Enhanced Investments - Financial Portal

Full Year Trading Update

Published: 2023-03-22 10:00:24 ET

Bytes Technology Group plc
(Incorporated in England and Wales)
(Registered number: 12935776)
LEI: 213800LA4DZLFBAC9O33
Share code: BYI
ISIN: GB00BMH18Q19
(“BTG” or “the Group”)


22 March 2023

                                       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 £73m.

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.

Sponsor
Investec Bank Limited

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.