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Bytes Technology Group Reports Double-Digit Growth in Full Year Trading Update

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London, Bytes Technology Group plc (BTG), a leading UK-based provider of software, security, and cloud services, today announced a robust trading update for the financial year ended 29 February 2024, highlighting significant growth across key financial metrics.

The Group reported that it achieved double-digit growth in both Gross Profit and Adjusted Operating Profit, with both expected to exceed 12%. Additionally, Gross Invoiced Income saw an increase of over 25% for the full year. This impressive growth is attributed to strong demand from corporate and public sector clients for software and IT services, despite challenging macroeconomic conditions.

Bytes Technology Group's success is also reflected in its cash conversion, which aligned with the company's target of 100%, culminating in a year-end cash position of approximately £89 million. This financial health underscores the Group's efficiency and effectiveness in managing its resources and operations.

Interim Chief Executive Officer, Sam Mudd, expressed pride in the company's record-breaking performance, attributing it to the dedication of its board, management, and staff. He reaffirmed BTG's commitment to its strategic approach of delivering exceptional customer service, gaining new customers, and expanding its share of their IT expenditure. The strategy, supported by strong vendor relationships and the commercial expertise of its team, positions BTG well to capitalize on significant growth opportunities in the future.

Bytes Technology Group plc is renowned for its role as a pivotal provider of IT software solutions and services in the UK and Ireland, focusing on areas such as security, cloud, and AI solutions. The company's mission is to facilitate efficient and cost-effective technology adoption and management for a wide range of non-consumer customers, backed by a history of strong financial performance.

BTG holds a primary listing on the Main Market of the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange, with Investec Bank Limited acting as its sponsor.