Bytes Technology Group PLC Half Year Trading Update (0505A)
September 21 2022 - 1:00AM
UK Regulatory
TIDMBYIT
RNS Number : 0505A
Bytes Technology Group PLC
21 September 2022
21 September 2022
Bytes Technology Group plc
("BTG" or "the Company")
Half Year Trading Update
Bytes Technology 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 half year ended 31
August 2022 ("H1 FY23").
The Company continued to trade strongly during the first half of
the financial year. During H1 FY23 BTG performed well across its
key financial performance metrics, with year-on-year growth in
Gross Invoiced Income and Gross Profit of more than 20%, and
Adjusted Operating Profit growth comfortably in the high-teens.
This reflects robust demand from both the corporate and public
sectors.
We expect to report a strong cash balance of circa GBP35 million
at the end of H1 FY23, after accounting for tax and GBP25 million
of dividends. Cash conversion in the period reflect the accelerated
adoption by customers of cloud usage or subscription-based products
and a consequent increase in debtor days during the first half.
Management is confident cash conversion will return to normal
higher levels in H2 FY23.
BTG expects to release its half year results for FY23 on 26
October 2022.
Neil Murphy, Chief Executive Officer, commented: "We've made a
very positive start to the year, extending our track record of
double-digit growth we have delivered since our IPO in 2020.
Despite the difficult economic conditions, corporate and public
sector organisations continue to invest in their IT systems. We are
well placed to capture these growth opportunities thanks to our
strong partnerships with many of the world's leading software
companies and high levels of customer service."
-Ends-
Enquiries:
Bytes Technology Group
Neil Murphy, Chief Executive Officer
Andrew Holden, Chief Financial Officer
Tel: +44 (0)1372 418 500
Headland Consultancy
Stephen Malthouse
Henry Wallers
Jack Gault
Tel: +44 (0) 20 3805 4822
Email: 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 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.
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END
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