Bytes set to beat market expectations in full-year trading update

Software giant says profits will see double-digit growth in full-year 2021

Bytes is expecting to beat market expectations for its full-year results, according to a trading update published by the LSE-listed firm today.

Preliminary results suggest Bytes will be "somewhat ahead" of market expectations for its financial year ending 28 February 2021, the Surrey-based firm said in a trading update.

Bytes is expecting to "comfortably" hit double-digit growth in gross profits and believes adjusted operating profits will grow in the "upper teens" - achieved all through organic growth - for the financial year as a whole.

Cash conversation has remained strong for the year, Bytes claims, resulting in a net cash position as of 28 February 2021 ahead of management's expectations at £20.7m.

The firm will published its full preliminary results for the year in late May or early June 2021.

Bytes had a sizzling debut on the London Stock Exchange in December, with its valuation exceeding expectations during early trading.

Its share price has risen by almost 24 per cent to 411.60 GBX since its debut to reach a market cap of £985.71m.

Bytes' CEO Neil Murphy said: "We have continued to perform well in the second half of the year and we have positive momentum across the business. Our performance during the year was underpinned by our continued high levels of service to our existing customers and notable successes achieved in securing new contracts from customers in both the private and public sectors."