Bytes Technology Group plc (BYI), a leading software, security, and cloud services provider, announced strong trading performance in its AGM statement today. The company reported resilient demand and impressive win-rates, reflecting its solid position in the market.
Financial Highlights Since the release of Bytes Technology Group’s full-year results on 23 May 2023, the company has delivered outstanding financial performance, showcasing double-digit growth in key metrics for the first four months of the financial year. The following table provides a summary of the financial highlights:
|Gross Profit||Double digits|
|Adjusted Operating Profit||Double digits|
|Gross Invoiced Income||Exceeded Gross Profit growth|
The growth in Gross Invoiced Income was primarily attributed to several high-volume, lower gross margin software wins during the period. Despite lower margins, the company’s strong performance in this area contributed significantly to overall growth.
Positive Outlook Neil Murphy, Chief Executive Officer of Bytes Technology Group, expressed satisfaction with the company’s progress and highlighted their success in executing their strategic plans, resulting in an expanded market share. While acknowledging the existence of macroeconomic headwinds, Murphy emphasized that the company’s trading performance has not been noticeably affected. He expressed confidence in the company’s leading vendor partnerships and exceptional client service, positioning them for continued progress throughout the year.
“We’re pleased with the progress we have made so far this year in executing against our strategy and continuing to expand our market share. Whilst we remain mindful of macroeconomic headwinds, these have not had a noticeable impact on our trading performance to date, and we are confident that our leading vendor partnerships and first-rate client service leave us well positioned to make further progress this year,” stated Neil Murphy.