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Bytes shares first numbers since IPO

Channel player indicates that it has weathered the storm over its fiscal year and is set for growth

Bytes has given an insight into the progress the business has been making since going public, having filed its first preliminary numbers since its launch onto the stock market in December 2020.

The channel player has shared some details of its numbers for the year ended 28 February 2021, the first numbers since its initial public offering (IPO).

The preliminary results show a 5% rise in revenues to £393.6m, compared with £373.1m a year earlier, and a 33% climb in gross invoicing income totalling £958.1m. Adjusted operating profit of £37.5m represented growth of 18%.

Bytes indicated in its preliminary statement that the two months since the fiscal year closed have seen momentum continue, with gross profit in line with board expectations. There has been strong activity in the public sector and the firm has kept its customer satisfaction levels up.

“This has been a landmark year for Bytes. At the start of the pandemic and throughout the remainder of the year, our colleagues maintained a high level of service to our customers, helping them to adapt to new working patterns. Our team of salespeople also worked hard to secure a raft of new contracts from customers across the private and public sectors,” said Neil Murphy, CEO of Bytes.

“During the period, we achieved a successful IPO, which provides the group with a strong platform to take advantage of the tremendous opportunities we see in the market. Our first set of results as a listed business show we are making great strides in delivering on our long-term strategy for growth,” he added.

“Looking ahead, we remain confident that Bytes is well-positioned to enhance its market share and capitalise on the exciting market opportunities ahead,” said Murphy.

In his commentary accompanying the preliminary numbers, the chief executive said its strategy of expanding beyond software to include more hardware and services had benefited its ability to serve more customer demands.

He also made it clear that satisfied customers and word-of-mouth recommendations had also helped the business grow.

Investors will also have found reassurance in the comments about future prospects with Bytes, making it clear that the IT market remains strong and its ability to serve customers makes it well placed for future growth.

Bytes carried out its IPO in December 2020, with the business being value at approximately £646.6m and its placing being oversubscribed as investors looked to get involved with the firm.

Earlier today, fellow channel player Softcat also provided investors with some cheer, indicating that its full year numbers should be ahead of expectations.

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