Bytes Technology Group PLC Full Year Trading Update (8921E)
March 16 2022 - 3:00AM
UK Regulatory
TIDMBYIT
RNS Number : 8921E
Bytes Technology Group PLC
16 March 2022
16 March 2022
Bytes Technology Group plc
Full Year Trading Update
Bytes Technology Group plc ("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 year ended 28 February 2022.
Bytes enjoyed another upbeat year with results ahead of
expectations. The Group saw double-digit growth throughout the year
in its three key financial performance metrics with accelerated
growth in the second half of the year. Growth in Gross Invoiced
Income was robust, increasing more than 26% to around GBP1.2
billion. The Group also delivered Gross Profit growth of
approximately 20% and Adjusted Operating Profit growth of
approximately 23%.
Cash collections continued to be strong and cash conversion for
the business will be well over 100%, with cash on the balance sheet
of GBP68m at year end.
Bytes expects to release its preliminary results for the
financial year on 24 May 2022.
Neil Murphy, Chief Executive Officer ("CEO"), commented: "We
continue to build positive momentum in our business as we further
invest in new talent and maintain our focus on customer service.
The last year has seen Bytes continuing to strengthen its market
position in cloud, security and annuity software and services,
working with some of the world's most successful software
companies. We are making good progress with our strategy and are
well positioned to deliver on the significant opportunity ahead of
us."
-Ends-
Enquiries:
Bytes Technology Group plc
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:
Bytes is one of the UK's leading providers of IT software
offerings and solutions, with a focus on cloud and security
products. The 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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