Softcat 2017 Final results
Revenue up 23.8% to £832.5m (2016: £672.4m)
Gross profit up 12.9% to £136.3m (2016: £120.7m)
Gross profit margin down 1.6% pts to 16.4% (2016: 18.0%)
Operating profit growth of 18.9% to £50.2m (2016: £42.2m)
Adjusted operating profit up 10.1% to £51.5m (2016: £46.8m)
In 2016 gross profit included the benefit of a one-off procurement saving of £3.4m. Excluding this, in 2017 gross profit grew by 16.2% (2016: 14.1%) and adjusted operating profit by 16.4% (2016: 8.9%)
Cash conversion of 97.2% (2016: 85.5%), reflecting the ongoing close management of working capital
Net cash position at year end of £61.6m, after payment of £40.9m dividends during 2017
Customer numbers up 6.0% to 13,000 (2016: 12,200), gross profit per customer growth of 6.5%, to £10,500 (2016: £9,900)
Average headcount up 18%, reflecting further investment across all areas of the business, especially in our services and technical capability
Total dividend relating to 2017 up 15% to 22.5p (2016: 19.5p)
