, but also the impact of
Microsoft incentive changes, which we have now annualised.
By product type, software, hardware and services GP all grew double-digit.
Hardware growth was driven by datacentre and networking infrastructure, server
and compute sales, including the contribution from larger solutions projects.
Software GP growth was broad-based with notable strength among security
solutions, while services growth was primarily driven by a strong contribution
from partner delivered services.
Revenue is reported in accordance with IFRS 15 with some transactions
(generally hardware, professional services and internally delivered support
and managed services) reported gross (principal) and others (generally
software and externally provided support and managed services) reported net
(agent) which can make revenue trends hard to understand. We therefore
continue to report GII to help provide a clearer view of underlying growth and
to support understanding of key balance sheet movements. H1 FY2026 revenue
grew overall by 53.5% driven by: (1) hardware revenue growth of 79.1%
reflecting strong datacentre, networking, server and compute sales, supported
by larger solutions projects. Hardware accounts for a much higher mix of
revenue than GII and this is the main reason total revenue growth is higher
than GII growth; (2) software revenue growth of 25.6% which was ahead of GII
growth of 18.6%, primarily reflecting a shift in mix towards higher margin
security licencing; and (3) services revenue growth of 6.9%, reflecting a
higher share of externally provided services at lower margin (reported on a
net basis).
GII increased 33.3% to £2,008.6m, mainly driven by strong growth in hardware,
as discussed above. Software GII grew by 18.6% with strength in cybersecurity
licencing software together with Microsoft CSP deals, while services growth of
29.0% was driven by a growing share of partner provided business. GII grew
ahead of GP during the period primarily due to the dilutive impact of larger
solutions projects at lower margin, resulting in GP as a percentage of GII
declining year-on-year to 13.4% (H1 FY2025: 14.6%).
Customer KPIs
During the period, GP per customer grew by 19.0% to £52.2k (H1 FY2025:
£43.9k) and the customer base expanded by 3.5% to 10.4k (H1 FY2025: 10.1k).
Net new customer numbers grew across all customer segments, led by our
mid-market segment, with most of the new additions being customers we've not
traded with during the last two years.
As the longevity of the relationship with our customers increases, the GP
transacted with them also increases. Over time, customers tend to buy across
more technology areas and an increasing range of vendors. Loyalty, as
measured by a lower rate of customer churn, also significantly increases. We
track this by measuring core KPIs among those customers transacting over £1k
of GP with us each year, at which point average churn drops significantly. The
number of customers in this more stable cohort, grew by 5.7% to 8.5k during
the period, with the average GP delivered from each of those customers
expanding by 16.5% to £64.0k.
The long tail of customers with whom we interact less often, along with
customers who have not purchased from Softcat in the last 12 months or at all,
constitute future growth opportunities. The balance between winning new
customers and doing more with existing customers is integral to our Account
Manager model.
Internal analysis, incorporating data from industry sources, indicates that
our total addressable market in the UK and Ireland is more than £87bn,
growing at an annual average rate of around 10%. We estimate that we serve
approximately 20% of the customers in our target market in the UK, based on
those who trade with us in two consecutive 12-month periods, with an average
20-25% share of wallet. We therefore continue to see a significant future
growth opportunity, which is supportive of our strategy to attract new
customers and go deeper with our existing customers.
Operating profitability and investment in future growth
Underlying operating profit of £93.8m (H1 FY2025: £73.7m) increased by 27.3%
year-on-year, with underlying operating costs rising by 20.2%, behind GP
growth of 22.6%.
Underlying operating cost growth was driven by increased commissions and other
variable pay broadly in line with commissionable GP growth and a 15.4%
increase in wages and salaries. During the period, average headcount grew by
7.7% year-on-year (10.5% growth including Oakland), while closing headcount
grew by 9.4% year-on-year (12.6% growth including Oakland). In addition, the
impact of the step up in Employers' National Insurance Contributions is
reflected in first half costs, together with the investment in expanding our
internal IT team, investment in our data and digital strategy, and increased
costs associated with recent office moves to new, larger sites.
As a result of the above, the ratio of underlying operating profit to gross
profit has increased to 34.8% (H1 FY2025: 33.5%).
Statutory operating profit of £85.2m (H1 FY2025: £73.7m) increased by 15.6%
year-on-year, reflecting the impact of non-underlying costs of £8.5m (H1
FY2025: £Nil).
Non-underlying costs
Non-underlying costs recognised during the period include system development
costs of £7.0m relating to the implementation of the new cloud-based sales
system and HR system. In addition, there is a £1.5m charge relating to the
acquisition of Oakland, consisting of a £1.2m increase in the fair value of
contingent consideration, together with the amortisation of acquired
intangibles of £0.3m.
Corporation tax charge
The effective tax rate (ETR) for H1 FY2026 was 25.8% (H1 FY2025: 25.2%). The
difference between the ETR and the UK statutory rate of 25.0% primarily
reflects the disallowable deferred consideration relating to the acquisition
of Oakland, together with a small impact from non-deductible expenses. Our tax
strategy continues to be focused on paying the right amount of tax in the
right jurisdiction, at the right time.
Cash flow and cash conversion
The Group entered the period with £182.3m of cash and cash equivalents before
paying an aggregate final ordinary and special dividend of £73.0m in December
2025. In addition, the Group initiated a £45m share buyback programme in
January 2026, of which £24.7m had been executed as at the end of the first
half. These cash outflows were more than offset by strong cash generation
during the period, including a £42.4m upfront customer payment, resulting in
cash and cash equivalents at the end of the first half of £206.0m (H1 FY2025:
£141.0m).
Underlying cash conversion, representing net cash generated from operating
activities (including non-underlying cash costs) before tax and any
acquisition related cashflows, including deferred consideration outflows, net
of capital expenditure, as a percentage of underlying operating profit, was
147.6% (H1 FY2025: 110.9%). This strong performance reflects continued good
working capital management, offset by investment in offices and IT systems. In
addition, there was a beneficial timing impact of £42.4m paid upfront by a
single customer. Excluding this advanced customer receipt, cash conversion
would have been 102.4%, above our target cash conversion range of 85%-95%. In
the prior year, we also experienced an upfront customer payment and excluding
this, the comparative cash conversion ratio was 89.2%.
