Enhanced Investments - Financial Portal

Full Year Trading Update

Published: 2024-03-18 10:00:42 ET

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


18 March 2024


                                    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, provides the following update on trading for its financial year ended 29
February 2024 (“FY24”).

The Group once again delivered growth comfortably in double digits in its key metrics of Gross Profit
and Adjusted Operating Profit, and cash conversion in line with the Group’s target of 100%, resulting in
a cash position of approximately £89m at the year end.

Gross Profit growth and Adjusted Operating Profit growth for the full year are both expected to exceed
12%, with Gross Invoiced Income growth of over 25%. 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, longstanding and strong
relationships with customers, and the hard work of its loyal employees, BTG remains confident in its
continuing ability to deliver sustained double-digit growth.


Sam Mudd, Interim Chief Executive Officer, commented: “Our Board, management and staff should
be very proud of the performance delivered last year and celebrating a record year for the Group. We
remain committed to our successful strategy of delivering great customer service to our existing
customers, acquiring new customers and increasing our share of their IT expenditure. This strategy is
underpinned by our strong vendor relationships and the commercial skills of our people and means we
are well-placed to capture the significant growth opportunities ahead of us.”

                                                 -Ends-
Enquiries:

Bytes Technology Group plc
Sam Mudd, Interim 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 and security products. The Company enables effective and cost-efficient technology sourcing,
adoption and management across software services, including in the areas of security, cloud and AI
solutions. 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.

Sponsor
Investec Bank Limited

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

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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.