(Alliance News) - Bytes Technology Group PLC on Thursday reported double-digit growth in profit and revenue for the first half of its financial year, driven by stronger client demand and a rise from public sector customers.
For the six months ended August 31, the Surrey, England-based computer software firm posted a pretax profit of GBP22.9 million, around ZAR474.9 million, up 17% from GBP19.5 million, which Bytes attributed to solid customer acquisition trends across both public and private sectors.
This was on revenue which grew 14% year-on-year to GBP251.4 million from GBP221.2 million, due to an accelerating trend towards cloud-based software sales, while gross invoiced income increased 26% to GBP638.2 million from GBP505.4 million, on stronger client demand.
As a result of the rise in gross invoiced income, gross profit per customer increased 4.0% to GBP18,100 from GBP17,400, while the number of customers rose 8.7% to 5,147.
Bytes Technology has initiated an interim dividend of 2.0 pence per share, which will be paid on December 3.
Looking ahead, Bytes said it has carried its strong momentum into the second half of the financial year, although it expects travel and marketing costs to gradually increase over the period.
"I am delighted to report this strong set of results, which saw the group deliver against its strategic goals, producing growth across all areas of the business. We have maintained our track record of year-on-year growth despite the ongoing uncertainty caused by the pandemic, with our business benefitting from our wide-ranging offering, and our partnerships with the world's leading vendors and software publishers," said Chief Executive Officer Neil Murphy.
Shares in Bytes Technology were up 5.5% at 516.50 pence on Thursday in London, while its Johannesburg shares were 9.7% higher at ZAR107.76.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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