Our capital allocation policy remains unchanged, prioritising long-term
investment in organic growth to facilitate further share gains in our
expanding addressable market; secondly to maintain a progressive ordinary
dividend. Remaining excess capital is then either allocated to compelling
strategic investments, which could include bolt-on acquisitions to expand our
portfolio offering or international expansion, or is returned to shareholders.
During the period, we have continued to invest in our key priority which is to
drive the long-term growth potential of Softcat, by increasing headcount,
investing in new office capacity, developing our data and digital platforms,
and investing in core systems and IT capability. In addition, the Group's
£45m share buyback programme that commenced on 8 January 2026, was
subsequently completed on 13 February 2026, enabling us to acquire a total of
3,352,161 ordinary shares for cancellation (equivalent to 1.67% of the issued
share capital when the programme commenced), at a volume weighted average
price of 1,333p per share.
After the period end, and as part of the Group's ongoing optimisation of its
balance sheet and capital allocation policy, a new revolving credit facility
(RCF) of £50m was established with a syndicate of lenders in March 2026. The
RCF provides the Group with further flexibility to maintain our operating cash
floor through a combination of cash on hand and available credit lines, as
appropriate. The RCF is currently undrawn.
Finance net income
In the period, net interest income totalled £3.0m (H1 FY2025: £3.1m). The
slight decline year-on-year was driven by an increase in lease liability
interest costs reflecting recent office relocations, partially offset by
higher interest income earned on cash and cash equivalents.
Dividend
An interim ordinary dividend of 9.9p per share (H1 FY2025: 8.9p), amounting to
£19.5m (H1 FY2025: £17.8m), has been recommended by the Board of Directors.
This is in line with our policy of paying one-third of the previous year's
total ordinary dividend as an interim dividend in the current year. The
interim dividend will be payable on 20 May 2026, to shareholders whose names
are on the register at the close of business on 10 April 2026. Shares in the
Group will be quoted ex-dividend on 9 April 2026. The last day for dividend
reinvestment plan ('DRIP') elections is 28 April 2026.
Statement of Financial Position
Revenue and cost of sales were not recognised for a large specific order in
FY2025, in line with revenue recognition criteria under IFRS 15. A proportion
of this has been recognised in FY2026. The customer paid Softcat upfront and,
in turn, Softcat paid the supplier upfront for the full order value. In
FY2025, this contributed to £290.3m of the increase in contract liabilities,
reflecting the associated rise in deferred income as revenue cannot yet be
recognised. As at the end of H1 FY2026, the remaining contract liability was
£151.5m reflecting goods due to be delivered early in H2 FY2026.
Inventory levels as at the end of FY2025 rose primarily due to goods held or
in transit related to this order, contributing £149.5m to the overall
increase and a contract fulfilment asset of £72.6m was recognised for goods
delivered that have not yet met the criteria for revenue recognition. As at
the end of H1 FY2026, there was £136.4m within contract fulfilment assets
reflecting goods delivered to the customer that have not yet met the revenue
recognition criteria under IFRS 15.
Within trade and other receivables, there remains deferred costs relating to
this large specific order.
Alternative Performance Measures
The Group uses several non-Generally Accepted Accounting Practice ('non-GAAP')
financial measures in addition to those reported in accordance with IFRS. The
Directors believe that these non-GAAP measures which are set out below, assist
in providing additional useful information on the underlying trends, sales
performance and position of the Group.
Consequently, non-GAAP measures are used by the Directors and management for
performance analysis, planning and reporting and have remained consistent with
the prior year. These non-GAAP measures comprise gross invoiced income (or
'GII') and cash conversion.
1. Gross invoiced income is a measure which correlates closely to the cash
received by the business and therefore aids the user's understanding of
working capital movements in the statement of financial position and the
relationship to sales performance and the mix of products sold. Gross invoiced
income reflects gross income billed to customers adjusted for deferred and
accrued revenue as reported in the IFRS measure. A reconciliation of IFRS
Revenue to gross invoiced income is provided within Note 3 of the interim
financial statements.
2. Underlying operating profit reflects statutory operating profit, adding
back non-underlying costs. Non-underlying costs comprise items which, in the
opinion of management, should be identified and excluded to provide a
consistent and comparable view of the underlying performance of the Group's
ongoing business. They are unusual because of their size, nature (one-off,
non-trading costs) or incidence.
When evaluating the nature of an item, management considers the following
factors, both individually and in combination:
• whether the item is related to activities outside the
Group's primary business activities;
• the specific circumstances that led to the recognition
of the item;
• the likelihood that the item will recur; and
• whether an item is cash or non-cash
Non underlying costs H1 2026 H1 2025
£'000 £'000
Acquisition - contingent consideration liability 1,200 -
Acquisition - amortisation of acquired intangibles 320 -
Major system development costs 7,024 -
8,544 -
3. Underlying cash conversion ratio comprises net cash generated from
operating activities before taxation and any acquisition related cashflows,
including deferred consideration outflows, net of capital expenditure, as a
percentage of underlying operating profit. Underlying cash conversion is an
indicator of the Group's ability to convert profits into available cash. In
the period ended 31 January 2025 the cash conversion ratio did not incorporate
underlying costs or acquisition related cashflows however, as these were nil,
no prior year restatement is required. A reconciliation to the adjusted
measure for cash conversion is provided below:
H1 2026 H1 2025
£'000 £'000
Net cash generated from operating activities 120,506 65,329
Income taxes paid 21,884 24,281
Cash generated from operations 142,390 89,610
Purchase of property, plant and equipment (3,911) (4,896)
Purchase of intangible assets (34) (2,997)
Cash generated from operations, net of capital expenditure 138,445 81,717
Underlying operating profit 93,777 73,662
Underlying cash conversion ratio 147.6% 110.9%
Removing the impact of the large customer deposit, cash conversion will be
102.4%.
Net cash generated from operating activities includes £7.0m of non-underlying
costs.
4. Underlying basic earnings per ordinary share reflect statutory basic
earnings per ordinary share, adjusted for the profit after tax impact of
non-underlying costs.
H1 2026 H1 2025
Pence Pence
Underlying earnings per share - Basic 36.1 28.7
The calculation of the basic earnings per share is based on the following
data:
H1 2026 H1 2025
£'000 £'000
Earnings
Earnings for the purposes of earnings per share, being profit for the year 65,468 57,387
Non-underlying costs 8,544 -
Tax effect of non-underlying costs (1,836) -
Underlying earnings for the purposes of earnings per share, being profit for 72,176 57,387
the year
The tax effect of non-underlying costs varies depending on the nature of the
costs.
