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Here's a view from ai can't say I disagree they are under pressure from margin decline which is hitting profits even though they are showing revenue growth.

On balance, I think Bytes is being fairly penalised for risk rather than undervalued by mistake. The results are resilient, yes, but not yet turning into a powerful growth story (in terms of accelerating profits) which would justify a premium multiple in a competitive sector.

It might be a decent position for someone who believes in:

long-term structural demand in cloud / AI / cybersecurity;

that Bytes can execute its reorg well and improve margins;

but for more aggressive growth expectations, there might be higher risk.

If I were looking to decide whether to buy, I’d want to see:

how H2 unfolds relative to guidance;

a clearer path for profit margin improvement;

stability or improvement in public sector business given its sensitivity;

signs that vendor terms are favorable;

Bytes shows continued momentum in H1

https://www.computerweekly.com/microscope/news/366631479/Bytes-shows-resilience-in-first-half-of-2025

Caladonia Beaver Creek Mining Summit presentation, describes the blanket mine operation and expansion over the years plus the growth story of Bilboes and our other exploration opportunities.

https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/10/caledonia-mining-corporation/play/stream/40919

Hi ftse, can't argue with the article, hope ccc does well for you.

Funny how the market reacts the sale is from one ii to another at a price agreement that suits both parties and the sale gets done in a day, cu price is holding up at $4.5 and more importantly we are mining higher grade ore with the mine running well, expansion projects on the go so plenty news going forward.

Took the opportunity to move on yesterday still have holding in the space with Bytes but the same as here they are under some market pressures, bought a short term bond with the proceeds good luck to all invested in these rapidly changing times.

It looks to me that Triton is going to need it's planned maintenance and investment programme updated to ensure more continued uptime, currently it seems as though they are fire fighting from one crisis to the next, I believe it's 27 years old with the north sea not the calmest of waters would suggest the integrity of the vessel should be checked on a regular basis, Triton life span has been extended to 2030 whether it gets there is debatable as events unfold even though Dana are looking for an extension to 2040, one way of looking at it is at least the issues so far have been with equipment rather than the vessel.

I quick glance through the results, this is just me but I always ponder the benefits of buybacks looking at today's results £200 spent eps more or less the same, so the dividend same, so they are making less profit, the balance sheet is strong however £278n.

Worrying times as far as Europe and the UK are concerned public spending definitely under pressure, and France in complete melt down after the no confidence vote yesterday which by default will impact the EU. The UK not much better with the imf being mooted to be offering us a loan as our debt is ballooning like most Western countries even the US were growth has done well doesn't look rosy going forwards.

This looks like a mature market with growth more likely to come from taking out competitors gaining a bigger footprint maybe the £200m could have been better spent on a acquisition.

Thoughts from others with a more positive view welcome.

The market sees the results as positive which is a plus.

This increased stake in the business imo should be seen as confidence in BYIT moving forwards as their sales pitch for their funds in taking positions in under valued businesses, they must be well versed on what's on the horizon and actually occurring now, if they were expecting a dip in fortunes even though they liked the business model they would hold off further investments, yet of late they are taking advantage of the dip in sp and buyback in increase their holdings.

With strong fundamentals, combined with a strong balance sheet, recent insider purchases and the buyback it's nice to see that sp has started to show signs of recovery to a more realistic rating.

Nice post Rich spells it out prices for your product matter.

Brokers headline comment

Kenmare Resources (“KMR”) has released its interim financial results with adjusted EBITDA of US$47m (-25% YoY, +4% vs H&Pe). Unadjusted EBITDA post a pre-flagged US$100m impairment was -US$53m, although this did not affect KMR’s dividend payout, with the Company confirming an interim payment of USc10/sh (H1’24: USc15). The Moma mine is on track to achieve FY25 production and cost guidance, with excavation rates expected to improve in H2 following the installation of higher-capacity dredges.

I suspect the market reaction is not about JSE directly but the bearish outlook for oil in general even perennial oil bull Nuttall is saying wait till 2026, anyway back to JSE in many ways they haven't foot a foot wrong in the last twelve months or so, quietly gone about their business improving the outlook of the company which the market doesn't see, improved production nothing, strengthening balance sheet nothing, looks like we will have wait untill the balance sheet reflects what has been achieved, the only worry is have others seen what has been achieved and fancy moving away from the high tax no end in sight UK for some of their production.

I think people have to realise Mozambique is trying to attract onward investment and itt does have it's issues personally I don't there will be a rift between KMR and the government KNR have doing their bit for the community and providing jobs.

Mozambique's government is intensely focused on attracting inward investment, particularly to unlock its offshore gas wealth and develop its infrastructure. The political situation is stable in the capital, but the severe security crisis in the north remains a critical challenge that is being actively, and recently more successfully, militarily addressed.

For investors, the country offers a high-risk, high-reward proposition. The potential returns in sectors like LNG, mining, and agriculture are enormous, but they come with significant risks related to security, governance, and infrastructure. Extensive due diligence, strong local partnerships, and a careful, nuanced understanding of the regional risk landscape (especially the north vs. the south) are absolutely essential for success. The anticipated return of the TotalEnergies project is the key bellwether to watch for a major positive shift in investor confidence.

So if they need and want to attract new investment they can't be seen to be anti a long term Investor in Mozambique which KMR it sends out the wrong signal to other companies who are considering moving into Mozambique.

Fr.Jack,

The guidance at Blanket on mine cost is $1050 - $1150, while Blanket AISC is $1690 - $1790 sustaining capex which is on track to modernise and update the mine.

They had a cash balance of $26.2 on the reporting date which increased to $30m on 8th Aug, and they are looking at hiting $50m by year end.

The presentation regarding Q2 results is worth watching,

https://stream.brrmedia.co.uk/broadcast/6880c0e36f9cbe0013ec8cc4

I would agree that sometimes BB are sometimes used by unimaginative management to basically enhance eps which benefits them rather than shareholders, however not in this case I think Dartrons explanation is on the money, bearing in mind we are reorganizing the sales teams focus and strategy, we will see how things unfold and whether Bytes performance improves.

They don't always pop, some say it just increases the eps with that being a trigger for management bonus incentive schemes to pay out for them, they also decrease the mcap by the amount spent, however as I stated previously if the company is profitable and sp low it provides an opportunity for bigger dividend payouts per share, as for direct impact on sp that's debatable due to impact on mcap however it might influence demand with the buyback soaking up sellers who might depress the sp if there aren't any buyers for their shares.

That crossed my mind as well if if there are short sellers about it will give them something to think about either double down or go elsewhere, sometimes share price action makes no sense to me, it's not like the company has put out a statement of a cash crisis and we need to bolster our balance sheet to pay our debts,

Bytes are debt free and will hit the same target more or less as last year, I would expect some reaction from the market but nothing of scale that has occurred here which suggests more than a market reaction alone.

No body can say they don't have a healthy balance sheet, maybe the board think let's use some of that cash, if all goes well in theory it should boost dividend returns if the company is making healthy profits due to being less shares available for the distribution, £25m is a start will they continue?

Anyway that's my take on buybacks.

I am a Jonny come lately here, a small position just before the downward re rate, if you guys have been holding bytes for some time I needed to back five years to be around where we are now so if an offer did come in it's opportunistic after the recent fall, also it depends who it is, personally I feel Coronation just feel it's a good opportunity for them to build a stake, they know the business, but it's good to know they are buyers supporting the current sp anyway we will see how this plays out.

So they are protected on the downside 20% and if oil bounces back get 80% of the upside, guaranteed about $126m over the next 13 months plus premiums on 1.8m barrels I am okay with that.