Bytes Technology reports continued strong trading

Software, security and cloud services specialist Bytes Technology reported continued strong trading in an update on Wednesday, with demand resilient and win rates favourable in both the corporate and public sectors.

The FTSE 250 company, which was holding its annual general meeting, said that since it released its full-year results on 23 May, it had sustained a robust performance.

Key financial indicators showed impressive growth, with double-digit percentage increases seen in both gross profit and adjusted operating profit during the first four months of the new financial year.

Of particular note was significant growth in gross invoiced income, which outpaced the rise in gross profit.

Bytes put the increase down to several software wins during the period, characterised by high volume but lower gross margins.

“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,” said chief executive officer Neil Murphy.

“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.”

At 0814 BST, shares in Bytes Technology Group were down 0.89% at 501.5p.

Reporting by Josh White for Sharecast.com.