The weighted average number of shares is given below:
H1 2026 H1 2025
000's 000's
Number of shares used for basic earnings per share 199,736 199,623
Principal Risks and Uncertainties
The principal and emerging risks facing the Group have been identified and
evaluated by the Board.
In assessing the Group's likely financial performance for the second half of
the current financial year, these risks and uncertainties should be considered
in addition to the comments made under the heading "outlook" in the Chief
Executive Officer's Review.
In summary, principal risks include:
Risk Potential impacts Management and mitigation
BUSINESS STRATEGY
Failure to respond to market changes including technology offering, channel · Loss of competitive advantage · Insight from ongoing industry analysis and subscriptions input
disintermediation, competitor landscape and customer needs.
into annual strategy process
· Reduced number of customers and profit per customer
(no change in net risk)
· Regular insights into customer priorities including
climate-related through the annual customer experience survey results and
'voice of the customer' surveys. Multi-layered relationship with strategic
vendors and executive sponsor alignment
· Regular Quarterly Business Reviews with vendors
· Regular meetings between senior representatives from sales,
technology and vendor management teams to review technology and market trends
and customer propositions
· Accelerating digital platforms and advisory capability to address
AI-driven customer and market shifts
OPERATIONAL
Customer dissatisfaction · Reputational damage · Dedicated customer experience team, who manage and escalate
customer dissatisfaction cases
(no change in net risk) · Loss of customers
· ISO20000-1 IT Service Management and ISO-9001 Quality management
· Financial penalties certified
· Ongoing customer service excellence training
· 'Big-deal review' process
· Investment in customer-supporting internal IT systems
Cyber security risk & business interruption risk · Inability to deliver managed customer services · ISO27001 accredited processes. Group-wide information security
policy and mandatory security-related training
(slight increase in gross and net risk) · Prolonged system outage may result in lost sales opportunities
and failure to deliver on key business objectives · Regular updates at a Board level on the evolving cyber threat
landscape, ensuring that cyber security is treated as an enterprise-wide
· Reputational damage risk
· Financial loss · Simulation exercises will be conducted in FY2026
· Customer dissatisfaction · Established and documented processes for incident management,
change of control, etc.
· Access controls aligned with zero trust principles
· Training and awareness including regular phishing tests
· Key software used is from large multi-national companies who have
a 99.9% SLA and who also provide us with SOC 2 reports that provide assurance
on their processes and controls
· Annual penetration test by a third party
· Adoption of NIST 2.0 framework, a recognised cyber maturity
framework
FINANCIAL
Macro-economic factors, including geo-political conditions, impact on customer · Short-term supply chain disruption · Customer base is well diversified in terms of both revenue
sentiment, inflationary pressures, interest and foreign currency volatility
concentration but also public and commercial sector exposure
· Reduced customer demand
(no change in net risk)
· Market conditions are factored in our annual budgeting process
· Reduced profit per customer
· Operating costs are budgeted and reviewed regularly
· Customer insolvencies and cash collection challenges
· Going concern and viability statements are underpinned by robust
analysis of scenarios
· Policies and procedures to manage foreign exchange exposures
Ineffective working capital management, including customer credit risk · Increased bad debts · Robust credit assessment process including use of trade credit
relating to both in-year and multi-year deals (no change in net risk)
insurance
· Increased cost of operations
· Clear delegation of authority ensuring decisions are escalated
appropriately including to the Board, where relevant
· Group-wide maximum credit exposure per customer (across invoiced
and orders yet to be fulfilled inclusive of multi-year deals) of £75m, with
some limited time-bound exceptions, where specific criteria are met
· Support from vendors for multi-year credit risk for unfulfilled
orders is regularly sought
· Regular review of the aged debt position by management
· Defined treasury policy covering liquidity management processes
and thresholds
· Regular cash forecasting, actual reporting and variance analysis
to highlight any adverse trends and allow sufficient time to respond
Failure to retain competitive terms with our suppliers and/or right-size our · Higher operating costs · Budgeting process and regular reviews ensure costs are managed
cost base compared to gross profit generated. (slight increase in gross and
appropriately and in consideration of gross profit growth. Any out of budget
net risk) · Uncompetitive pricing leading to loss of business spend needs management level or Board approval
· Reduced profitability/margins · Close dialogue with supply chain partners
· Rebates form an important, but only minority, element of total
operating profit. In addition, Rebate programmes tend to be industry standard
and not specific to the Group, while vendor aligned teams ensure we optimise
available rebate structures
· Ongoing training to sales and operations teams to keep pace with
new vendor programmes
PEOPLE
Loss of culture · Reduced staff engagement · Culture sits at the heart of all changes that are made in
Softcat. There is regular communication from Senior Leadership Team members
(no change in net risk) · Negative impact on customer service to employees at 'Kick Off' and 'all hands' calls about the importance of
culture
· Loss of talent
· Regional offices with empowered local management
· Quarterly management satisfaction survey and annual all-employee
survey with feedback acted upon. Our engagement and employee net promoter
results, which are industry-leading, are regularly reviewed
· Regular staff events and incentives
· Enhanced internal communication processes and events
Talent, capability & leadership risk · Lack of strategic direction · Succession planning process in place
(no change in net risk) · Reduced staff engagement · Experienced and broad senior management team
· Loss of talent · Investment in robust recruitment and selection processes
· Loss of competitive advantage · Attrition tracked and action taken as necessary
REGULATORY AND COMPLIANCE
Compliance with existing regulation/legislation and being prepared for · Financial penalties · Significant investment in a second line of defence function (Risk
emerging regulation/legislation
Assurance and Process Improvement, Information Security, Legal and Company
· Reputational damage Secretarial teams)
(no change in net risk)
· Loss of customers · Management committee in place to review second line progress and
report to the Audit and Risk Committee
· Ongoing engagement with specialist third parties where required
Climate change
In the prior year, in line with the approach recommended by the
Climate-related Financial Disclosures ('CFD'), we conducted a formal
assessment of the potential impact of climate change to our business and
supply chain. Please see our 2025 Annual Report and Accounts, pages 40 to 58
for more information. Climate change is already a component of the risk of
failure to respond to market changes when considering the needs of our
customers and how products, services and solutions might be affected by the
drive towards carbon neutrality. Our most recent analysis concluded that no
other climate change-related risk is a principal risk which needs to be
incorporated into the list of principal risks shown.
