Bytes Technology shares rise on performance underpinned by demand

(Alliance News) - Bytes Technology Group PLC on Wednesday said that it was delighted with its performance in financial 2023, as it expects to see adjusted operating profit rise on the year prior.

Bytes Technology is a reseller of computer software based in Surrey, England.

Cash conversion returned to higher levels in the second half of the financial year ended February 28, at around 85%, with a cash balance of around GBP73 million.

Bytes also said that both gross profit and adjusted operating profit for the full year will be 20% higher than a year prior. In the year ended February 28, 2022, these were reported at GBP107.4 million and GBP46.3 million respectively.

The firm attributed the anticipated increase to "very strong demand" for software and IT services from both corporate and public sector clients, despite the "well-documented macroeconomic headwinds".

"We are delighted with the performance delivered last year. Our successful strategy of acquiring new customers and then growing share of wallet, underpinned by strong vendor relationships and the commercial skills of our people, means we are well-placed to capture the significant growth opportunities ahead of us," said Chief Executive Officer Neil Murphy.

Bytes Technology shares were trading 4.7% higher at 393.20 pence each in London on Wednesday morning.

By Holly Beveridge, Alliance News reporter

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