Bytes Technology Sees Higher FY23 Results; Stock Up

Shares of Bytes Technology Group plc (BYIT.L) were gaining around 5 percent in London trading after the software, security and cloud services specialist Wednesday said it expects to record strong sales and profit growth in fiscal 2023.

In its update on trading for its financial year ended February 28, the company said gross profit and adjusted operating profit for the full year will both be approximately 20 percent up on the prior year.

The results reflect the very strong demand for software and IT Services from both corporate and public sector clients, despite macroeconomic headwinds.

As anticipated, cash conversion returned to higher levels in the second half to end the full year at around 85 percent, and with a cash balance of around 73 million pounds.

BTG expects to release its preliminary results for the full year on May 23.

Looking ahead, the company said it remains confident in its continuing ability to deliver double-digit growth.

Neil Murphy, Chief Executive Officer, said, "Our successful strategy of acquiring new customers and then growing share of wallet, underpinned by strong vendor relationships and the commercial skills of our people, means we are well-placed to capture the significant growth opportunities ahead of us."

In London, Bytes Technology shares were trading at 392.88 pence, up 4.60 percent.

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