Bytes Technology Group PLC Full Year Trading Update (4869S)
March 17 2021 - 2:00AM
UK Regulatory
TIDMBYIT
RNS Number : 4869S
Bytes Technology Group PLC
17 March 2021
17 March 2021
Bytes Technology Group plc
("Bytes")
Full Year Trading Update
Bytes, 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 2021 ("FY21"). The
trading environment has remained resilient throughout the second
half of FY21, and as a consequence Bytes expects to report
preliminary results somewhat ahead of market expectations, with
comfortably double-digit percentage gross profit growth and
adjusted operating profit growth in the upper teens for the
financial year as a whole, all of it organic. Cash conversion has
also remained strong, resulting in a net cash position at 28
February 2021 of GBP20.7 million, ahead of management's
expectations.
Bytes expects to release its preliminary results for FY21 in
late May or early June 2021.
Neil Murphy, Chief Executive Officer, commented: "We have
continued to perform well in the second half of the year and we
have positive momentum across the business. Our performance during
the year was underpinned by our continued high levels of service to
our existing customers and notable successes achieved in securing
new contracts from customers in both the private and public
sectors."
-Ends-
Enquiries:
Headland Consultancy
Stephen Malthouse
Lucy Legh
Henry Wallers
Jack Gault
Tel: +44 (0) 20 3805 4822
Email: 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 Bytes 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.
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END
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