These risks and uncertainties have not changed significantly since those
published in the 2025 Annual Report.
Going Concern
Please refer to note 2 under 'Basis of preparation'.
Cautionary Statement
This preliminary announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and the potential
for those strategies to succeed. The preliminary announcement should not be
relied on by any other party or for any other purpose.
In making this preliminary announcement, the Group is not seeking to encourage
any investor to either buy or sell shares in the Company. Any investor in any
doubt about what action to take is recommended to seek financial advice from
an independent financial advisor authorised by the Financial Services and
Markets Act 2000.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
● the condensed set of financial statements, which has been prepared in
accordance with UK adopted IAS 34 Interim Financial Reporting, has been
prepared in accordance with the applicable set of accounting standards, gives
a true and fair view of the assets, liabilities, financial position and profit
or loss of the Group;
● the Interim Management Report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year); and
● the Interim Management Report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
Neither the Group nor the Directors accept any liability to any person in
relation to the half-year financial report except to the extent that such
liability could arise under English law. Accordingly, any liability to a
person who has demonstrated reliance on any untrue or misleading statement or
omission shall be determined in accordance with section 90A and schedule 10A
of the Financial Services and Markets Act 2000.
Graham Charlton Katy Mecklenburgh
Chief Executive Officer Chief Financial Officer
17 March 2026 17 March 2026
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the six months ended 31 January 2026
Six months ended 31 January Year ended
31 July
2026 2025 2025
Unaudited Unaudited Audited
Note
£'000 £'000 £'000
Revenue 3 837,544 545,584 1,458,411
Cost of sales (567,683) (325,379) (964,133)
Gross profit 269,861 220,205 494,278
Administrative expenses (176,084) (146,543) (314,147)
Underlying operating profit 93,777 73,662 180,131
Non-underlying costs (8,544) - (7,231)
Operating profit 85,233 73,662 172,900
Finance income 3,961 3,682 7,350
Finance cost (995) (629) (2,048)
Profit before taxation 88,199 76,715 178,202
Income tax expense 4 (22,731) (19,328) (45,194)
Profit for the period 65,468 57,387 133,008
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in
subsequent periods:
Net (loss)/gain on cash flow hedge (497) 1,627 (26)
Foreign exchange differences on translation of foreign branches and (1,622) 119 (885)
subsidiaries
Total other comprehensive (loss)/income (2,119) 1,746 (911)
Total comprehensive income for the period 63,349 59,133 132,097
Profit attributable to:
Owners of the Parent Company 65,468 57,387 133,008
Total comprehensive income attributable to:
Owners of the Parent Company 63,349 59,133 132,097
Basic earnings per ordinary share (pence) 13 32.8 28.7 66.6
Diluted earnings per ordinary share (pence) 13 32.5 28.6 66.2
All results are derived from continuing operations.
Condensed Consolidated Statement of Financial Position
As at 31 January 2026
Six months ended Year ended
31 July
31 January
2026 2025 2025
Unaudited Unaudited Audited
Note
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 18,493 13,342 16,898
Right-of-use assets 6 32,487 26,752 31,790
Intangible assets and goodwill 18,656 13,422 20,632
Investments 50 - 50
Deferred tax asset - 2,497 843
69,686 56,013 70,213
Current assets
Inventories 7 14,557 21,335 151,901
Trade and other receivables 8 781,280 609,508 713,149
Contract fulfilment assets 9 131,541 - 72,606
Derivative financial assets 1,461 - -
Income tax receivable 1,508 3,980 1,776
Cash and cash equivalents 206,011 141,045 182,282
1,136,358 775,868 1,121,714
Total assets 1,206,044 831,881 1,191,927
Current liabilities
Trade and other payables 10 (582,431) (440,812) (471,465)
Contract liabilities 11 (259,170) (69,328) (333,206)
Share buyback liability (22,577) - -
Derivative financial liabilities (3,947) - -
Lease liabilities 6 (5,585) (3,422) (4,279)
(873,710) (513,562) (808,950)
Non-current liabilities
Contract liabilities 11 (14,411) (12,497) (13,284)
Lease liabilities 6 (31,818) (24,913) (30,911)
Deferred tax liability (16) - -
(46,245) (37,410) (44,195)
Total liabilities (919,955) (550,972) (853,145)
Net assets 286,089 280,909 338,782
Equity
Issued share capital 15 99 100 100
Share premium account 4,979 4,979 4,979
Capital redemption reserve 1 - -
Cash flow hedge reserve (808) 1,342 (311)
Foreign exchange revaluation reserve 231 2,857 1,853
Retained earnings 281,587 271,631 332,161
Total equity 286,089 280,909 338,782
Condensed Consolidated Statement of Changes in Equity (Unaudited)
Share capital Share premium Capital redemption reserve Translation reserve Cash flow hedge reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 August 2024 100 4,979 - 2,738 (285) 290,505 298,037
Profit for the period - - - - - 57,387 57,387
Impact of foreign exchange on reserves - - - 119 - - 119
Net gain on cash flow hedge - - - - 1,627 - 1,627
Total comprehensive income for the period - - - 119 1,627 57,387 59,133
Share-based payment transactions - - - - - 1,652 1,652
Dividends paid - - - - - (77,907) (77,907)
Dividend equivalents paid - - - - - (99) (99)
Tax adjustments - - - - - 93 93
Balance at 31 January 2025 100 4,979 - 2,857 1,342 271,631 280,909
Balance at 1 August 2025 100 4,979 - 1,853 (311) 332,161 338,782
Profit for the period - - - - - 65,468 65,468
Impact of foreign exchange on reserves - - - (1,622) - - (1,622)
Net loss on cash flow hedge - - - - (497) - (497)
Total comprehensive income for the period - - - (1,622) (497) 65,468 63,349
Share-based payment transactions - - - - - 2,348 2,348
Share buyback (1) - 1 - - (45,000) (45,000)
Dividends paid - - - - - (72,981) (72,981)
Dividend equivalents paid - - - - - (128) (128)
Tax adjustments - - - - - (281) (281)
Balance at 31 January 2026 99 4,979 1 231 (808) 281,587 286,089
On 7 January 2026 the Group entered into an irrevocable non-discretionary
share buyback programme up to a maximum of £45.0m. As the irrevocable
agreement was entered into prior to the balance sheet date, the full value of
the programme has been recognised as a liability at 31 January 2026. The share
repurchase scheme commenced on 8 January 2026, with 1,711,459 shares
repurchased in the period for a total consideration of £24.7m (including
stamp duty and commission). As at the balance sheet date, 438,998 shares had
been repurchased but not cancelled and were considered treasury shares (with a
value of £6.3m including stamp duty and commission). The Group completed the
share buyback process on 13 February 2026.
