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Bytes delivers solid FY22

Channel player continues to provide investors with cheer as it shares record numbers for its latest fiscal year

Bytes Technology Group (BTG) has reinforced the connection between the channel player and strong financial results with a decent performance in its fiscal year.

The firm has shared numbers covering the 12 months to 28 February 2022, reporting a 13.8% increase in revenues, from £393.6m to £447.9m, and a 57% rise in operating profits to £42.2m, which was put down to strong customer spending across both private and public sectors.

Given rising inflation and fuel prices, there are plenty of fears across the channel that the year ahead will be a challenging one, but Bytes indicated that it had started the 2023 financial year strongly and kept the momentum going. The firm stated that its strategy of acquiring new customers and growing share of wallet would continue to deliver results and that it was feeling confident about the future.

“This is another record set of results for BTG, with positive contributions from all parts of the business. During the year, we continued to strengthen our market position, by deepening our relationships with key software vendors and expanding our expertise in areas such as cloud, security and annuity software and services. These steps enabled us to make meaningful progress against our strategy and ensure our customers continue to receive the highest quality of service,” said Neil Murphy, CEO of Bytes.

“The progress we have made is a direct result of [staff] efforts and would not have been possible without them. With our growing customer base, strong reputation with key vendors and focus on sustainable growth, our business remains well placed to deliver against our strategy and capitalise on the exciting market opportunities ahead,” he added. 

In his comments accompanying the results, Murphy said the business was operating in some of the technology areas that were experiencing strong demand.

“This is another record set of results for BTG, with positive contributions from all parts of the business”
Neil Murphy, Bytes Technology Group

“Our customers’ appetite for security, cloud adoption, digital transformation, hybrid datacentres and remote working solutions have underpinned our continued growth in FY22. These investments increasingly take the form of annualised contracts and, accordingly, we remain confident in the group’s growth prospects going forward. This reinforces our belief in the potential for future upselling and cross-selling opportunities into existing clients,” he wrote.

Last year’s results showed 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 has consistently delivered since its initial public offering (IPO) and rewarded those investors that backed its move to go public in December 2020, when the business was valued at approximately £646.6m and its placing being oversubscribed as investors looked to get involved with the firm.

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