REG - Bytes Technology Grp - Full Year Trading Update

Bytes TechnologyAnnouncement

16/03/2022 07:00

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RNS Number : 8921E  Bytes Technology Group PLC  16 March 2022

16 March 2022

 

 

Bytes Technology Group plc

 

Full Year Trading Update

 

 

Bytes Technology Group plc ("Bytes" or "the Group"), one of the UK's leading
software, security and cloud services specialists, is pleased to provide the
following update on trading for its financial year ended 28 February 2022.

 

Bytes enjoyed another upbeat year with results ahead of expectations. The
Group saw double-digit growth throughout the year in its three key financial
performance metrics with accelerated growth in the second half of the year.
Growth in Gross Invoiced Income was robust, increasing more than 26% to around
£1.2 billion. The Group also delivered Gross Profit growth of approximately
20% and Adjusted Operating Profit growth of approximately 23%.

 

Cash collections continued to be strong and cash conversion for the business
will be well over 100%, with cash on the balance sheet of £68m at year end.

 

Bytes expects to release its preliminary results for the financial year on 24
May 2022.

 

Neil Murphy, Chief Executive Officer ("CEO"), commented: "We continue to build
positive momentum in our business as we further invest in new talent and
maintain our focus on customer service. The last year has seen Bytes
continuing to strengthen its market position in cloud, security and annuity
software and services, working with some of the world's most successful
software companies. We are making good progress with our strategy and are
well positioned to deliver on the significant opportunity ahead of us."

 

-Ends-

 

Enquiries:

 

Bytes Technology Group plc

Neil Murphy, Chief Executive Officer

Andrew Holden, Chief Financial Officer

 

Tel: +44 (0)1372 418 500

 

Headland Consultancy
Stephen Malthouse

Henry Wallers

Jack Gault

 

Tel: +44 (0) 20 3805 4822

Email: bytes@headlandconsultancy.com (about:blank)

 

About Bytes Technology Group plc:

Bytes is one of the UK's leading providers of IT software offerings and
solutions, with a focus on cloud and security products. The Group enables
effective and cost-efficient technology sourcing, adoption and management
across software services, including in the areas of security and cloud. It
aims to deliver the latest technology to a diverse and embedded non-consumer
customer base and has a long track record of delivering strong financial
performance.

 

The company has a primary listing on the Main Market of the London Stock
Exchange and a secondary listing on the Johannesburg Stock Exchange.

 

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