Bytes Technology Group PLC Full Year Trading Update (7760T)
March 22 2023 - 3:00AM
UK Regulatory
TIDMBYIT
RNS Number : 7760T
Bytes Technology Group PLC
22 March 2023
22 March 2023
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, is
pleased to provide the following update on trading for its
financial year ended 28 February 2023 ("FY23").
The Group once again delivered strong sales and profit growth.
As anticipated, cash conversion returned to higher levels in the
second half to end the full year at around 85%, and with a cash
balance of around GBP73m.
Gross Profit and Adjusted Operating Profit for the full year
will both be approximately 20% up on the prior year. 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, long standing and strong relationships with our customers,
and the hard work of our loyal employees, we remain confident in
our continuing ability to deliver double-digit growth.
BTG expects to release its preliminary results for the full year
on 23 May 2023.
Neil Murphy, Chief Executive Officer, commented : "We are
delighted with the performance delivered last year. Our successful
strategy of acquiring new customers and then growing share of
wallet, underpinned by strong vendor relationships and the
commercial skills of our people, means we are well-placed to
capture the significant growth opportunities 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:
BTG 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 Group 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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