REG - Bytes Technology Grp - Full Year Trading Update

Bytes TechnologyAnnouncement

18/03/2024 07:00

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RNS Number : 1460H  Bytes Technology Group PLC  18 March 2024

18 March 2024

 

Bytes Technology Group plc

Full Year Trading Update

 

Bytes Technology Group plc ("BTG" or "the Group"), one of the UK's leading
software, security and cloud services specialists, provides the following
update on trading for its financial year ended 29 February 2024 ("FY24").

 

The Group once again delivered growth comfortably in double digits in its key
metrics of Gross Profit and Adjusted Operating Profit, and cash conversion in
line with the Group's target of 100%, resulting in a cash position of
approximately £89m at the year end.

 

Gross Profit growth and Adjusted Operating Profit growth for the full year are
both expected to exceed 12%, with Gross Invoiced Income growth of over 25%.
This reflects the very strong demand for software and IT Services we continued
to see from both corporate and public sector clients, despite the
well-documented macroeconomic headwinds. With ongoing support from vendors,
longstanding and strong relationships with customers, and the hard work of its
loyal employees, BTG remains confident in its continuing ability to deliver
sustained double-digit growth.

 

 

Sam Mudd, Interim Chief Executive Officer, commented: "Our Board, management
and staff should be very proud of the performance delivered last year and
celebrating a record year for the Group. We remain committed to our successful
strategy of delivering great customer service to our existing customers,
acquiring new customers and increasing our share of their IT expenditure.
This strategy is underpinned by our strong vendor relationships and the
commercial skills of our people and means we are well-placed to capture the
significant growth opportunities ahead of us."

 

-Ends-

Enquiries:

 

Bytes Technology Group plc

Sam Mudd, Interim 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%3Ablank)

 

About Bytes Technology Group plc:

BTG is one of the UK and Ireland's leading providers of IT software offerings
and solutions, with a focus on cloud and security products. The Company
enables effective and cost-efficient technology sourcing, adoption and
management across software services, including in the areas of security, cloud
and AI solutions. 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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