18
March 2024
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, provides the following update on trading for
its financial year ended 29 February 2024 ("FY24").
The Group once again delivered
growth comfortably in double digits in its key metrics of Gross
Profit and Adjusted Operating Profit, and cash conversion in line
with the Group's target of 100%, resulting in a cash position of
approximately £89m at the year end.
Gross Profit growth and Adjusted
Operating Profit growth for the full year are both expected to
exceed 12%, with Gross Invoiced Income growth of over 25%. 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, longstanding and strong relationships with
customers, and the hard work of its loyal employees, BTG remains
confident in its continuing ability to deliver sustained
double-digit growth.
Sam
Mudd, Interim Chief Executive Officer,
commented: "Our Board, management
and staff should be very proud of the performance delivered last
year and celebrating a record year for the Group. We remain
committed to our successful strategy of delivering great customer
service to our existing customers, acquiring new customers and
increasing our share of their IT expenditure. This strategy
is underpinned by our strong vendor relationships and the
commercial skills of our people and means we are well-placed to
capture the significant growth opportunities ahead of
us."
-Ends-
Enquiries:
Bytes Technology Group plc
Sam Mudd, Interim 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 and Ireland'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, cloud
and AI solutions. 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.