(Alliance News) - Bytes Technology Group PLC on Wednesday reported double-digit growth in interim profit due to strong demand from both its private and public sector customers.
It also said the second half of its financial year had started "well".
The Surrey, England-based computer software posted a 23% rise in pretax profit to GBP33.3 million for the six months that ended August 31 from GBP27.0 million a year earlier.
Revenue was higher at GBP108.7 million, up 16% from GBP93.5 million. Gross profit was up 15% to GBP75.3 million from GBP65.5 million.
Chief Executive Neil Murphy described the first-half performance as "another strong financial" results. He said that "we have continued to see strong demand from our corporate and public sector customers for security, cloud adoption, digital transformation, hybrid data centres and remote working solutions".
Against the backdrop of robust earnings, Bytes Technology boosted its interim dividend by 13% to 2.7 pence from 2.4p.
Both earnings per share and headline EPS grew by 17% to 10.60p from 9.06p.
The company said a shift to Artificial Intelligence products will be one of the defining trends in the IT Services sector in the coming years, noting "we are well-placed to capitalise on that opportunity".
Looking ahead, Bytes Technology said it has started the second half of the 2024 financial year "well", continuing the momentum delivered in the first six months.
By Artwell Dlamini, Alliance News reporter
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