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 January 2026
Six months ended Year ended
31 July
31 January
2026 2025 2025
Unaudited Unaudited Audited
Note
£'000 £'000 £'000
Net cash generated from operating activities 14 120,506 65,329 140,714
Cash flows from investing activities
Finance income 3,961 3,682 7,350
Acquisition of subsidiaries, net of cash acquired - - (7,417)
Acquisition associated costs - - (722)
Purchase of property, plant and equipment (3,911) (4,896) (11,783)
Purchase of intangible assets (34) (2,997) (3,444)
Net cash generated from/(used in) investing activities 16 (4,211) (16,016)
Cash flows from financing activities
Issue of share capital - - -
Purchase of own shares (22,423) - -
Dividends paid 5 (72,981) (77,907) (95,704)
Payment of principal portion of lease liabilities 6 (402) (110) (395)
Payment of interest portion of lease liabilities 6 (995) (629) (2,048)
Net cash used in financing activities (96,801) (78,646) (98,147)
Net increase/(decrease) in cash and cash equivalents 23,721 (17,528) 26,551
Cash and cash equivalents at beginning of period 182,282 158,454 158,454
Exchange gains/(losses) on cash and cash equivalents 8 119 (2,723)
Cash and cash equivalents at end of period 206,011 141,045 182,282
Notes to the Condensed Consolidated Interim Financial Statements
1. General information
The Directors of Softcat plc (the "Group") present their Interim Report and
the unaudited Condensed Consolidated Interim Financial Statements for the six
months ended 31 January 2026 ("Condensed Consolidated Interim Financial
Statements").
Softcat plc is a public limited company, incorporated and domiciled in England
and Wales. Its registered address is Solar House, Fieldhouse Lane, Marlow,
Buckinghamshire, SL7 1LW.
The Condensed Consolidated Interim Financial Statements have been reviewed,
but not audited, by Ernst & Young LLP and were approved by the Board of
Directors on 17 March 2026. The financial information contained in this report
does not constitute statutory accounts within the meaning of section 434 of
the Companies Act 2006. The Condensed Consolidated Interim Financial
Statements should be read in conjunction with the Annual Report and Financial
Statements for the year ended 31 July 2025, which have been prepared in
accordance with UK-adopted international accounting standards (IFRS) in
accordance with the requirements of the Companies Act 2006. The Annual Report
and Financial Statements for the year ended 31 July 2025 were approved by the
Board of Directors on 21 October 2025 and delivered to the Registrar of
Companies. The auditor's report on those financial statements was unqualified,
did not contain an emphasis of matter paragraph and did not contain any
statement under section 498(2) or (3) of the Companies Act 2006.
2. Accounting policies
Basis of preparation
These Condensed Consolidated Interim Financial Statements have been prepared
in accordance with UK adopted International Accounting Standard ("IAS") 34
Interim Financial Reporting and the Disclosure Guidance and Transparency Rules
of the United Kingdom's Financial Conduct Authority.
The Condensed Consolidated Interim Financial Statements are presented in
Pounds Sterling, rounded to the nearest thousand ('£'000'), unless otherwise
stated. They were prepared under the historical cost convention.
The accounting policies adopted in the preparation of the Condensed
Consolidated Interim Financial Statements are consistent with those applied in
the preparation of the Group's Financial Statements for the year ended 31 July
2025.
Going Concern
The Directors are satisfied that the Group has sufficient resources to
continue in operation for the foreseeable future, a period to at least 31
March 2027.
Overview
In considering the going concern basis for preparing this financial
information, the Directors consider the Group's objectives and strategy, its
principal risks and uncertainties in achieving its objectives and its review
of business performance and financial position, which are all set out in the
Chief Financial Officer's review.
Given the current geopolitical and economic uncertainty and considering the
latest guidance issued by the FRC the Directors have undertaken a
comprehensive going concern review.
The Group has modelled three scenarios in its assessment of going concern.
These are:
● the base case;
● the severe but plausible case; and
● the reverse stress test cases.
Further details, including the analysis performed and conclusion reached, are
set out below.
The Directors have reviewed detailed financial forecasts for a twelve-month
period from the date of this report (the going concern period) until 31 March
2027.
Liquidity and financing position
At 31 January 2026 the Group held instantly accessible cash and cash
equivalents of £206.0m, with net current assets of £262.4m. Note 1 to the
financial statements in the Annual Report includes the Group's objectives,
policies and processes for managing its capital, its financial risk management
and its exposures to credit risk and liquidity risk. Operational cash flow
forecasts for the going concern period are sufficient to support the business
with the desired liquidity position set by the Board not being breached.
There is a sufficient level of liquidity headroom post mitigation across the
going concern forecast period in base and severe but plausible scenarios
considered and outlined in more detail below.
As noted in note 17 on 17 March 2026 the Group has entered into a committed
revolving credit facility agreement with a syndicate of banks. The facility
has an initial term of four years, with options to extend for up to two
additional one year periods, subject to lender approval. The facility is
intended to provide liquidity headroom and further financial flexibility to
the Group.
Geopolitical and economic uncertainty
Management have, in all three scenarios, considered the principal challenges
to short-term business performance which are expected to be;
● industry challenges around component pricing and availability (RAM shortages);
● changes to market dynamics or loss of competitiveness against Softcat
competitors; and
● higher risk of credit losses.
Despite the geopolitical and economic uncertainty, the Group has traded
strongly, delivering double-digit year-on-year growth in both gross profit and
operating profit. The Board continue to monitor the global and national
economic environment and organise operations accordingly.
Base case
The base case, which was approved by the Board in March 2026, takes into
account the FY2026 budget process which includes estimated growth and
increased cost across the going concern period and is consistent with the
actual trading experience through to February 2026. The key inputs and
assumptions in the base case include:
● continued revenue growth in line with historic rates;
● rebate income continues to be received in proportion to cost of sales as in
FY2025;
● employee commission is incurred in line with the gross margin; and
● increased levels of cost to reflect continued investment in our people and the
business's IT infrastructure.
