Last checked at 22 Mar 2023 07:00
22 March 2023
Bytes Technology Group plc
Full Year Trading Update
Bytes Technology Group plc ("BTG" 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 2023 ("FY23").
The Group once again delivered strong sales and profit growth. As anticipated, cash conversion returned to higher levels in the second half to end the full year at around 85%, and with a cash balance of around £73m.
Gross Profit and Adjusted Operating Profit for the full year will both be approximately 20% up on the prior year. This reflects the very strong demand for software and IT Services we continued to see from both corporate and public sector clients, despite the well-documented macroeconomic headwinds. With ongoing support from vendors, long standing and strong relationships with our customers, and the hard work of our loyal employees, we remain confident in our continuing ability to deliver double-digit growth.
BTG expects to release its preliminary results for the full year on 23 May 2023.
Neil Murphy, Chief Executive Officer, commented: "We are delighted with the performance delivered last year. Our successful strategy of acquiring new customers and then growing share of wallet, underpinned by strong vendor relationships and the commercial skills of our people, means we are well-placed to capture the significant growth opportunities ahead of us."
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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 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 Group has a primary listing on the Main Market of the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.