Bytes Tech Regulatory News (BYIT)

12 July 2023

Bytes Technology Group plc

('BTG' or 'the Company')

AGM Statement

Bytes Technology Group, one of the UK's leading software, security and cloud services specialists, is holding its Annual General Meeting at 14:00 (BST) today. Ahead of the meeting, the Board issues the following brief update on trading.

Since the release of the Group's full-year results on 23 May 2023, the business has continued to trade strongly, and we are seeing resilient demand and pleasing win-rates across both the corporate and public sectors. The Company has performed well across its key financial performance metrics, with percentage growth in Gross Profit and Adjusted Operating Profit comfortably in double digits for the first four months of the financial year. Percentage growth in Gross Invoiced Income significantly exceeded the increase in Gross Profit as a result of a number of high volume, lower gross margin software wins in the period.

Neil Murphy, Chief Executive Officer, said:

"We're pleased with the progress we have made so far this year in executing against our strategy and continuing to expand our market share. Whilst we remain mindful of macroeconomic headwinds, these have not had a noticeable impact on our trading performance to date, and we are confident that our leading vendor partnerships and first-rate client service leave us well positioned to make further progress this year."

-Ends-

Enquiries:

Bytes Technology Group plc

Neil Murphy, Chief Executive Officer

Andrew Holden, Chief Financial Officer

Tel: +44 (0)1372 418 500

Headland Consultancy Stephen MalthouseHenry WallersJack Gault

Tel: +44 (0) 20 3805 4822Email: bytes@headlandconsultancy.com 

About Bytes Technology Group plc:

BTG is one of the UK's leading providers of IT software offerings and solutions, with a focus on cloud and security products. The Company enables effective and cost-efficient technology sourcing, adoption and management across software services, including in the areas of security and cloud. It aims to deliver the latest technology to a diverse and embedded non-consumer customer base and has a long track record of delivering strong financial performance.

The Company has a primary listing on the Main Market of the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.