The Group has taken a measured approach to the base case and has balanced the
expected trading conditions with available opportunities in an increasingly
resilient area of customer spend, which is supported by the current financial
position. Year to date trading to the end of February 2026 is consistent with
the base case forecast.
Severe but plausible case
Given the current geopolitical and economic uncertainty facing our customer
base and supply chain, we have modelled a severe but plausible scenario. In
this case we have modelled a decline in revenue, versus the base case, which
is worse than any historic trend and more severe than experienced during the
height of the COVID‑19 pandemic. Further impacts of this scenario such as
reduced margins and greater credit losses have also been considered.
The key inputs and assumptions, compared to the base case, include:
● an average 5% reduction in revenue;
● reduced gross profit margins of 0.5% in the period;
● additional bad debt write offs of £4.8m per annum, across the forecast
period;
● an average 5% reduction in rebates;
● extending the debtor days from historic levels achieved and no change to
historic supplier payment days by an additional 3 days;
● paying a reduced final dividend in line with lower profitability but still
within the range set out in the dividend policy; and
● commission cost adjusted downwards in line with reduced profitability and cost
of sales, but at the same percentage rates as in the base case.
The purpose of this scenario was to consider if there was a significant risk
that the Group would move to being cash negative in any of the months in the
going concern period. Even at these lower levels of activity, which the
Directors believe is a highly unlikely outcome, the Group continues to be
profitable and always maintains a positive cash balance. Despite this,
management have modelled further cost saving and working capital actions (see
mitigating actions) that will enable the Group to mitigate the impact of
reduced cash generation further and achieve the Board's desired minimum cash
position, should this scenario occur. The Directors are confident that they
can implement these actions if required.
Mitigating actions
There are several potential management actions that have not been included in
the severe but plausible forecast, including significant cost reduction
measures and additional annual working capital savings. The actions which if
implemented would include:
● savings in discretionary areas of spend;
● delayed payment to suppliers foregoing early settlement discount; and
● short term supplier payment management.
The mitigations are deemed achievable and reasonable as the Group benefits
from a flexible business model with a high proportion of costs linked to
performance.
Reverse stress tests
The Directors have performed an analysis of each variable used in the severe
but plausible case that would, standalone, trigger a threat to the going
concern status of the business. This reverse stress testing goes beyond what
is considered in the severe but plausible scenario to understand the limits of
the business model.
Before a negative cash balance within the going concern period is likely, the
following key inputs and assumptions, compared to the base case, would be
required:
● a reduction in sales of 90%;
● reduction in gross margin of 6ppts; and
● extending the debtor days by an additional six days.
The Board considers the forecasts and assumptions used in the reverse stress
tests, as well as the events that could lead to it, to be extremely remote.
Going concern conclusion
Based on the forecast and the scenarios modelled, together with the
performance of the Group to date, the Directors consider that the Group has
sufficient liquidity headroom to continue in operational existence for the
twelve-month period from the date of this report (the going concern period)
until 31 March 2027. Accordingly, at the March 2026 Board meeting, the
Directors concluded from this analysis it was appropriate to continue to adopt
the going concern basis in preparing the Condensed Consolidated Interim
Financial Statements. Should the impact of these conditions be even more
prolonged or severe than currently forecast by the Directors under the severe
but plausible case scenario, the Group would need to implement additional
operational or financial measures.
In relation to the identified potential climate change-related risks and
opportunities, the Directors do not believe there would be a material impact
on cash flows in the going concern period.
Critical accounting judgements and key sources of estimation uncertainty
When applying the Group's accounting policies, management must make several
key judgements involving estimates and assumptions concerning the future. Key
judgements management have made are those which have the most significant
effect on the amounts recognised in the financial statements. Key sources of
estimation uncertainty are those assumptions concerning the future and other
key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
The key judgements and sources of estimation uncertainty reported in the
financial statements for the year ended 31 July 2025 are still relevant. There
have been no new areas of significant accounting judgement or key sources of
estimation uncertainly arising from operations in the first six months of the
financial year to 31 July 2026, nor in the months to the date of publication
of this interim report.
Changes to accounting standards
No new standards or amendments became effective in the period to 31 January
2026 which have had a material effect on the financial statements.
3. Segmental information
The information reported to the Group's Chief Executive Officer, who is
considered to be the chief operating decision maker for the purposes of
resource allocation and assessment of performance, is based wholly on the
overall activities of the Group. The Group has therefore determined that it
has only one reportable segment under IFRS 8, which is that of "value-added IT
reseller and IT infrastructure solutions provider". The Group's revenue,
results and assets for this one reportable segment can be determined by
reference to the Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive Income and Condensed Consolidated Statement of Financial
Position. An analysis of revenues by product, which form one reportable
segment, is set out below:
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue by type
Software 133,058 105,940 227,242
Hardware 581,517 324,584 985,724
Services 122,969 115,060 245,445
837,544 545,584 1,458,411
Gross invoiced income by type
Software 1,118,432 942,784 2,074,532
Hardware 583,561 326,572 992,184
Services 306,651 237,705 550,243
2,008,644 1,507,061 3,616,959
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue by type of business
Small and medium 574,379 336,006 914,190
Enterprise 161,220 127,346 318,380
Public sector 101,945 82,232 225,841
837,544 545,584 1,458,411
Gross invoiced income by type of business
Small and medium 1,068,975 736,212 1,730,301
Enterprise 404,424 306,070 675,629
Public sector 535,245 464,779 1,211,029
2,008,644 1,507,061 3,616,959
Gross invoiced income reflects gross income billed to customers adjusted for
deferred and accrued revenue items. Softcat continues to report gross invoiced
income as an alternative financial KPI as this measure allows a consistent,
year on year, understanding of gross income billed, business performance and
position and correlates closely to working capital movements. The impact of
IFRS 15 and principal versus agent consideration is an equal reduction to both
revenue and cost of sales.
Reconciliation of gross invoiced income to revenue
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited Audited £'000
£'000 £'000
Gross invoiced income 2,008,644 1,507,061 3,616,959
Income recognised as agent under IFRS 15 (1,171,100) (961,477) (2,158,548)
Revenue 837,544 545,584 1,458,411
The total revenue for the Group has been derived from its principal activity
as a value-added IT reseller and IT infrastructure solutions provider.
Substantially all this revenue relates to trading undertaken in the United
Kingdom.
