Bytes Tech Share News (BYIT)

(Sharecast News) - Software, security and cloud services specialist Bytes Technology Group described a solid first-half performance in a trading update on Tuesday, recording significant year-on-year growth in gross invoiced income.

The FTSE 250 company said it had also seen a surge in gross and adjusted operating profits, with both metrics registering double-digit growth.

The board noted that the uptrend underscored the company's expanding market share in the corporate and public sectors.

At the end of the first half, the company recorded a net cash position of £51.3m after dispensing £30m in final and special dividends.

Concerning cash conversion, the board said the first half aligned with its typical skew towards the latter part of the year, forecasting a robust cash conversion for the entire year.

"We continue to demonstrate the strength of our business model by again delivering double-digit growth amid challenging macroeconomic conditions," said chief executive officer Neil Murphy.

"The positive start to our financial year, coupled with ongoing investment in our operations, positions us well for the rest of the year."

Bytes Technology Group said it would release its detailed half-year results for the six months ended 31 August on 25 October.

At 0824 BST, shares in Bytes Technology Group were up 0.96% at 503p.

Reporting by Josh White for Sharecast.com.