Bytes Technology lifts special dividend as profit rises on contracts

(Alliance News) - Bytes Technology Group PLC on Thursday posted robust annual profit after ...

Alliance News 23 May, 2024 | 9:41AM
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(Alliance News) - Bytes Technology Group PLC on Thursday posted robust annual profit after winning large public sector contracts, coupled with strong demand from corporate customers.

The Surrey, England-based technology group reported a 22% rise in pretax profit to GBP61.6 million for the financial year that ended February 29, compared to GBP50.4 million for the year to February 28, 2023.

Gross invoiced income grew 27% to GBP1.82 billion from GBP1.45 billion, thanks to "exceptional" level of growth was underpinned by strategically important contract wins in the public sector and continued demand from corporate customers.

Revenue was up 12% to GBP207.0 million from GBP184.4 million.

Bytes Technology declared a final dividend of 6.0 pence, up 18% from 5.1p. It also made a special payout of 8.7p, 16% higher that 7.5p a year earlier.

Earnings per share and headline EPS both jumped 16% to 19.55p from 16.88p.

"I am very pleased to report another set of positive results for BTG, with a 12.2% increase in adjusted operating profit, driven by contributions from all areas of our business. Despite the challenging economic climate over the past year, our customers have continued to invest in their IT needs," Chief Executive Officer Sam Mudd said.

"Whilst we operate in highly competitive markets amidst challenging macroeconomic conditions, by nurturing our customer relationships, extending our strong vendor partnerships, and leveraging the technical and commercial skills of our teams, we remain confident in our ability to succeed and make further progress in 2024/25," Mudd said.

Shares in Bytes were up 2.6% at 584.00 pence each on Thursday morning in London. In Johannesburg, they were up 4.2% at ZAR137.20 each.

By Artwell Dlamini, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Bytes Technology Group PLC Ordinary Shares 563.00 GBX 0.09 -

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