4. Taxation
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Current Tax
Current period 22,290 19,205 44,142
Adjustment in respect of current income tax in previous years - - (332)
Foreign tax effects - - 55
Deferred Tax
Temporary differences 441 123 1,329
Total tax charge for the period 22,731 19,328 45,194
The income tax expense was recognised based on management's best estimate of
the annual income tax rate expected for the full financial year, applied to
the profit before tax for the half year ended 31 January 2026. On this basis,
the Group's tax charge was £22.7m (H1 2025: £19.3m). The half year effective
tax rate being 25.8% (H1 2025: 25.2%).
5. Dividends
Six months ended Year ended
31 January 31 July
2026 2025 2025
Declared and paid during the period Unaudited £'000 Unaudited £'000 Audited £'000
Interim dividend - - 17,794
Final dividend 40,789 36,159 36,158
Special dividend 32,192 41,748 41,752
72,981 77,907 95,704
An interim dividend of 9.9p per share, amounting to a total dividend of
£19.5m, was declared post period end and is to be paid on 20 May 2026 to
those on the share register at the close of business on 10 April 2026.
6. Right-of-use assets and lease liabilities
Leases - as a lessee
Softcat has lease contracts for various properties and offices across the
country, used for its operations. Property leases generally have lease terms
of between 3 and 10 years. A number of these contracts include extension and
termination options which are discussed below.
Softcat also has lease contracts for electric vehicles to facilitate an
employee benefit programme, which generally have lease terms of between two
and five years.
Set out below are the carrying amounts of right-of-use assets recognised and
movements during the period:
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited £'000 Audited £'000
£'000
Opening right-of-use asset 31,790 10,066 10,066
Lease additions and modifications 2,661 18,087 27,607
Acquired through business combinations - - 1,133
Disposals (51) - (3,198)
Depreciation (1,913) (1,401) (3,818)
Closing right-of-use asset 32,487 26,752 31,790
Set out below are the carrying amounts of lease liabilities included under
current and non-current liabilities and the movements during the period:
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited £'000 Unaudited £'000 Audited £'000
Opening lease liability 35,190 10,358 10,358
Lease additions and modifications 2,661 18,087 27,607
Acquired through business combinations - - 1,133
Disposals (46) - (3,513)
Accretion of interest 995 629 2,048
Payments (1,397) (739) (2,443)
Closing lease liability 37,403 28,335 35,190
Current lease liability 5,585 3,422 4,279
Non-current lease liability 31,818 24,913 30,911
37,403 28,335 35,190
Softcat had no variable lease expenses charged or income from sub-leases
credited to the Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive Income, nor any sale and leaseback transactions.
Softcat has several lease contracts that include termination options. These
options are negotiated by management to provide flexibility in managing the
leased-asset portfolio to align to business needs. Management exercises
significant judgement in determining whether these options are reasonably
certain to be exercised.
As at 31 January 2026, the undiscounted potential future rental payments
relating to periods following the exercise date of termination options that
are not included in the lease term were £Nil (H1 2025: £Nil).
Lease charges related to low value and short-term leases recognised in the
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive
Income was £327,665 (H1 2025: £38,787).
7. Inventories
Six months ended Year ended
31 January
31 July
2026 2025 2025
Unaudited Unaudited £'000 Audited £'000
£'000
Finished goods and goods for resale 14,557 21,335 151,901
The decrease in stock since year end is predominantly driven by stock in
transit for a specific customer having been delivered in the period.
8. Trade and other receivables
Six months ended Year ended
31 January
31 July
2026 2025 2025
Unaudited £'000 Unaudited £'000 Audited £'000
Trade receivables 645,346 499,267 547,398
Allowance for expected credit losses (5,485) (3,672) (4,450)
Net trade receivables 639,861 495,595 542,948
Unbilled receivables 69,432 67,797 59,412
Prepayments 6,929 5,886 10,336
Accrued income 20,389 11,505 17,579
Deferred costs 44,669 27,384 82,874
Other receivables - 1,341 -
781,280 609,508 713,149
9. Contract fulfilment assets
Six months ended Year ended
31 January
31 July
2026 2025 2025
Unaudited Unaudited £'000 Audited £'000
£'000
Contract fulfilment assets 131,541 - 72,606
The increase in contract fulfilment assets at the period end is driven by a
specific order where Softcat have delivered goods to the customer but have not
yet met the revenue recognition criteria under IFRS 15.
10. Trade and other payables
Six months ended Year ended
31 January
31 July
2026 2025 2025
Unaudited Unaudited £'000 Audited £'000
£'000
Trade payables 406,741 302,293 285,893
Other taxes and social security 19,936 13,580 20,814
Accruals 146,729 122,916 161,363
Provisions 9,025 2,023 2,626
Other payables - - 769
582,431 440,812 471,465
Provisions include onerous contracts, dilapidations, and legal provisions,
which have been disclosed separately due to the material balance at the period
end. These were included within accruals in the prior period end.
11. Contract liabilities
Contract liabilities are split as:
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited Audited £'000
£'000
£'000
Current deferred income 259,170 69,328 333,206
Non-current deferred income 14,411 12,497 13,284
273,581 81,825 346,490
Contract balances
Deferred income includes goods or services to be delivered to customers by
Softcat for which there is a contractual obligation arising from receipt of
consideration or amounts due from the customer. Of this balance, £42.7m
relates to a single customer advance and £151.5m relates to orders for which
goods were in transit at the period end. The remaining balances on these
accounts have moved in line with the activity of the business and customer
base. As at 31 January 2026, £273.6m remains on the Condensed Consolidated
Statement of Financial Position as a contract liability. Softcat expects that
£259.2m of the balance as at 31 January 2026 will be released in the
following 12 months with the balance released within 2-5 years. Of the
£346.5m balance as at 31 July 2025, £178.0m has been recognised in this
period.
12. Financial instruments
The Group's principal financial liabilities comprise trade and other payables
including lease liabilities, and derivative financial liabilities. The
primary purpose of these financial liabilities is to finance the Group's
operations. The Group has trade and other receivables, derivative financial
assets, and cash that derive directly from its operations.
