REG - Bytes Technology Grp - Half Year Trading Update

Bytes TechnologyAnnouncement

19/09/2024 07:00

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RNS Number : 7683E  Bytes Technology Group PLC  19 September 2024

19 September 2024

 

Bytes Technology Group plc

("BTG" or "the Company" or "the Group")

 

Half Year Trading Update

 

Bytes Technology Group, one of the UK's leading software, security, cloud and
AI services specialists, is pleased to provide the following update on trading
for its financial half year ended 31 August 2024 ("H1 FY25").

 

The Group traded strongly in the first half with the trends it reported in its
AGM Trading Update in July 2024 continuing for the remainder of the period.
Gross Invoiced Income and Adjusted Operating Profit growth was comfortably in
the double digits at circa 13.5% each, and Gross Profit growth was circa 9%.

 

Our net cash position at the end of H1 FY25 was £71.5 million, after
paying £35.3 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 FY25 on 15 October 2024.

 

Sam Mudd, Chief Executive Officer, said:

 

"We delivered a strong performance in the period and I am grateful to our
teams for their efforts. We remain confident in our growth strategy and
believe we are well positioned to benefit from the structural demand drivers
we see in our markets including cloud computing, cyber security and AI."

 

-Ends-

 

Enquiries:

 

Bytes Technology Group plc

Sam Mudd, 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, security and AI products. The
Company 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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