Bytes trades 'strongly' in H1

(Sharecast News) - Software firm Bytes said on Tuesday that it had continued to trade "strongly" the six months ended 31 August, building on its "robust" maiden full-year results in May 2021 and a "positive start" to the financial year.
Bytes stated that it had delivered year-on-year low-teens percentage growth in gross profit during the first half, as well as high-teens growth in adjusted operating profit, driven by "strengthening" corporate sector demand and continued growth from the public sector.

The FTSE 250-listed firm added that cash collections and conversion had also remained "very strong" and that operating expenses had also benefitted from ongoing efficiencies.

Chief executive Neil Murphy said: "We are pleased with our first-half performance, with the twin benefits of strengthening corporate demand and continued growth in public sector spend ensuring we closed out the period ahead of expectations.

"Whilst uncertainty remains due to the ongoing impact of the pandemic, we're confident that our deep understanding of customers' needs and strong relationships with vendors means we're well-positioned to enhance our market share and to continue delivering against our strategy."

Separately, Bytes revealed that chief financial officer Keith Richardson would be retiring from its board after almost three decades with the company. He will be replaced by chief operating officer Andrew Holden, with immediate effect.

As of 0835 BST, Bytes shares were down 0.76% at 522.0p.