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited £'000 Unaudited £'000 Audited £'000
Financial assets
Financial assets held at amortised cost:
Cash at bank and in hand 206,011 141,045 182,282
Trade receivables, other receivables and accrued income 729,682 576,238 619,939
935,693 717,283 802,221
Financial assets held at fair value through other comprehensive income:
Derivative financial assets 1,461 - -
Financial liabilities
The financial liabilities of the Group were as follows:
Trade payables (406,741) (302,293) (285,893)
Accruals (146,729) (124,939) (163,989)
Lease liabilities (37,403) (28,335) (35,190)
Contract liabilities (42,663) - -
(633,536) (455,567) (485,072)
Financial liabilities held at fair value through other comprehensive income:
Derivative financial liabilities (2,285) - -
Financial liabilities held at fair value through profit and loss:
Derivative financial liabilities (1,662) - -
The Directors consider that the carrying amounts for all financial assets and
liabilities (excluding lease liabilities) approximate to their fair value.
Derivative financial assets and derivative financial liabilities comprise
foreign exchange forward contracts to manage exposure to foreign currency
exchange rates.
13. Earnings per share (EPS)
Six months ended Year ended
31 January 31 July
2026 2025 2025
Earnings per share Unaudited Pence Unaudited Pence Audited Pence
Basic 32.8 28.7 66.6
Diluted 32.5 28.6 66.2
The calculation of the earnings per share and diluted earnings per share is
based on the following data:
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited Audited £'000
£'000
£'000
Earnings
Earnings for the purposes of EPS, being profit for the period 65,468 57,387 133,008
The weighted average number of shares is given below:
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited 000's Unaudited 000's Audited 000's
Number of shares used for basic earnings per share 199,736 199,623 199,690
Number of shares expected to be issued at nil consideration following exercise 1,449 1,227 1,163
of share options
Number of shares used for diluted earnings per share 201,185 200,850 200,853
14. Notes to the cash flow statement
Reconciliation of operating profit to net cash inflow from operating
activities
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited £'000 Unaudited £'000 Audited £'000
Operating profit 85,233 73,662 172,900
Depreciation of property, plant and equipment 1,998 1,386 3,117
Depreciation of right-of-use assets 1,913 1,401 3,818
Amortisation of intangibles 2,010 1,183 3,551
Impairment of property plant and equipment - - 1,300
Loss on disposal of property, plant and equipment 317 - 385
Loss/(gain) on disposal of right-of-use assets 5 - (314)
Dividend equivalents paid (128) (99) (95)
Acquisition associated costs - - 722
(Gain)/loss on foreign exchange (410) - 2,723
Cost of equity-settled employee share schemes 2,348 1,652 4,188
Operating cash flow before movements in working capital 93,286 79,185 192,295
Decrease/(increase) in inventories 137,344 (18,419) (148,985)
Increase in trade and other receivables (127,066) (22,865) (199,324)
Increase in trade and other payables and contract liabilities 38,826 51,709 343,503
Cash generated from operations 142,390 89,610 187,489
Income taxes paid (21,884) (24,281) (46,775)
Net cash generated from operating activities 120,506 65,329 140,714
15. Share capital
Six months ended Year ended
31 January
31 July
2026 2025 2025
Unaudited Unaudited £'000 Audited £'000
£'000
Ordinary shares of 0.05p each 99 100 100
Deferred shares of 1p each - - -
99 100 100
On 8 January 2026 the Group announced a Share Repurchase Programme under which
it entered into an agreement with its broker, J.P. Morgan Securities plc, to
purchase the Group's shares for an aggregate value of up to £45.0m. The
broker managed the purchases on a non-discretionary basis, purchasing shares
within pre-set parameters on the open market and making their trading
decisions independently of the Group. The Group intends to cancel all shares
purchased under the Programme.
At 31 January 2026 the Group had repurchased 1,711,459 shares for
consideration of £24.5m plus costs of £0.2m. The purchase has been treated
as a distribution though retained earnings. Of this amount £22.3m (plus costs
of £0.1m) was paid at the period end with the balance of £2.2m (plus costs
of £0.1m) accrued and paid on 3 February 2026.
At the reporting date 1,272,461 of these shares had been cancelled and the
remainder were cancelled on 3 February 2026.
16. Related party transactions
Dividends to Directors
The following Directors, who served as Directors for either the whole or part
of the interim period, were paid the following dividends:
Six months ended Year ended
31 January 31 July
2026 2025 2025
Unaudited Unaudited Audited £'000
£'000
£'000
G Watt 53 53 66
G Charlton 56 46 67
K Mecklenburgh 4 - 6
J Ferguson 1 - -
V Murria(1) - 65 79
R Perriss 5 6 7
L Weedall - 1 1
M Prakash - - -
119 171 226
(1) Vin Murria retired from the Board in December 2024.
Except for the above, there were no other significant related party
transactions.
17. Post balance sheet events
Dividend
An interim dividend of 9.9p per share, amounting to a total dividend of
£19.5m was declared post period end and is to be paid on 20 May 2026 to those
on the share register at the close of business on 10 April 2026.
Share buyback
After the period end, the Group completed the share buyback programme detailed
in note 15, repurchasing and cancelling the remaining 1,640,702 shares for a
total consideration of £20.2m plus costs of £0.1m.
Debt facility
As part of the Group's ongoing optimisation of its balance sheet and capital
allocation policy, a new revolving credit facility (RCF) of £50.0m was
established with a syndicate of lenders in March 2026. The RCF provides the
Group with further flexibility to maintain the operating cash floor through a
combination of cash on hand and available credit lines, as appropriate.
INDEPENDENT REVIEW REPORT TO SOFTCAT PLC
Conclusion
We have been engaged by the Group to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
January 2026 which comprises Condensed Consolidated Statement of Profit or
Loss and Other Comprehensive Income, Condensed Consolidated Statement of
Financial Position, Condensed Consolidated Statement of Changes in Equity,
Condensed Consolidated Statement of Cahs Flows and Explanatory Notes 1 to 17.
We have read the other information contained in the half yearly financial
report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set of
financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 January 2026 is not prepared, in
all material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1 and 2, the annual financial statements of the Group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
17 March 2026
Corporate Information
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Group's website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial information differs from legislation in other jurisdictions.
Directors
G Watt
G Charlton
K Mecklenburgh
J Ferguson
R Perriss
L Weedall
M Prakash
Secretary
L Thomas
Company registration number
02174990
Softcat LEI
213800N42YZLR9GLVC42
Registered office
Solar House
Fieldhouse Lane
Marlow
Buckinghamshire
SL7 1LW
Auditor
Ernst & Young LLP
1 More London Place
London
SE1 2AF
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