REG - Bytes Technology Grp - Half Year Trading Update

Bytes TechnologyAnnouncement

26/09/2023 07:00

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RNS Number : 5872N  Bytes Technology Group PLC  26 September 2023

26 September 2023

 

 

Bytes Technology Group plc

("BTG" or "the Company")

 

Half Year Trading Update

 

Bytes Technology Group, one of the UK and Ireland's leading software, security
and cloud services specialists, is pleased to provide the following update on
trading for its financial half year ended 31 August 2023 ("H1 FY24").

 

The Company continued to trade strongly during the first half of the financial
year with notable year-on-year growth in Gross Invoiced Income. This was
achieved alongside continued growth in Gross Profit and Adjusted Operating
Profit, both growing comfortably in double digits. This reflects BTG's
continued market share gains in both corporate and public verticals.

 

Our net cash position at the end of H1 FY24 was £51.3 million, after paying
£30 million of final and special dividends in the period. Cash conversion in
the first half reflects our normal weighting to the second half, with strong
cash conversion expected for the full year.

 

BTG expects to release its half year results for FY24 on 25 October 2023.

 

Neil Murphy, Chief Executive Officer, commented: "We continue to demonstrate
the strength of our business model by again delivering double digit growth
amid challenging macroeconomic conditions. The positive start to our financial
year, coupled with ongoing investment in our operations, positions us well for
the rest of the year."

 

-Ends-

 

Enquiries:

 

Bytes Technology
Group

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:

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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