19
September 2024
Bytes Technology Group
plc
("BTG" or
"the Company" or "the Group")
Half Year Trading
Update
Bytes Technology Group, one of the
UK's leading software, security, cloud and AI services specialists,
is pleased to provide the following update on trading for its
financial half year ended 31 August 2024 ("H1 FY25").
The Group traded strongly in the
first half with the trends it reported in its AGM Trading Update in
July 2024 continuing for the remainder of the period. Gross
Invoiced Income and Adjusted Operating Profit growth was
comfortably in the double digits at circa 13.5% each, and Gross
Profit growth was circa 9%.
Our net cash position at the end of
H1 FY25 was £71.5 million, after paying £35.3
million of final and special dividends in the period. Cash
conversion in the first half reflects our normal weighting to the
second half, with strong cash conversion expected for the full
year.
BTG expects to release its half year
results for FY25 on 15 October 2024.
Sam
Mudd, Chief Executive Officer, said:
"We delivered a strong performance
in the period and I am grateful to our teams for their efforts. We
remain confident in our growth strategy and believe we are well
positioned to benefit from the structural demand drivers we see in
our markets including cloud computing, cyber security and
AI."
-Ends-
Enquiries:
Bytes Technology Group plc
Sam Mudd, 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, security and AI
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.