Bytes Technology Group has shared a strong set of full-year figures as the channel player taps into continued demand for security and cloud products and services.
So far this year, businesses across the channel have consistently shared financial results that have underlined their strength and the growth that remains in the market.
Bytes has added to that theme, with revenue climbing by 26.5% to £184.4m for the year ended 28 February 2023. Gross invoiced income improved by 19.1% to reach £1.44bn and operating profit was up by 20.6% to £50.9m.
The firm reported growth across software, hardware and services, with commercial and public sector clients alike continuing to invest in IT.
Bytes also demonstrated an ability to retain and grow business with existing customers, with 96% of gross profit coming from customers that had traded with the firm in the past year, with a renewal rate of 116%.
Bytes CEO Neil Murphy said the results showed it was able to generate growth across all parts of the business and its customer base.
“I am delighted to be reporting another positive set of results, with strong double-digit growth driven by contributions from all areas of the business. This performance was underpinned by continued growth from both our public sector and corporate clients, with customers showing a sustained appetite to invest in their IT requirements,” he said.
“We have expanded our customer base and increased our share of wallet among existing customers. At the same time, we believe that our customer-oriented proposition has enabled us to take market share from competitors,” he added.
Neil Murphy, Bytes Technology Group
Murphy said its staff had helped deliver the levels of customer service that meant it had a high renewal rate and it was continuing to ensure it could support that approach.
“We continue to focus on recruitment and training to ensure we have the right expertise and resources in place to service our clients’ evolving needs. Looking ahead, we have made a positive start to the current year, and we believe our strategy leaves us well positioned to benefit from the growth opportunities we see in our chosen markets,” he added.
Talking of taking market share, Bytes’ continued growth and upbeat tone echoed recent financial updates from the bosses of Softcat and Computacenter, and when added to the recent numbers from Exclusive Networks, underlined the strength of the channel across both tiers.