UK-based Bytes Technology Group (BTG) has announced its financial results for the year ended 28 February 2023.
“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,” says Neil Murphy, CEO of BTG. “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.
“We have seen our gross profit increase by 20.7% as 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.
“A key part of our success can be traced to the high-quality customer service that sits at the centre of our business and makes us so competitive in our markets,” Murphy adds. “For this, I would like to extend my thanks to our people who do an outstanding job supporting our clients. 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.”
Financial highlights include:
* GII increased 19,1% to GBP1 439,3-million (FY22: GBP1,208,1-million). Strong growth spread across software, hardware, and services, driven by continued demand from both corporate and public sector customers.
* Revenue increased 26.5% to GBP184,4-million (FY22: GBP145,8-million – restated).
* Growth in the customer base to 5 941 (FY22: 5 330 customers); higher GP per customer of GBP21 800 (FY22: GBP20,100) supported GP growth of 20,7% to GBP129,6-million (FY22: GBP107,4-million).
* Operating profit increased by 20,6% to GBP50,9-million (FY22: GBP42,2-million).
* AOP increased by 21,8% to GBP56,4-million (FY22: GBP46,3-million); AOP as a percentage of GP has remained in line with the previous year at 43,5%.
* Adjusted earnings per share increased 23,1% to 18.83 pence (FY22: 15.30 pence).
* Full year cash conversion of 84,3% reflects a very strong conversion in the second six months of the financial year.
* The board proposes a final dividend of 5.1 pence per share and a special dividend of 7.5 pence per share.