Bytes Technology Group PLC

BYIT

Equity

ISIN GB00BMH18Q19 / Valor 58023566

LSE London Stock Exchange, SETS (2024-11-21)

GBP 4.48+4.34%

Bytes Technology Group PLC
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About company

Bytes Technology Group PLC is a leading provider of software, security, and cloud services in the UK, with a 40-year track record of delivering the latest technology to a diverse customer base. The company focuses on achieving consistent profit growth while providing high-quality services to customers and maintaining a positive workplace culture. Bytes enables effective and cost-efficient technology sourcing, adoption, and management across software, security, hardware, and cloud services through strong relationships with major software companies. This approach has led to a long track record of strong financial performance for the company.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

Bytes Technology Group PLC reported a significant increase in revenue for the year ended 29 February 2024. The revenue grew by 12.3% to £207.0 million, up from £184.4 million in the previous year. This growth was driven by strong demand from both public and corporate sectors, highlighting the company's ability to expand its client base and increase its market share.

Gross Invoiced Income

The company achieved a remarkable 26.7% increase in gross invoiced income (GII), reaching £1,823.0 million compared to £1,439.3 million in the previous year. This growth was underpinned by strategically important contract wins, particularly in the public sector with clients like the NHS and HMRC, as well as continued demand from corporate customers.

Operating Profit

Bytes Technology Group PLC saw an 11.4% increase in operating profit, which rose to £56.7 million from £50.9 million in the previous year. The adjusted operating profit (AOP) also increased by 12.2% to £63.3 million, maintaining a consistent AOP to gross profit ratio of 43.4%, similar to the previous year.

Profit After Tax

The profit after tax for Bytes Technology Group PLC increased by 16.1%, reaching £46.9 million compared to £40.4 million in the previous year. This growth was supported by high levels of interest income, which helped offset the impact of the rise in the corporation tax rate from April 2023.

Dividends

The Board of Bytes Technology Group PLC proposed a final dividend of 6.0 pence per share and a special dividend of 8.7 pence per share. The final dividend represents a 17.6% increase over the previous year's payment, reflecting the strong growth in adjusted profit after tax. The special dividend also saw a 16.0% increase, matching the rise in the full-year dividend.

Summarized from source with an LLMView Source

Key figures

-17.2%1Y

-21.7%3Y

%5Y

Performance

33.5%1Y

34.0%3Y

33.6%5Y

Volatility