Gross invoiced income: £2.852bn (+11%)
Staff: 2,449
This moggy-monikered, Marlow-based reseller is “really only just getting started”, CEO Graham Charlton declared in November as he reviewed its market-busting full-year 2024 performance at its Partner Forum.
In Charlton’s first year in charge, the LSE-listed outfit extended its lead over the chasing pack as gross invoiced income vaulted 11% to £2.85bn in the 12 months to 31 July 2024 (compared with more muted 2% growth a year previously).
That gives it a roughly 5% share of a total UK&I addressable market it pegs at around £60bn (up from 3% in 2019).
That growth has not come at the expense of the bottom line, with 2024 gross profit (Softcat’s primary measure of income) and operating profit bouncing 12% to £417.8m and 9% to £154.1m, respectively.
Software generated £1.81bn of its top line (up 17%), with hardware (down 8% to £569m) and services (up 19% to £476m) making up the remainder.
During the year, Softcat succeeded in its mission of selling more to existing customers, with average GP per customer hiking 10% to £41,000 (customer numbers also grew 2% to 10,300).
In his Partner Forum keynote, Charlton paid tribute to the Softcat company culture that was created by founder Peter Kelly and developed further by second CEO Martin Hellawell.
“I’ve never worked in a place that illustrates more clearly that culture eats strategy for breakfast,” he said.
Softcat is “only in the early stages of what could be a really exciting journey”, Charlton added.
Oxygen ice-breaker
Softcat overhauled its famous purple logo in November, bringing in a daring new font and colour pallet.
