Half Year Trading UpdateSource: RNS
21 September 2022
Bytes Technology Group plc
("BTG" or "the Company")
Half Year Trading Update
Bytes Technology 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 2022 ("H1 FY23").
The Company continued to trade strongly during the first half of the financial year. During H1 FY23 BTG performed well across its key financial performance metrics, with year-on-year growth in Gross Invoiced Income and Gross Profit of more than 20%, and Adjusted Operating Profit growth comfortably in the high-teens. This reflects robust demand from both the corporate and public sectors.
We expect to report a strong cash balance of circa £35 million at the end of H1 FY23, after accounting for tax and £25 million of dividends. Cash conversion in the period reflect the accelerated adoption by customers of cloud usage or subscription-based products and a consequent increase in debtor days during the first half. Management is confident cash conversion will return to normal higher levels in H2 FY23.
BTG expects to release its half year results for FY23 on 26 October 2022.
Neil Murphy, Chief Executive Officer, commented: "We've made a very positive start to the year, extending our track record of double-digit growth we have delivered since our IPO in 2020. Despite the difficult economic conditions, corporate and public sector organisations continue to invest in their IT systems. We are well placed to capture these growth opportunities thanks to our strong partnerships with many of the world's leading software companies and high levels of customer service."
Bytes Technology Group
Neil Murphy, Chief Executive Officer
Andrew Holden, Chief Financial Officer
Tel: +44 (0)1372 418 500
Tel: +44 (0) 20 3805 4822
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 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.