Bytes Technology Group PLC Half Year Trading Update and Retirement of CFO (6276L)
September 14 2021 - 2:00AM
UK Regulatory
TIDMBYIT
RNS Number : 6276L
Bytes Technology Group PLC
14 September 2021
14 September 2021
Bytes Technology Group plc
Half Year Trading Update and Retirement of Chief Financial
Officer
Half Year Trading Update:
Bytes Technology Group ("Bytes" 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 half year ended 31 August 2021 ("H1 FY22").
Bytes continued to trade strongly during the first half of the
financial year, building on the robust maiden full year results
reported in May 2021 and the positive start to the current
financial year that we announced in July 2021. During H1 FY22 the
Group delivered year-on-year low-teens percentage growth in gross
profit and high-teens growth in adjusted operating profit,
reflecting a performance which has seen corporate sector demand
strengthening alongside continued growth from the public sector.
Cash collections and conversion have remained very strong and our
operating expenses have also benefitted from ongoing
efficiencies.
Bytes expects to release its half year results for FY22 in late
October 2021.
Neil Murphy, Chief Executive Officer ("CEO"), commented: "We are
pleased with our first half performance, with the twin benefits of
strengthening corporate demand and continued growth in public
sector spend ensuring we closed out the period ahead of
expectations. Whilst uncertainty remains due to the ongoing impact
of the pandemic, we're confident that our deep understanding of
customers' needs and strong relationships with vendors means we're
well-positioned to enhance our market share and to continue
delivering against our strategy."
Retirement of Chief Financial Officer:
Keith Richardson has notified the Board that after nearly three
decades with the Company, he intends to retire as Chief Financial
Officer ("CFO"). Andrew Holden, our Chief Operating Officer
("COO"), will assume leadership of our finance function as acting
CFO of Bytes with immediate effect. Keith will work with Andrew as
part of a managed handover period and controlled transition of
responsibilities until 31 October 2021, when he will step down from
the Board. The Board will provide an update regarding the
longer-term CFO position in due course.
As announced on 22 July 2021, Andrew joined Bytes as COO on 1
June 2021 from JSE-listed technology company, Altron Limited,
Bytes' former parent company, from which it demerged in 2020.
Andrew has extensive experience in the ICT sector, having spent
more than 27 years at Altron, the last 15 years in various senior
leadership roles. His most recent position was that of COO which he
held for five years (including a period of eight months where he
held both the COO and CFO roles simultaneously). Andrew brings
strong financial and commercial acumen, and a proven record of
delivering insights into strategy implementation and executive
decision-making.
Neil Murphy, CEO, said: "We would like to express our
appreciation to Keith for his dedication and contribution to the
Group over the past 27 years. Keith has been ever present since I
joined Bytes many years ago and I will be sad to see him go. He has
been an integral part of the business and I know the impact of his
efforts will continue to be felt well into the future. We wish him
the very best in his retirement.
I am delighted that Andrew has agreed to take on the duties of
acting CFO in addition to his current role as COO. His significant
and wide-ranging experience, coupled with his longstanding
knowledge of Bytes, will serve the Group well as it continues on
its growth trajectory."
-Ends-
Enquiries:
Bytes Technology Group
Neil Murphy, Chief Executive Officer
Tel: +44 (0)1372 418 500
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.
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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