Bytes Tech Regulatory News (BYIT)

16 March 2022

Bytes Technology Group plc

Full Year Trading Update

Bytes Technology Group plc ("Bytes" or "the Group"), one of the UK's leading software, security and cloud services specialists, is pleased to provide the following update on trading for its financial year ended 28 February 2022.

Bytes enjoyed another upbeat year with results ahead of expectations. The Group saw double-digit growth throughout the year in its three key financial performance metrics with accelerated growth in the second half of the year. Growth in Gross Invoiced Income was robust, increasing more than 26% to around £1.2 billion. The Group also delivered Gross Profit growth of approximately 20% and Adjusted Operating Profit growth of approximately 23%.

Cash collections continued to be strong and cash conversion for the business will be well over 100%, with cash on the balance sheet of £68m at year end.

Bytes expects to release its preliminary results for the financial year on 24 May 2022.

Neil Murphy, Chief Executive Officer ("CEO"), commented: "We continue to build positive momentum in our business as we further invest in new talent and maintain our focus on customer service. The last year has seen Bytes continuing to strengthen its market position in cloud, security and annuity software and services, working with some of the world's most successful software companies. We are making good progress with our strategy and are well positioned to deliver on the significant opportunity ahead of us."

-Ends-

Enquiries:

Bytes Technology Group plc

Neil Murphy, Chief Executive Officer

Andrew Holden, Chief Financial Officer

Tel: +44 (0)1372 418 500

Headland ConsultancyStephen MalthouseHenry WallersJack Gault

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

About Bytes Technology Group plc:

Bytes is one of the UK's leading providers of IT software offerings and solutions, with a focus on cloud and security products. The Group 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.