REG - Bytes Technology Grp - Full Year Trading Update

Bytes TechnologyAnnouncement

18/03/2025 07:00

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RNS Number : 0206B  Bytes Technology Group PLC  18 March 2025

18 March 2025

 

Bytes Technology Group plc

Full Year Trading Update

 

Double-digit growth in key metrics takes GII to well over £2bn

 

Bytes Technology Group plc ("BTG" or "the Group"), one of the UK and Ireland's
leading software, security, AI and cloud services specialists, is pleased to
report another year of strong performance for the financial year ended 28
February 2025 ("FY25").

 

The Group once again delivered double-digit growth in its key financial
metrics, gross invoiced income, gross profit and operating profit,
demonstrating the strength of our business model and market positioning. Gross
invoiced income comfortably exceeded £2 billion for the first time, marking a
significant milestone. Moreover, operating profit grew in the
mid-to-high-teens, underscoring our continued momentum. We are particularly
pleased with the acceleration in gross profit growth in the second half, which
was balanced across both corporate and public sector clients, to deliver full
year growth of around 12%. Cash conversion remained strong for FY25,
surpassing the Group's target of 100%, with a cash balance of over £110m at
year end.

 

These strong results include two full months of trading under the recently
updated Microsoft incentive plan, which has been embedded into our strategic
growth plans. We are well positioned to unlock the growth opportunities
associated with this change, backed by our long track record of successfully
adapting to such shifts in our vendor programmes.

 

In FY25, we continued to see high demand for software, AI and IT services from
both corporate and public sector clients. Given our deep partnerships with
established vendors, exciting opportunities with new providers across
technology areas, longstanding customer relationships, and ongoing investment
in our employees, we believe BTG is well-positioned to continue its strong
growth. We look forward to sharing more detail in our Full Year results in
May.

 

Sam Mudd, Chief Executive Officer, commented: "These results demonstrate the
positive trajectory of our business which benefits from an ever-evolving
industry. Our unwavering focus on great customer service drives expansion in
our customer base and an increasing share of wallet from our existing
customers. BTG remains at the forefront of IT delivery, and we are highly
engaged in areas such as AI adoption, cloud services and cybersecurity, which
continue to be strong industry drivers. Our strategy is underpinned by our
strong vendor relationships and the commercial acumen and dedication of our
people, which means we are primed to capture the significant growth
opportunities ahead and drive continued success."

 

-Ends-

Enquiries:

 

Bytes Technology Group plc

Sam Mudd, Chief Executive Officer

Andrew Holden, Chief Financial Officer

James Zaremba, Investor Relations

Tel: +44 (0)1372 418 500

Email: IR@bytesplc.com (mailto:IR@bytesplc.com)

 

Sodali & Co
Elly Williamson

Jane Glover

Maria Zander

Tel: +44 (0)2072 501446

Email: btg@info.sodali.com (mailto:btg@info.sodali.com)

 

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 AI, 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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