Bytes Technology Group (JSE:BYI) News - Half Year Trading Update and Retirement of Chief Financial Officer

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

14 September 2021

Half Year Trading Update and Retirement of Chief Financial Officer

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 2021 ("H1
FY22").

Bytes continued to trade strongly during the first half of the financial year, building on the robust maiden
full year results reported in May 2021 and the positive start to the current financial year that we
announced in July 2021. During H1 FY22 the Group delivered year-on-year low-teens percentage
growth in gross profit and high-teens growth in adjusted operating profit, reflecting a performance which
has seen corporate sector demand strengthening alongside continued growth from the public
sector. Cash collections and conversion have remained very strong and our operating expenses have
also benefitted from ongoing efficiencies.

Bytes expects to release its half year results for FY22 in late October 2021.

Neil Murphy, Chief Executive Officer (“CEO”), commented: “We are pleased with our first half
performance, with the twin benefits of strengthening corporate demand and continued growth in public
sector spend ensuring we closed out the period ahead of expectations. Whilst uncertainty remains due
to the ongoing impact of the pandemic, we’re confident that our deep understanding of customers’
needs and strong relationships with vendors means we’re well-positioned to enhance our market share
and to continue delivering against our strategy.”

Retirement of Chief Financial Officer:
Keith Richardson has notified the Board that after nearly three decades with the Company, he intends
to retire as Chief Financial Officer (“CFO”). Andrew Holden, our Chief Operating Officer (“COO”), will
assume leadership of our finance function as acting CFO of Bytes with immediate effect. Keith will work
with Andrew as part of a managed handover period and controlled transition of responsibilities until 31
October 2021, when he will step down from the Board. The Board will provide an update regarding the
longer-term CFO position in due course.

As announced on 22 July 2021, Andrew joined Bytes as COO on 1 June 2021 from JSE-listed
technology company, Altron Limited, Bytes’ former parent company, from which it demerged in 2020.
Andrew has extensive experience in the ICT sector, having spent more than 27 years at Altron, the last
15 years in various senior leadership roles. His most recent position was that of COO which he held for
five years (including a period of eight months where he held both the COO and CFO roles
simultaneously). Andrew brings strong financial and commercial acumen, and a proven record of
delivering insights into strategy implementation and executive decision-making.

Neil Murphy, CEO, said: “We would like to express our appreciation to Keith for his dedication and
contribution to the Group over the past 27 years. Keith has been ever present since I joined Bytes many
years ago and I will be sad to see him go. He has been an integral part of the business and I know the
impact of his efforts will continue to be felt well into the future. We wish him the very best in his
retirement.
I am delighted that Andrew has agreed to take on the duties of acting CFO in addition to his current role
as COO. His significant and wide-ranging experience, coupled with his longstanding knowledge of
Bytes, will serve the Group well as it continues on its growth trajectory.”

                                                 -Ends-
Enquiries:

Bytes Technology Group
Neil Murphy, Chief Executive Officer

Tel: +44 (0)1372 418 500

Headland Consultancy
Stephen Malthouse
Lucy Legh
Henry Wallers
Jack Gault

Tel: +44 (0) 20 3805 4822
Email: bytes@headlandconsultancy.com

About Bytes Technology Group plc:
Bytes is one of the UK's leading providers of IT software offerings and solutions, with a focus on cloud
and security products. The Bytes 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 Company has a primary listing on the Main Market of the London Stock Exchange and a secondary
listing on the Johannesburg Stock Exchange.

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 14-09-2021 08:00:00
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