Bytes Tech Regulatory News (BYIT)

11 July 2024

Bytes Technology Group plc

("BTG" or "the Company" or "the Group")

AGM Statement

Bytes Technology Group, one of the UK's leading software, security, cloud and AI 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.

The Group has continued to trade well against the backdrop of a competitive market environment, with good growth across its key financial performance metrics for the first four months of the financial year. Percentage growth in both Gross Invoiced Income and Adjusted Operating Profit has been comfortably in double digits, with Gross Profit growth in the high single digits as a result of an increased weighting towards high volume, lower margin software wins in the period.

Sam Mudd, Chief Executive Officer, said:

The overall performance of the business was again driven by strong and stable demand from both corporate and public sectors for our market-leading, supported and secure IT systems. We remain confident that our continued strong vendor partnerships and first-rate client service position us well to achieve our strategic goals for the year."

-Ends-

Enquiries:

Bytes Technology Group plc

Sam Mudd, 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, security and AI 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.